90 Eastern Park BlvdNew Pekin, IN 47165

Property Details for 90 Eastern Park Blvd

Year built

1996

Construction

WOOD FRAME

Lot size

4.63 AC

Property size (Sq ft)

720 SF

Property type

Mobile home & RV parks

APN

88-15-19-000-014.002-016

APU

881519000014002016

Description

This exceptional investment opportunity presents Eastern Estates, a 36-pad mobile home park situated in Pekin, Indiana, at 90 Eastern Park Blvd, 47165. Currently boasting 100% occupancy, the park generates a substantial Net Operating Income (NOI) of $159,840, representing an 8.20% capitalization rate. Pro forma NOI is projected at $196,284, yielding a 10.07% cap rate, indicating significant upside potential. The asking price is $1,950,000, translating to $54,167 per pad. The park features 18 rented lots with an average monthly rent of $300 and 18 park-owned homes with an average monthly rent of $741. All utilities are directly billed to tenants, simplifying management. The park benefits from paved roads and attractive curb appeal, enhancing its overall value. The property is classified as Class C and represents a stabilized investment with immediate cash flow. The Pekin, Indiana market shows strong median home values and high two-bedroom rental rates, suggesting further rental growth opportunities. A new owner could potentially increase lot rents to over $400 per month. The property's APN is 88-15-19-000-014.002-016. This is a turnkey operation with immediate cash flow and significant upside potential for a savvy investor.

• CAP approach

  CAP return

  Valuation

  6%

  $110,131

  6.5%

  $101,659

  7%

  $94,398

• Comparable approach

  Method

  Valuation

  Relative Method

  $96,065

  Geo Method

  $96,065

• Alternative Use

  Use

  Valuation

  Residential

  $101,659

  Hospitality

  $93,119

  Educational

  $77,474

  Medical

  $80,139

  Retail

  $120,515

Location Insight

City

Pekin

County

Washington

State

Indiana

Latitude

38.512

Longitude

-86.0052

CBSA code

31140

CBSA name

LOUISVILLE-JEFFERSON COUNTY, KY-IN METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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