0 Fairview Trailer CtTaylorville, IL 62568

Property Details for 0 Fairview Trailer Ct

Year built

1960

Lot size

2.90 AC

Property size (Sq ft)

126,324 SF

Property type

Mobile home & RV parks

Description

This 42-pad mobile home park presents a compelling value-add investment opportunity. Located in Taylorville, Illinois, on a 2.9-acre lot, this Fee Simple property boasts 126,324 square feet of net rentable space, currently operating at 50% occupancy (as of March 19, 2024). The park features city water and sewer, a significant advantage. Individual pads range from 36 to 70 feet in length. Currently, one pad houses a park-owned home (POH) generating approximately $330 monthly, while 20 pads are occupied by tenant-owned homes (TOHs) averaging $245 monthly rent. Recent improvements include demolition of abandoned structures, removal of problem tenants, installation of a new park entrance sign, and a new playground. Further value-add potential exists through the addition of new trailers or RVs, and continued exterior painting of existing homes. The property's current NOI is $43,320, with a pro-forma NOI of $49,788, yielding a 9.68% cap rate and a pro-forma cap rate of 11.13%. The asking price is $447,500 ($10,654.76 per pad and $3.54 per square foot). The park utilizes annual leases transitioning to month-to-month after the first year. Roads are a mix of asphalt, chip seal, and gravel, maintained by both the city and the park owner. Tenants are responsible for their own pad mowing, while the park maintains common areas and contracts for snow removal. The property is zoned commercial and is not located in a flood zone. Utilities (electric, gas, and water) are metered individually and billed directly to tenants. The electrical pedestals vary from 50 to 100 amps. Taylorville offers a relatively safe environment with a lower crime rate than the national average and is conveniently located near Springfield and Decatur, providing access to major employers. The property's APN is 17-13-28-201-013-00. Built in the 1960s, ongoing renovations are underway.

Location Insight

City

Taylorville

County

Christian

State

Illinois

Latitude

39.5519

Longitude

-89.3114

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