Walnut Grove mobile home community
Mobile Home Park | 20 Pads | 100% Occupied | $90,000/Pad
Marketing description
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The MHP Value Team is pleased to offer for sale Walnut Grove Mobile Home Community, a 20-unit mobile home community located in Urbana, Illinois. The asset is now offered at $1,595,000, reduced from , bringing the going-in cap rate to approximately 7.81%.
The community consists of 8 occupied park-owned homes paying approximately $1,241 per month and 12 tenant-owned homes paying $444 per month. The community generates approximately $170,721 in gross income and $124,526 in NOI, providing strong in-place cash flow. The community is serviced by well and septic systems, with the existing well operating well below its capacity, suggesting additional utility support for future growth.
The investment strategy for Walnut Grove involves implementing rent increases to bring rates closer to market levels, while also exploring additional upside through potential expansion on the surrounding excess land. Any expansion would require a Special Use Permit and approvals through Champaign County, along with compliance with Illinois Department of Public Health requirements.
A new investor has the opportunity to acquire a fully occupied, cash-flowing community with strong in-place income and
additional upside through rent growth and potential site expansion, supported by existing infrastructure and excess land.
Important Note to Prospective Buyers from Pace Morby: Congrats to all new members of the Pace Morby “Creative Finance” and “Subto” communities. We appreciate your interest and enthusiasm. Please note that we work exclusively with qualified, verified buyers. Our clients are not seeking first-time purchasers attempting to acquire mobile home parks with no capital investment. We will also not share proprietary Seller information with any intermediaries, including, but not limited to, scouts, “bird dogs,” or third parties.
Investment highlights
- 100% Occupied Community Fully stabilized asset with 20 occupied units providing immediate cash flow
- Strong In-Place Income $124,526 NOI with a mix of park-owned and tenant-owned homes
- Below-Market Rent Upside Opportunity to increase rents and further grow revenue
- Property is supported by a 50 GPM well (~72,000 gallons/day) and three septic systems, with two currently unused, indicating potential capacity for future expansion, subject to verification and approvals
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