Mobile Home Village
Mobile Home Village - Nauvoo, IL
225 S. Barnett Street Nauvoo IL 62354
$600,000
List Price
10.40 %
Cap Rate
8.45
GRM
24
Number of Pads
Investment Overview
  • This Mobile Home Community consists of a total of 24 pads, having 22 homes currently on site. 21 of the 22 homes on site are currently occupied with 17 TOHs and 4 Rent to Own Contracts. This property is served by public utilities, all of which are directly billed to the tenants, aside from trash service. Lot rent is currently $200, and was last raised by $10 in 2021. With a lack of park owned homes, and below market lot rent, this property offers new ownership easily attainable upside without increasing the operating budget and without the need for major infill. The property also features 0.91 acres of green space that could accommodate additional pads, or be used to construct a 40'x210' self storage building for additional income.
Infrastructure
  • This community is served by all public utilities, which are billed directly to the tenants aside from trash service. The park roads are gravel, and the water and sewer lines are believed to be cast iron.
Financial Analysis
  • Current Financials are based on the seller's actual income and expense statements, with an estimated property management fee added. Future projections assume a $50 lot rent increases in years 1 and 2, to bring the property more in line with current lot rents in the area. Future income assumptions moving forward are based on an annually reoccurring 3% raise in lot rent.
Lot Rent Comparables
  • Currently in the nearby towns of Keokuk, IA and Fort Madison, IA, lot rents range from $400-$475 in similar communities. With the subject property located only 20 minutes from these communities, new ownership should realistically be able to raise lot rents above $300 per lot over time, offering new ownership realistic and easily attainable upside. Contact Broker for Additional Details
Navuoo, IL
  • Nauvoo, IL is a small city located on the South Eastern border of Illinois and Iowa. Nauvoo has a population of 950 but receives large numbers of tourists linked to Mormon Trail and the Nauvoo Temple. Since the completion of the temple in 2002, over 1.5 million people have visited Nauvoo per year. In 2023, the town officially approved a proposal from the Church of Jesus Christ of Latter-days Saints to build a 24,000 square foot visitors' center which will allow for increased tourism upon completion.
Local Employers
  • The city of Nauvoo is mainly a tourist destination focused around the Mormon Trail, the Joseph Smith Homestead, and other historical sites. Major employers within the city include the Nauvoo Restoration Society, and the Church of Jesus Christ of Latter-day Saints which employs an estimated 200 missionaries in the area. Nauvoo, IL is located less than 20 minutes from the larger anchor towns of Fort Madison and Keokuk, IA which provide additional employment to the area through major companies, as well as smaller and mid size employers.
MSA and Nearby Communities
  • Nauvoo, IL is located in the Fort Madison- Keokuk, IA MSA. Nearby communities include Fort Madison, IA (15 minutes from subject property) Keokuk, IA (20 minutes) and Warsaw, IL (20 minutes). The subject property's proximity to these larger cities offers an easy commute for residents at the property, while offering tenants more affordable housing.
Nearby Employers
  • Major employers in surrounding communities include:Case New Holland, Catfish Bend Casino, DuPont, Tyson Foods, Kraft Heinz, Mercy One Medical, Walmart, and many other mid and small size food production, health care, retail, and manufacturing industry employers.
Surrounding Community Population
  • Fort Madison, IA: 10,270 residents Keokuk, IA: 10,000 residents Warsaw, IL: 1,600 residents
FOR MORE DETAILS CONTACT
Jason Bergan
Broker
(563) 880-9679
jbergan@c21sre.com
Drew Vlazny
Broker
(563) 880-6200
drew@c21sre.com
Lic: 71703