This property consists of 18 pads, with 17 Tenant Owned Homes on site paying $325 per month. Rents are schedule to be raised to $350 in May of 2024.
The property also features 12 storage units which are primarily rented to residents at the park. There is also a single family home on the property that is rented at $1,400 per month to long term tenants.
The MHP offers a new owner a stable tenant owned home community with multiple income streams, and is located just outside of Davenport, IA.
Utilities and Infrastructure
This property is served by public water through the city of Davenport, with tenants paying water, electric, and gas directly.
The property is served by a private sewer system which has a permit through the Iowa Department of Natural Resources.
The park owner is responsible for paying the septic fees, trash collection, common area electricity, and water and electricity for the shop and office. Park tenants are responsible for paying for their private electricity and water usage.
The property's sewer lines are Orangeburg Sewer lines and the property is serviced by a private septic lateral system. The sewer lines were scoped less than three years ago and are still intact and working properly, however given the construction material, new ownership should budget for eventual repair and replacement of the property's sewer lines.
Davenport, IA (Quad Cities) Demographics
Davenport, IA is part of the Quad Cities (Davenport, IA, Bettendorf, IA, Rock Island, IL, and Moline, IL). The Quad Cities boast a population of 383,000 residents. Quad Cities residents on average make $32,570 per year. 29% of these residents are currently renting their home and travel an average of 20 minutes to work from their place of residence.
The top employers of the area include: manufacturing (John Deere, Arconic, and HNI), healthcare (Unity Point and Genesis Health), Retail (Hyvee Groceries and Walmart), Warehouse and Logistics (Walmart and Amazon), and Food Processing (Tyson, Kent Feed, Kraft Foods, and Nestle).
Subject Property
The subject property offers affordable housing in the area, with lot rents below market value, and offers residents an easy commute to the Quad Cities. The property is located just off of I-280 and is located less than 15 minutes from Downtown Davenport.
