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224 N Poplar St 12 Unit Mobile Home Park $299,000 ($24,917/Unit) 14.59% Cap Rate Ludlow, IL 60949
Investment Highlights
- Stabilized Investment
- Single Family House ready for value add on property
- Low maintenance cost, all pads tenant owned or owner financed
Executive Summary
Property Facts
| Price | $299,000 | Property Subtype | Manufactured Housing/Mobile Home |
| Price Per Unit | $24,917 | Apartment Style | Low-Rise |
| Sale Type | Investment | Building Class | C |
| Cap Rate | 14.59% | Lot Size | 1.18 AC |
| Sale Condition | Business Value Included | Building Size | 1,100 SF |
| No. Units | 12 | No. Stories | 1 |
| Property Type | Multifamily | Year Built | 2000 |
| Zoning | Improved Commercial (0060 | ||
| Price | $299,000 |
| Price Per Unit | $24,917 |
| Sale Type | Investment |
| Cap Rate | 14.59% |
| Sale Condition | Business Value Included |
| No. Units | 12 |
| Property Type | Multifamily |
| Property Subtype | Manufactured Housing/Mobile Home |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 1.18 AC |
| Building Size | 1,100 SF |
| No. Stories | 1 |
| Year Built | 2000 |
| Zoning | Improved Commercial (0060 |
About 224 N POPLAR ST , LUDLOW, IL 60949
Investment Highlights • Current Yield: Approximately 14% cap rate based on existing operations • Pro Forma Yield: Approximately 18% cap rate achievable through renovation of the on-site structure and leasing the 12th licensed pad • Inventory: 11 pads total – all homes are tenant-owned or owner-financed • Maintenance: No park-owned homes, resulting in minimal owner maintenance responsibilities • Occupancy: 11 of 11 pads occupied (95% occupancy when factoring the 12th licensed pad) • Expansion Potential: Park is licensed for 12 pads, allowing for the addition of one more home site • Value-Add Opportunity: Renovation of the existing house on-site could increase overall returns and push the cap rate toward 18% • Utilities: City water and septic system. The Town of Ludlow is currently awaiting approval for sewer expansion through state funding. Financing: A local lender may be available to finance the purchase for qualified buyers. This is a low-maintenance, stabilized mobile home park with strong cash flow and additional upside through modest improvements and expansion.
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 2+1 | 8 | - | 700 |
| 3+1 | 3 | - | 700 |
Property Taxes
| Parcel Number | 14-03-01-456-003 | Improvements Assessment | $21,320 |
| Land Assessment | $5,940 | Total Assessment | $27,260 |
Property Taxes
Presented by
Jules Verne LLC
224 N Poplar St
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