2809-2811 Hoover Ave
Mixed Use | 17.15% CAP | 1,640 SqFt
Marketing description
WILLING TO GET A LITTLE CREATIVE WITH A DOWNPAYMENT!
Two Mobile Home - Unzone land with space for additional home Investment Opportunity - Tenant Occupied
Mobile Homes Strong Cap Rate (Current = 17.2% | Pro Forma = 19.4%)
We are pleased to present a fully leased mobile home investment opportunity offering immediate cash flow and long-term upside. Located in a stable rental market, this property features two well-maintained mobile homes on a good-sized plot, unzone - with space & opportunity for adding additional mobile homes. With both units currently rented, investors can benefit from income stability and the potential for increased rents through cosmetic updates and taking advantage of the unzone land.
Investment highlights
Unit Mix:
2 bedrooms, 1 bathroom — rented at $750/month
2 bedrooms, 1 bathroom — rented at $900/month
Tenant Utilities: Tenants pay Electric, Gas, water
Landlord Expenses: Trash
Recent Capital Improvements: New stretches of sewer line towards road, new subfloor in 2809 (all except bathroom), new kitchen cabinet (2809), new oven (2811 / 2809).
Opportunities for increasing Value / Rents: Opportunity to add an additional mobile home or two - with it being unzoned much easier to do that. Based on Illinois law for spacing requirements - plenty of space to add to the lot.
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