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$ 295,000
Est. payment /mo
Active
800 Treatment Plant Road Rochelle, IL 60168
4.72 Acres Lot
UPDATED:
11/10/2024 06:07 AM
Key Details
Property Type Commercial
Sub Type Multi Family 5+
Listing Status Active
Purchase Type For Sale
MLS Listing ID 12202967
Year Built 1970
Annual Tax Amount $5,832
Tax Year 2023
Lot Size 4.720 Acres
Lot Dimensions 261X672X331X676
Property Description
I am proud to introduce Town & Country (T & C) mobile home park for your consideration. T & C is in Rochelle, IL. It is a "reclassified" 14-pad mobile home park that is on city water & city sewer. Currently the park has fourteen paying tenants making it 100% occupied. All fourteen tenants own their own trailers. The pad rental rate for T & C is $380 per month and we believe it was probably last raised in 2022. It is the belief of the listing agent that this could be increased by the next ownership group. In addition to being on city utilities, this park is close to manufacturing jobs and a large meat packing plant. This park has been stable as a direct result of its proximity to jobs for the tenants of this park. The current tenants are all paid up and current with their rent. The present tenants predominantly pay with money orders that are mailed out in pre-addressed stamped envelopes provided by the current owner. As I mentioned earlier, T & C has been reclassified to a 14-pad mhp. It was originally licensed with the State of Illinois for 30-pads. The new owner of the park could continue to operate the park as it currently stands without making any improvements to the property. However, as the park is no longer in compliance with ordinances put into place by the city of Rochelle, any new permit would require a myriad of improvements that will represent some serious capital expenditures. This park will need some work done to bring it back into compliance and ensure a long future as a mhp in the city of Rochelle. 1st off, there are presently six trailers that are in a floodway. The Illinois Department of Natural Resources and the City of Rochelle agree that trailers can no longer be in the flood way on the west side of the park. That is part of the reason why the park is being reduced from a 30-pad park to a 14-pad park. There are several trailers that can be moved from the west side of the park to the interior portion of the park. However, it was also discovered during the due diligence stage that the main water line in the park was not compliant with the current regulations established by the city of Rochelle. As a result, prior to any new trailers being brought into the park, or any of the current trailers on the west side of the park being moved into the interior circle of the park, the park must upgrade to a 6-inch water main. We have quotes from two contractors to make these repairs, and the asking price is being reduced in a manner to make these repairs worthwhile for the next ownership group.The park consists of 4.72 acres. The roads thru the park are gravel and are considered to be in good condition. The city will require the ownership to asphalt the road through the park once a permit is in place for the replacement water main. Also, the city will require a retention pond to be dug after the asphalt drive is poured in the park. Each pad has its own meters for electric, gas, & water. All utility bills are billed directly to the tenants from the supplier. The water pipes are a combination of plastic & galvanized. The current owner maintains the roads in the park. Tenants are responsible for mowing their own pad. The park owner removes snow, as necessary. There are currently no vacant trailers on the premises. None of the trailers are behind in their taxes or rent. All the trailers have skirting. T & C is an all-age park. This transaction will require cash or financing. Due diligence financials will be limited as the owner has multiple investment properties running under the same account for tax purposes. This is a great smaller park for both beginner and experienced mobile home park owners. It is a low cost park that should be easy to manage for the next owner.
Location
State IL
County Ogle
Zoning COMMR
Interior
Fireplace N
Exterior
View Y/N true
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Listed by Jon Fisher • MR. LANDMAN