1106 Rim Rd Quincy, IL 62305

Property Details for 1106 Rim Rd

Year built

1970

Lot size

5.00 lot acres

Property size

217,800 SF

Property type

Mobile home & RV parks

APN

20-0-0601-001-00

Description

This stabilized, value-add mobile home park presents a compelling investment opportunity. Located in Quincy, Illinois, on a 5-acre lot, this Class B property boasts 18 pads, with 15 currently tenant-occupied homes (TOHs) averaging $275 per month. Three vacant pads offer immediate upside potential for increased revenue. The park features county-maintained roads, public water, and a 3-cell lagoon sewer system (maintained for $200 monthly). Electrical pedestals are 100-amp, with residents directly billed for electricity and gas; water is sub-metered. The property has a current NOI of $35,122 and a pro-forma NOI of $43,349, reflecting a 7.39% cap rate and a pro-forma cap rate of 9.13%. Built in 1970, ongoing renovations are underway. The asking price is $475,000, or $26,389 per pad. The park benefits from zero accounts receivable and steady occupancy levels, with the last rent increase in May 2024. Market rent in Quincy is $325 per month, indicating significant potential for rental increases. The property is zoned 0030 (Vacant Residential) and is not located in a flood zone. The total square footage is 217,800, with 36 parking spaces (2 per unit). The property is fee simple ownership. The park's location offers convenient access to shopping and dining, being only 2.8 miles from Walmart. The current management structure is transitioning, providing an opportunity for new ownership to implement their management strategy. Recent improvements include lagoon dam repairs, conversion of park models to TOHs, addition of park signage and landscaping, and tree trimming. Potential future improvements include rent increases, billing back trash to residents, and infilling the vacant pads.