224 N Poplar St - Manufactured Housing/Mobile Housing FOR SALE


Ludlow, IL 60949
$315,000 USD
217-202-0924
224 N Poplar St, Ludlow, IL for Sale
$315,000 USD
Manufactured Housing/Mobile Housing - FOR SALE
1/22
null | 11.1% Cap Rate

224 N Poplar St
Ludlow, IL 60949


HIGHLIGHTS

  • Affordable starter park!
  • Predominantly TOH or RTO homes!
  • Strong metro in Champaign County!
  • Vacant SFR could be renovated!

OVERVIEW

Rare opportunity to acquire a stable, cash-flowing mobile home park in Champaign County with immediate upside. The quiet community includes 12 pads (10 occupied, 1 nearly ready for sale, 1 vacant SFR for renovation/lease-up). All mobile homes are tenant-owned or owner-financed, resulting in zero mobile home maintenance costs. Current lot rent is $450/month, plus $25,000 in mobile home mortgages not included in the cap rate. Recent improvements include over $150,000 invested in plumbing and gas line replacements, expanded parking, new lighting, and property cleanup. Utilities are tenant-paid (water rebilled, direct gas & electric). Current operations support an 11.1% cap rate with 16%+ pro forma, plus seller is open to holding a $50,000 second note at 6% interest-only, 3-year balloon. Attractive entry price of just $26,250 per residence with value-add potential. As of December 2025, all tenants are up to date on rent. Seller will guarantee two months of rental income for all currently occupied units, after purchase date.

FOR SALE DETAILS

PRICE

$315,000 USD

PRICE/SF

$286 USD /SF

# OF UNITS

12

PRICE/UNIT

$26,250

CAP RATE

11.1%

% LEASED

75%

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

Ludlow Mobile Home Park

PROPERTY TYPE

Multi-Family

APARTMENT STYLE

Low-Rise

PROPERTY SUBTYPE

Manufactured Housing/Mobile Housing

TOTAL BUILDING SIZE

-

STORIES

1

YEAR BUILT

2000

PARKING SPACES

-

LAND DETAILS

LAND ACRES

1.18 AC

LAND SF

51,401 SF

ZONING

Improved Commercial (0060

APN/PARCEL ID

14-03-01-456-003

ASK ABOUT THIS PROPERTY

Jon FisherMr. LandmanMore Info
217-202-0924

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Jon FisherMr. LandmanMore Info
217-202-0924

By clicking the button, you agree to Showcase's Terms of Use and Privacy Notice.