10557 State Rte 50 Manteno, IL 60950-3114
- Commercial real estate
- 3.24 lot acres
Jan 28, 2021
Current Use by Public Records
- Commercial real estate
Property Details for 10557 State Rte 50
- Lot size
- 3.24 lot acres
- Property type
- Commercial real estate
- APN
- 03-02-10-200-007
- APU
- 30210200007
Description
This exceptional investment opportunity presents a 31-unit mobile home park situated on a 3.18-acre lot in Manteno, Illinois, a rapidly growing Chicago suburb. The property, built in 1975 with ongoing renovations, boasts 138,520 square feet of net rentable space and features 31 pads, currently 96% occupied as of July 17, 2024. The park generates a current NOI of $82,542, with a pro-forma NOI projected at $162,728, reflecting significant upside potential. The asking price is $1,000,000, representing a current cap rate of 8.25% and a pro-forma cap rate of 16.27%. Twenty-eight of the occupied pads are tenant-owned homes (TOHs) averaging $455 per month in rent, with one vacant pad and a single-family residence (SFR) currently renting for $875 per month. The SFR has significant rental upside potential. Recent improvements include significant upgrades to the well and septic systems, road repairs, and the rehabilitation and sale of several park-owned homes (POHs). The park is served by a private well and septic system with PVC Schedule 40 underground piping and 100-amp electrical pedestals. Water, sewer, and garbage removal are included in the lot rent. Tenants are responsible for their own electricity (ComEd) and gas (Nicor). The park is zoned 0060 (improved commercial) and is not located in a flood zone. The property includes a park survey and is offered fee simple. Significant opportunities exist to increase lot rents (currently averaging $455/month, with market rates closer to $600/month), lease the vacant storage units, and increase the SFR rental income. Manteno offers a strong local economy, with a median home cost of $274,900 and a median household income of $83,625. The village boasts an A+ school rating and low crime rates. This property presents a compelling investment opportunity with substantial potential for growth and increased profitability.
Value Estimations
-
AI approach
- Method
- Estimation
- Statistic approach
- $810,000
- ML approach
- $825,000
Get a detailed, property-specific valuation — fast and free
Location Insight
- Map
- Local Demand
- City
- Manteno
- County
- Kankakee
- State
- Illinois
- Longitude
- -87.8206
- Latitude
- 41.2735
- CBSA code
- 28100
- CBSA name
- KANKAKEE-BRADLEY, IL METROPOLITAN STATISTICAL AREA
