550 Smith AveDu Quoin, IL 62832

Property Details for 550 Smith Ave

Property type

Mobile home & RV parks

Description

This distressed 17-unit mobile home park in Du Quoin, Illinois, presents a compelling value-add opportunity. Located at 550 Smith Ave, Du Quoin, IL 62832 (APN: 2-61-1800-190 | Block-7, 2-61-1800-090 | Block-6, 2-61-1810-230 | Block-11), the park currently generates a NOI of $3,809, but a pro-forma NOI of $45,002 is projected with improved management. The asking price is $300,000, representing $17,647.06 per pad. The park comprises 17 pads, with ten tenant-owned homes averaging $225 monthly lot rent, two park-owned homes rented at $425 monthly, and five vacant lots. City utilities are available. One home is potentially abandoned, offering a rehab or rental opportunity. The vacant lots are suitable for new construction, allowing for infill development. Significant potential exists to increase cash flow through improved management and lot rent increases (to $300+/month). Attractive seller financing is available: $90,000 down payment, 5% interest-only payments for a 3-year balloon payment on a $210,000 note. This property is classified as Class D, with a current cap rate of 1.27% and a pro-forma cap rate of 15.00%. The property's underperformance stems from prior mismanagement, presenting a clear path to significant returns for a new owner.

Location Insight

City

Du Quoin

County

Perry

State

Illinois

Latitude

38.0198

Longitude

-89.2309

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