Mobile Home Park

Courtside Plaza

2505 E Court St, Kankakee, IL 60901

Listing Price: $790,000

Cap Rate
7.59%
Number of Spaces
24
Lot Size
15.46 acres
Occupancy
79.2%
Price/Space
$32,917
Spaces/Acre
1.55
Year Built
2000

Investment Overview

The lot rent in the MHP averages $387. The SS rent is $250-$275/month for a large unit and $50/month for a small unit. The GS rent is $60/Month. The auto shop’s rent is $750/month. The LGS units are approximately the same size as the large SS units, so an investor can market these for rent in the $200-$300 range. The pumping station’s rent is $1,350/month. The ground lease on the pumping station expires 12/31/2024 and has four, 1-year options to renew with a $100/month rental increase at each option. All buildings/units on the property are serviced by public water/sewer. For the pumping station ground lease, the tenant pays all related expenses except for real estate taxes; for the autobody shop, the tenant is responsible for liability insurance, electrical and gas and the landlord is responsible for all other expenses; and for the self-storage buildings, the landlord is responsible for all expenses. All leases for the SS, GS, LGS and auto shop are month-to-month. Electricity is billed directly to all tenants in the MHP. The roads are paved and in below average condition. This property is NOT in an opportunity zone or flood zone.

Investment Highlights

  • Public water/sewer
  • Tenant owned homes only in MHP
  • Opportunity to infill 5 vacant MH lots and 21 other units

Exclusively Listed By

Broker of Record

  • Steven D. Weinstock

    First Vice President / Regional Manager / Designated Managing Broker

    License(s): IL: 471.011175

    Illinois

Listing Price: $790,000

Cap Rate
7.59%
Number of Spaces
24
Lot Size
15.46 acres
Occupancy
79.2%
Price/Space
$32,917
Spaces/Acre
1.55
Year Built
2000

Investment Highlights

  • Public water/sewer
  • Tenant owned homes only in MHP
  • Opportunity to infill 5 vacant MH lots and 21 other units

Investment Overview

The lot rent in the MHP averages $387. The SS rent is $250-$275/month for a large unit and $50/month for a small unit. The GS rent is $60/Month. The auto shop’s rent is $750/month. The LGS units are approximately the same size as the large SS units, so an investor can market these for rent in the $200-$300 range. The pumping station’s rent is $1,350/month. The ground lease on the pumping station expires 12/31/2024 and has four, 1-year options to renew with a $100/month rental increase at each option. All buildings/units on the property are serviced by public water/sewer. For the pumping station ground lease, the tenant pays all related expenses except for real estate taxes; for the autobody shop, the tenant is responsible for liability insurance, electrical and gas and the landlord is responsible for all other expenses; and for the self-storage buildings, the landlord is responsible for all expenses. All leases for the SS, GS, LGS and auto shop are month-to-month. Electricity is billed directly to all tenants in the MHP. The roads are paved and in below average condition. This property is NOT in an opportunity zone or flood zone.

Exclusively Listed By

Broker of Record

  • Steven D. Weinstock

    First Vice President / Regional Manager / Designated Managing Broker

    License(s): IL: 471.011175

    Illinois

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