Russ Mobile Home Park

Name: Russ Mobile Home Park
Address: Kankakee, Illinois

Kankakee, Illinois · Mobile Home Park

Total Sites

Type

Mobile Home Park

Estimated Value

$190,160 – $423,600

Acreage

2.6 acres

About This Property

Russ Mobile Home Park is a 20-pad community located in Kankakee, Illinois, positioned on 2.60 acres. Originally developed in the 1970s, the park holds a zoning classification of 0040 (Improved Lots) and is situated outside of any flood zone. The current owner has managed the property for one year, operating it as an owner managed park without an on-site manager. However, the owner believes one of the current tenants could potentially serve in that role. A maintenance person is in place for regular upkeep. The property also includes a 1,000 sq. ft. single-family residence. The park consists of 20 mobile home pads, all occupied by park owned homes (POH), with 16 pads currently filled and four vacant POH units. One additional trailer is in poor condition and scheduled for removal. The park has no tenant-owned homes. POH units rent for an average of $900 per month. Lot rent is assumed at $525/month based on market comparables in the Kankakee and south suburban Chicago areas. The park currently operates on annual leases, with tenants paying rent via Selle, Cash App, or Apple Pay. One tenant is currently behind on rent. Russ Mobile Home Park is served by city water and city sewer, with tenants billed directly by utility providers. Each pad is equipped with electric, gas, and water meters. Electrical pedestals at each site are rated at 100 amps. The owner is not certain of the underground pipe composition. Utilities are not back-billed to tenants. The park has gravel roads in fair condition, which are maintained by the owner. Tenants are responsible for mowing their own areas, while the park maintains common areas and vacant pads. Off-street parking is provided for all tenants. When purchased, the park was entirely vacant. Since acquisition, the owner has completed substantial improvements, including rehabbing every unit in the park, removing four non-salvageable trailers, and bringing in three new homes to improve occupancy and quality. The seller will now consider seller financing at 25-30% down, 6% interest, with a 5-year balloon.