10617 State Rte 50 Manteno, IL 60950-3253

Property Details for 10617 State Rte 50

Lot size

1.40 lot acres

Property type

Commercial real estate

APN

03-02-10-200-003

APU

30210200003

Description

This exceptional 13-unit mobile home park, situated on a 1.4-acre lot in Manteno, Illinois, presents a compelling value-add investment opportunity. The property boasts 10,000 square feet of net rentable space within a total of 18,000 square feet, encompassing twelve 2-bedroom/1-bathroom mobile homes and one studio unit. Currently operating at 100% occupancy, the park generates a substantial NOI of $92,990, representing a strong 13.28% cap rate. Each unit features individually metered electricity, heat, and hot water, with the owner responsible for water and sewer. Ample on-site parking is available for residents and guests. The property's strategic location at the intersection of N 3000E Road and N State Route 50 provides convenient access to local amenities, schools, businesses, and major transportation arteries, including Interstate 57 and US Highway 52. The asking price is $700,000, translating to $53,846 per unit and $38.89 per square foot. Significant upside potential exists due to below-market rents, offering a chance to increase revenue in a supply-constrained market. Manteno offers a variety of recreational options, including parks and the Kankakee River State Park. This property is offered fee simple. Built in 1985, the property consists of thirteen single-story buildings.

Location Insight

City

Manteno

County

Kankakee

State

Illinois

Longitude

-87.8203

Latitude

41.2746

CBSA code

28100

CBSA name

KANKAKEE-BRADLEY, IL METROPOLITAN STATISTICAL AREA

Property Tax & Assessments