Wayland Acres is an all age community located within the Keokuk, IA MSA (Population 58,000). The property has been meticulously maintained by the current long term ownership. The property features a cul-de-sac design with sidewalks and curb and gutter throughout the property.
The property currently has a total of 62 useable lots, with further expansion possible for new ownership to increase the total lot count to 75 lots. Of the 62 lots 29 currently have paying manufactured home tenants on site.
The community is made up of a strong majority of Tenant Owned Homes, with only two Park Owned Homes on Site, making the property an easy transition for a new owner.
The property also has 17 self storage units renting at an average of $35 per month and an additional 4 small storage sheds within the community at an average of $30 per month. Similar storage units in the area currently charge $50 per unit, offering additional upside for a new owner.
Community Infrastructure
Wayland Acres is served by 100% public utilities. Current ownership pays for sewer charges which are billed back to the tenants at a flat rate of $20 per month plus charges for overages. Tenants pay all other utilities directly.
The community streets are 100% maintained by the city of Wayland, including snow removal.
The community also features sidewalks as well as curb and gutter throughout.
Lot Rent
Currently lot rent for single wide units averages $195 per month. Rent was last raised by $30 in January of 2025.
There are currently 6 double wides on-site with an average lot rent of $250/month.
Similar communities in the area charge an average of $300, meaning new ownership can raise lot rent to market over time for easily attainable and realistic upside.
Infill was not included in the financial analysis, allowing for further upside for a new owner looking to infill the property.
Park Owned Homes
Two park owned homes (2009 and 2010 models) will be included in the sale. Currently they rent for an average of $650.
Two abandoned single family manufactured homes can also be included in the sale, as the seller is currently in the process of getting new titles issued. These homes could be renovated and rented or sold by new ownership to increase cash flow within the short term.
Capital Improvements
Current ownership has kept up with tree trimming, added sidewalks throughout the community, and maintained the park owned homes well throughout their length of ownership. Piers have also been placed on several of the vacant lots, allowing a new owner to infill several lots at a lower expense.
New ownership will not need to budget for significant short term capital improvements.
If a new owner is planning on heavy infill, they will need to add water meters and lines to the approximately 31 partially developed lots.
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Community Amenities
Wayland Acres features a picnic shelter, playground, and basketball court for the tenants.
The community also features a large storm shelter on the NW corner capable of housing 75 people in the event of an emergency.
Financial Analysis
The financial analysis was based on raising lot rents for single wide homes to an average of $250 in the year 1, to $300 in year 2, and then smaller incremental raises of $15 per year from years 4 through 10.
The financial analysis was based on raising lot rents for double wide homes to an average of $300 in the year 1, to $350 in year 2, and then smaller incremental raises of $15 per year from years 4 through 10
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Excluded Property
Current Ownership will be parceling off a single family home and the farm ground north of the property at their expense prior to the sale.
Seller will also be retaining the effective ownership of the well located at the north end of the property. The well is located inside the self storage building but does not currently provide water or any other service to the manufactured home community.
Items available for Due Diligence
The current ownership is the original owner and developer of the property.
Site maps, utility maps, and original blueprints are all available for a new owner.
The owner is also well organized and can provide tax returns, deposit records, maintenance records, etc. for satisfactory review.
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Trash Billback Explaination
Two neighboring properties currently pay in $47.50/month for trash services supplied by the current owner. Year 2 expenses assume all trash will be billed back equally among the tenants.
Subject Property
Wayland Acres is located within the City of Wayland, MO at the intersection of HWY 136 and HWY 27.
The property is located 20 minutes from Keokuk, IA 30 minutes from Quincy, IL and 40 minutes from Fort Madison, IA.
The property offers easy highway access to multiple metros and employment centers in the area.
Local Employment
Major employers in the area include Walmart, Cargill, John Deere, INC. Hyvee Grocery Stores, Roquette America, as well as a large fertilizer plant less than 20 minutes from the subject property.
The area also has a diverse field of medical providers and smaller agricultural support industries.
