661 N 19th St - Hamilton Estates 38 Unit Apartment Building Offered at $900,000 at a 10.61% Cap Rate Hamilton, IL 62341

Hamilton Estates is a 38-pad manufactured housing community located in Hamilton, Illinois. Developed in 1967, the property sits on approximately 14.77 acres and benefits from zoning that permits mobile home park use. The community is not located within a designated flood zone. Current ownership has operated the property for the past four years and has implemented several operational and capital improvements to enhance the stability and long-term performance of the asset.
The community consists of 38 medium-sized pads, with 31 currently occupied. The park includes a balanced mix of 15 park-owned homes (POH) and 15 tenant-owned homes (TOH), along with six vacant homes and available pad capacity for additional infill. All vacant pads are suitable for new home placement. Average TOH lot rent is currently $325 per month following a $30 increase implemented in February 2026. The POH units generate an average of approximately $400 per month above the underlying lot rent, with the most recent POH increase being $25 per month. Ownership holds titles to all park-owned homes with the exception of one unit. No homes are currently scheduled for removal due to condition concerns, and no units are being held for delinquent property taxes. Approximately two residents are currently behind on rent. All tenants operate under monthly lease agreements and make payments through the Rent Manager portal.
Hamilton Estates is served by municipal water and sewer, with water usage submetered and backbilled to residents. Each pad is individually metered for electric and natural gas, which are billed directly by the utility providers. Electrical service is delivered through 100-amp pedestals at each site. Garbage service is provided and backbilled to tenants (dumpster) . The composition of underground utility lines is unknown. The internal road network is asphalt and reported to be in average condition, with ongoing maintenance provided by ownership.
The property is currently managed remotely by a district manager and does not have a full-time on-site manager. Ownership has identified a current resident who may be a strong candidate for an on-site management role if desired by future ownership. A maintenance technician is in place to handle day-to-day repairs and upkeep. Residents are responsible for mowing their individual lots, while ownership maintains vacant pads and common areas. Snow removal is provided for the main park roads, with residents responsible for their individual driveways. The community offers offstreet parking for residents.
During the current ownership period, several improvements have been completed, including the installation of a playground, road repairs, removal of distressed homes, new community signage, and the implementation of water submetering. These upgrades have improved the overall condition and operational efficiency of the property.
Future upside exists through continued infill of vacant homes and available pad sites. Ownership has indicated that their primary focus moving forward would be filling additional homes and lots to increase occupancy and stabilize income further.
There are no assumable loans associated with the property, and the sellers are not offering seller financing.
Location:

Hamilton is a city in Hancock County, Illinois. The population was 2,753 at the 2020 census, a decline from 2,951 in 2010. The city is located directly across the Mississippi River from Keokuk, Iowa. Hamilton is the largest city in Hancock County.
The median home cost in Hamilton is $96,700. Home appreciation the last 10 years has been 45.4%. Home Appreciation in Hamilton is up 14.9%.
Renters make up 25.1% of the Hamilton population.
The average 1-bedroom unit rents for $660/month.
The average 2-bedroom unit rents for $790/month.
The average 3-bedroom unit rents for $1,050/month.
The average 4-bedroom unit rents for $1,210/month.
Hamilton has an unemployment rate of 5.3%. The US average is 6.0%.
Future job growth over the next ten years is predicted to be 17.2%, which is lower than the US average of 33.5%.
The Median household income of a Hamilton resident is $49,297 a year. The US average is $69,021 a year.
Hamilton violent crime is 38.4. (The US average is 22.7)
Hamilton property crime is 26.0. (The US average is 35.4)
Hancock County is a county in the U.S. state of Illinois. According to the 2020 census, it has a population of 17,620. Its county seat is Carthage, and its largest city is Hamilton. The county is composed of rural towns with many farmers. Hancock County is part of the Fort Madison-Keokuk, IA-IL-MO Micropolitan Statistical Area.
•Professional Swine Management — 500 employees
•Memorial Hospital — 241 employees
•West Central FS — 124 employees
•Hamilton CCSD 328 — 101 employees
•Southeastern CUSD 337 — 80 employees
The Fort Madison–Keokuk, IA-IL-MO Micropolitan Statistical Area, as defined by the United States Census Bureau, locally known as the "Tri-State" area, was an area consisting of three counties – one in southeast Iowa, one in northeast Missouri, and one in west central Illinois, anchored by the cities of Fort Madison, Iowa and Keokuk, Iowa. As of the 2010 census, it had a population of 62,105. An estimate by the Census Bureau, as of July 1, 2012, placed the population at 61,477, a decrease of 1.01%. When the 2023 definitions were released this area was dissolved with Lee County, Iowa being included as part of the Burlington–Fort Madison, IA–IL Combined Statistical Area.