109 Pearl St Atkinson, IL 61235

Property Details for 109 Pearl St

Lot size

4.88 lot acres

Property type

Commercial real estate

APN

09-34-427-014

APU

934427014

Description

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.

Location Insight

City

Atkinson

County

Henry

State

Illinois

Longitude

-90.0121

Latitude

41.4156

CBSA code

19340

CBSA name

DAVENPORT-MOLINE-ROCK ISLAND, IA-IL METROPOLITAN STATISTICAL AREA

Property Tax & Assessments