800 N Randolph St - Manufactured Housing/Mobile Housing FOR SALE


Macomb, IL 61455
$175,000 USD
217-202-0924
800 N Randolph St, Macomb, IL for Sale
$175,000 USD
Manufactured Housing/Mobile Housing - FOR SALE
1/13
null | 9.25% Cap Rate

800 N Randolph St
Macomb, IL 61455


HIGHLIGHTS

  • Immediate upside through rent increases and pad lease-up
  • Municipal water and sewer with city-maintained roads
  • Six vacant pads ready for new home installations
  • On-site management and maintenance for streamlined operations

OVERVIEW

Valley MHP presents a rare opportunity to acquire a value-add manufactured housing community in Macomb, Illinois, the county seat of McDonough County and home to Western Illinois University. Situated on 1.79 acres, this 16-pad property offers strong fundamentals with municipal water and sewer, off-street parking, and city-maintained roads. Originally developed in the 1970s, the community has been under current ownership for less than a year, with ongoing improvements aimed at stabilizing operations. The park is currently 62.5% occupied with 10 tenant-owned homes paying below-market rents of $250 per month, creating immediate upside through rent adjustments and lease-up of six vacant pads. All vacant sites are ready for new home placements, and none of the existing homes require removal. With a current NOI of $16,192 and a pro forma NOI of $40,507, investors can achieve a projected cap rate of 23.15% upon stabilization. Additional value can be unlocked through utility bill-back implementation and continued operational efficiencies supported by an on-site manager and maintenance technician. Macomb offers a stable economic base anchored by Western Illinois University and major employers such as NTN Bower and Pella Corporation. The city’s affordable housing market, low crime rates, and proximity to Peoria make it an attractive location for long-term investment. Seller financing is available, providing flexible acquisition options for qualified buyers.

FOR SALE DETAILS

PRICE

$175,000 USD

PRICE/SF

$2 USD /SF

# OF UNITS

16

PRICE/UNIT

$10,938

CAP RATE

9.25%

% LEASED

63%

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

Valley MHP

PROPERTY TYPE

Multi-Family

PROPERTY SUBTYPE

Manufactured Housing/Mobile Housing

TOTAL BUILDING SIZE

-

STORIES

1

YEAR BUILT

1970

PARKING SPACES

-

LAND DETAILS

LAND ACRES

1.79 AC

LAND SF

77,972 SF

ZONING

-

APN/PARCEL ID

11-100-306-00

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.