Valley MHP 800 N Randolph St 16 Unit Mobile Home Park $175,000 ($10,938/Unit) 9.25% Cap Rate Macomb, IL 61455

Valley MHP presents a rare opportunity to acquire a value-add manufactured housing community in Macomb, Illinois, the county seat of McDonough County and home to Western Illinois University. Situated on 1.79 acres, this 16-pad property offers strong fundamentals with municipal water and sewer, off-street parking, and city-maintained roads. Originally developed in the 1970s, the community has been under current ownership for less than a year, with ongoing improvements aimed at stabilizing operations.
The park is currently 62.5% occupied with 10 tenant-owned homes paying below-market rents of $250 per month, creating immediate upside through rent adjustments and lease-up of six vacant pads. All vacant sites are ready for new home placements, and none of the existing homes require removal. With a current NOI of $16,192 and a pro forma NOI of $40,507, investors can achieve a projected cap rate of 23.15% upon stabilization. Additional value can be unlocked through utility bill-back implementation and continued operational efficiencies supported by an on-site manager and maintenance technician.
Macomb offers a stable economic base anchored by Western Illinois University and major employers such as NTN Bower and Pella Corporation. The city’s affordable housing market, low crime rates, and proximity to Peoria make it an attractive location for long-term investment. Seller financing is available, providing flexible acquisition options for qualified buyers.