90 Eastern Park Blvd Pekin, IN 47165-7864

Property Details for 90 Eastern Park Blvd

Year built

1996

Construction

WOOD FRAME

Lot size

4.63 lot acres

Property size

720 SF

Property type

Mobile home & RV parks

APN

88-15-19-000-014.002-016

APU

881519000014002016

Description

This exceptional investment opportunity presents Eastern Estates, a 36-pad mobile home park situated in Pekin, Indiana, at 90 Eastern Park Blvd, 47165. Currently boasting 100% occupancy, the park generates a substantial Net Operating Income (NOI) of $159,840, representing an 8.20% capitalization rate. Pro forma NOI is projected at $196,284, yielding a 10.07% cap rate, indicating significant upside potential. The asking price is $1,950,000, translating to $54,167 per pad. The park features 18 rented lots with an average monthly rent of $300 and 18 park-owned homes with an average monthly rent of $741. All utilities are directly billed to tenants, simplifying management. The park benefits from paved roads and attractive curb appeal, enhancing its overall value. The property is classified as Class C and represents a stabilized investment with immediate cash flow. The Pekin, Indiana market shows strong median home values and high two-bedroom rental rates, suggesting further rental growth opportunities. A new owner could potentially increase lot rents to over $400 per month. The property's APN is 88-15-19-000-014.002-016. This is a turnkey operation with immediate cash flow and significant upside potential for a savvy investor.

Location Insight

City

Pekin

County

Washington

State

Indiana

Longitude

-86.0052

Latitude

38.512

CBSA code

31140

CBSA name

LOUISVILLE-JEFFERSON COUNTY, KY-IN METROPOLITAN STATISTICAL AREA

Property Tax & Assessments