River Pointe MHC
MHC | 39 Units | Chicago MSA
Marketing description
The MHP Value Team is pleased to offer for sale River Point MHC, a 39- unit MHP located in Burnham, Illinois, just 30 minutes south of downtown Chicago. Positioned within one of the Midwest's largest employment markets, the property benefits from strong demand for affordable workforce housing.
The community consists of 25 tenant-owned homes averaging $515/month, six vacant park-owned homes ready for rehabilitation or replacement, two occupied apartments averaging $1,099/month, two vacant apartments currently in the eviction process, four vacant lots with existing infrastructure, and an on-site laundry facility. Ownership has faced significant time constraints, resulting in elevated delinquency, collection issues, and vacancy.
The investment strategy focuses on implementing professional management, improving collections, filling vacancies, increasing utility bill-backs, transitioning electric service to direct billing, and bringing rents toward market levels.
At the current pricing, the property underwrites to a 1.25x DSCR while the investment strategy projects a 41.83% five-year IRR through improved operations and occupancy. River Point presents an exceptional operational value-add opportunity with a clear path to creating significant value.
Investment highlights
- Mismanaged asset with significant upside through professional management and stronger collections
- 6 vacant park-owned homes ready for rehabilitation or replacement with new inventory
- Projected 41.83% IRR through a 5-year hold driven by a straightforward operational turnaround
- Rare Chicago-area value-add opportunity offered at just $30,769 per site
- Increase utility bill-backs while transitioning electric service to direct billing, reducing operating expenses
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