Mobile Home Park with Multi-Use
For Sale
$249,900
3117 E Voorhees St, Danville, IL 61834
A 9.33-acre park with four income-producing mobile homes and a large on-site building for flexible use.
Property Size3,200 SF
Lot Size9.33 Acres
Price / SF$78.09
Days on Market94
Property Features for 3117 E Voorhees St
General Information
Standard status
Active
Size
3,200 SF
Lot size
9.33 Acres
Property subtype
Land
Additional Details
Business Included
Yes
Multifamily Units
4
Listing Agency:
KELLER WILLIAMS-TREC
(217) 918-0087
Listed By:
Hayley Siefert · License #RB17001579
(217) 918-0087
Source:
Exprealty
Added: May 6
Changed: Jul 10
Last Checked: Aug 7 at 11:16AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of KELLER WILLIAMS-TREC
Investment Insights
Based on property information with market context.
This 9.33-acre property currently features four income-producing mobile homes. In addition, it includes a versatile 3,200+ square-foot building on-site that has previously been used for a range of business activities and church gatherings.
The property is located at 3117 E Voorhees St in Danville, Illinois, providing a single-site setup for an operator seeking an income component alongside an additional multi-use structure. With room to expand, the layout supports continued development of income-producing opportunities on the same parcel.
For prospective buyers, the combination of existing mobile home units and a substantial building can support multiple operating concepts, including continued mobile home income and use of the larger building for entrepreneur or community-oriented activity. The property’s existing improvements also offer a practical foundation for those looking to grow within a single address rather than piecing together separate sites.
The property is located at 3117 E Voorhees St in Danville, Illinois, providing a single-site setup for an operator seeking an income component alongside an additional multi-use structure. With room to expand, the layout supports continued development of income-producing opportunities on the same parcel.
For prospective buyers, the combination of existing mobile home units and a substantial building can support multiple operating concepts, including continued mobile home income and use of the larger building for entrepreneur or community-oriented activity. The property’s existing improvements also offer a practical foundation for those looking to grow within a single address rather than piecing together separate sites.
Key Highlights
- 9.33‑acre property with four income‑producing mobile homes
- Large on‑site building with 3,200+ square feet, previously used for a variety of businesses and church gatherings
- 3,200+ SF building offers flexible space for entrepreneurs, community use, or future development
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$20,791
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
8.32%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$415,820
$415.8K
Cap Rate 7%
$297,014
$297.0K
Cap Rate 9%
$231,011
$231.0K
Market Conditions
NOI Build-Up for 3,200 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$41.1K $12.84/SF
− Vacancy
−$3.3K −$1.03/SF
EGI
$37.8K $11.81/SF
− OpEx
−$17.0K −$5.32/SF
NOI
$20.8K $6.50/SF
Area
Vermilion County, IL
Vacancy
8.00%
Lease Rate
$12.84 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$415,820
Cap Rate 7%
$297,014
Cap Rate 9%
$231,011
Alternative Uses
Best Use
Apartment 5plus
$297.0K
$259.9K – $346.5K
NOI $20,791 @ 7.0% cap · market cap 8.32%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$623.4K
$545.5K – $727.3K
NOI $43,638 @ 7.0% cap · market cap 17.46%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
440
Businesses Nearby
Explore this area
Business Placement
Demographics for 61834, IL
7,895
Population
2,811
Households
2.8
Avg Household Size
45
Median Age
20%
College-Educated
86%
High-School Grad
106.9 sq mi
ZIP Area
74
Density / Sq Mi
$80,901
Median Household Income
$42,411
Median Earnings
$853
Median Rent
$162,000
Median Home Value
Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mobile home & RV park - A 9.33-acre park with four income-producing mobile homes and a large on-site building for flexible use.
Where is this mobile home & rv park located?
The property is located at 3117 E Voorhees St Danville, IL.
What is the asking price?
The asking price for this property is $249,900.
What are key features of this property?
This property features: 9.33‑acre property with four income‑producing mobile homes; Large on‑site building with 3,200+ square feet, previously used for a variety of businesses and church gatherings; 3,200+ SF building offers flexible space for entrepreneurs, community use, or future development
