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    109 Pearl St Atkinson, IL 61235

    Sponsored
    For Sale
    $950,000

    Illinois Mobile Home Park, 24 Pads, High NOI

    Property size:
    246,114 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    392
    This 24-pad mobile home park in Atkinson, Illinois, presents a compelling value-add investment opportunity. Situated on 5.65 acres, the property boasts a stabilized NOI of $85,087 and a pro-forma NOI of $95,321, reflecting an 8.96% cap rate and a pro-forma cap rate of 10.03%, respectively. Currently operating at 88% occupancy (as of May 16, 2024), the park features 24 pads, with a mix of single and multi-section pads accommodating various trailer sizes. The majority of the 21 occupied pads are tenant-owned homes (TOHs) paying $375/month, with a few rent-to-own (RTO) and park-owned homes (POHs) commanding higher rents. Recent rent increases in April 2024 demonstrate the potential for further revenue growth. The park benefits from city water and sewer, with residents directly billed for utilities. Asphalt roads are in good condition, and the park maintains common areas. The property includes a resident manager and maintenance personnel. Ongoing renovations are underway, and future improvements could include adding a park-owned trailer. The property is zoned B-1 & B-2, and the asking price is $950,000, translating to $39,583.33 per pad and $3.86 per square foot. Located in a town with a median home cost of $141,500 and a relatively low unemployment rate of 5.9%, Atkinson Estates offers a strong foundation for a successful mobile home park investment. The park's location offers proximity to larger cities like Kewanee, Moline, and the Quad Cities.

    Property Features for 109 Pearl St

    General Information

    Property type
    Multifamily properties
    Square Feet
    246,114 SF
    Class
    C
    Lot Size
    246,114 SF

    Building Details

    Year Built
    1960
    Buildings
    1
    Stories
    1
    Units
    24

    HighLights

    • City water and sewer available.
    • Expansion potential with additional acreage.
    • Excellent starter park; easy to manage.
    • Attractive park with pond frontage.
    Property Profile Location Intelligence

    Current Use by Public Records

    Mobile home & RV ...

    Suggested Use

    Realty agency Restaurant Spa & Massage Hair Salon Clothing Store Building Supply Gym & Fitness Auto Repair Shop Wholesale Shop Kitchen & Bath

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Atkinson
    County
    Henry
    State
    Illinois
    Longitude
    -90.0128266
    Latitude
    41.4163231

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    FAQs

    What type of property is this?
    Multifamily property - Illinois Mobile Home Park, 24 Pads, High NOI
    Where is this multifamily property located?
    The property is located at 109 Pearl St Atkinson, IL.
    What is the asking price?
    The asking price for this property is $950,000.
    What are key features of this property?
    This property features: City water and sewer available.; Expansion potential with additional acreage.; Excellent starter park; easy to manage.
    Request Owner's contact information
    109 Pearl St Atkinson, IL 61235
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    Realmo Value Estimation

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.

    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.

    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    109 Pearl St Atkinson, IL 61235
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