Timber Ridge MHP

Listing broker Jennifer D.​ Stein in conjunction with out-of-state cooperating broker OtherStreet Advisors is pleased to offer for sale Timber Ridge MHP, a sixty-site mobile home community located in Freeport, Illinois.​

The community currently includes twenty-two tenant-owned homes with an average lot rent of $422/M, and two rent-to-own homes with an average RTO payment of $350/M.​ There are fifteen park-owned homes, ten of which are vacant, and five that are abandoned.​ Finally, there are twenty-one vacant lots.​ Economic occupancy in the community is ~40%, and physical occupancy is ~65%.​

Partial seller financing is being offered in the amount of $350,000 over a 3-5 year term, 6.00% interest rate.​

The investment strategy for Timber Ridge involves continuing to align rents to the market standard, and infilling the ten vacant homes in order to achieve a total operating income of $430,796 by year five.​ Based on our underwriting, we are forecasting a 22.82% cash-on-cash return in year three, as well as an estimated value of $2,990,000.​

A new investor has the opportunity to acquire a bolt-on community in the midwest with immediate infill upside opportunity.​

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  Partial seller financing available: $350k amount, 6.00 interest rate, 3-5 year term

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  Immediate rental infill upside opportunity with ten vacant lots to be filled

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  Opportunity to achieve a total operating income of $430,796 by year five

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  Potential to achieve a cash-on-cash return of 22.82% in year three

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  Estimated value of $2,990,000 in year three based on a 7.00% cap rate

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  Opportunity to acquire a bolt-on community in a strong location in the midwest at the crossroads of U.S. Route 20 and Illinois Route 26