Mobile Home Park With Commercial
For Sale
$250,000
3915 N Dirksen Parkway, Springfield, IL 62702
B-1 zoning includes a variance for mobile home park use and a vacant commercial structure.
Property Size1,152 SF
Days on Market42
Property Features for 3915 N Dirksen Parkway
General Information
Standard status
Active
Size
1,152 SF
Total Parking Spaces
10
Property subtype
Residential Income
Zoning
B-1 w/mobile home park
Lease Term
Month To Month
Additional Details
Utilities to Site
Yes
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$2,215
Building Details
Building Size
1,152 SF
Year Built
1980
Units
5
Listing Agency:
The Real Estate Group, Inc.
(217) 306-1000
Listed By:
Jami Winchester · License #475109074
(217) 306-1000
Source:
Craggsrealtors
Added: Jul 2
Changed: Aug 12
Last Checked: Aug 12 at 4:37AM
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 The Real Estate Group, Inc.
Investment Insights
Based on property information with market context.
This mixed-use property combines a vacant commercial building with a mobile home park component. The front building measures 24 x 48, is stick built on a slab, and includes a full bath and several rooms. Its roof was replaced in 2010. A separate 24 x 48 storage building along the west property line is included.
The site includes three mobile homes: two are seller owned, while the third is tenant owned. One additional empty lot is available for another mobile home. Utilities include Ameren gas, CWLP water and electricity, and an aeration septic system. Zoning is B-1 with a variance for mobile home park use.
The site includes three mobile homes: two are seller owned, while the third is tenant owned. One additional empty lot is available for another mobile home. Utilities include Ameren gas, CWLP water and electricity, and an aeration septic system. Zoning is B-1 with a variance for mobile home park use.
Key Highlights
- B‑1 zoning with variance for mobile home park use
- Vacant 24 x 48 stick‑built commercial building with full bath
- Commercial building roof replaced in 2010
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
$12,442
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
4.98%
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%
$248,840
$248.8K
Cap Rate 7%
$177,743
$177.7K
Cap Rate 9%
$138,244
$138.2K
Market Conditions
NOI Build-Up for 1,152 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
$22.1K $19.20/SF
− Vacancy
−$2.2K −$1.92/SF
EGI
$19.9K $17.28/SF
− OpEx
−$7.5K −$6.48/SF
NOI
$12.4K $10.80/SF
Area
Springfield, IL
Vacancy
10.00%
Lease Rate
$19.20 /SF/Yr
Expense Ratio
37.50%
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%
$248,840
Cap Rate 7%
$177,743
Cap Rate 9%
$138,244
Alternative Uses
Best Use
Mixed Use
$177.7K
$155.5K – $207.4K
NOI $12,442 @ 7.0% cap · market cap 4.98%
Second Best
Apartment 5plus
$133.9K
$117.2K – $156.2K
NOI $9,372 @ 7.0% cap · market cap 3.75%
Theoretical Best
Office A
$282.8K
$247.5K – $330.0K
NOI $19,799 @ 7.0% cap · market cap 7.92%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Residential units
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
371
Businesses Nearby
Explore this area
Business Placement
Demographics for 62702, IL
33,712
Population
17,083
Households
2
Avg Household Size
41
Median Age
20%
College-Educated
90%
High-School Grad
15.4 sq mi
ZIP Area
2,189
Density / Sq Mi
$52,748
Median Household Income
$38,160
Median Earnings
$858
Median Rent
$102,300
Median Home Value
Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Mobile home & RV park - B-1 zoning includes a variance for mobile home park use and a vacant commercial structure.
Where is this mobile home & rv park located?
The property is located at 3915 N Dirksen Parkway Springfield, IL.
What is the asking price?
The asking price for this property is $250,000.
What are key features of this property?
This property features: B‑1 zoning with variance for mobile home park use; Vacant 24 x 48 stick‑built commercial building with full bath; Commercial building roof replaced in 2010
