Maine Pointe East MHC

Maine Pointe East is an all ages community, located in Quincy, IL. The property boasts 41 out of 41 occupied sites, with 36 homes currently economically occupied. This property offers a new owner the ability to rehab a small number of homes on site and get the property to 100% economic occupancy within the first 6 months. The property also allows a new owner to quickly decrease operating expenses by nearly 15% by billing back water and trash service to the residents. The property currently consists of 8 Tenant Owned Homes, 11 Rent to Own Contracts, and 22 Park Owned Homes. New ownership can further increase income and decrease expenses by selling the remaining park owned homes to residents over time. The property consists of 41 single wide sites, and due to the age of the park, the majority of the lots will likely not accommodate homes over 70 feet in length. Contact Broker for Additional Details

- Upside through continued sale of Park Owned Homes to tenants - Ability to quickly reduce expenses by billing back water, sewer, and trash service - 100% physical occupancy, with 88% economic occupancy - Strong economic market with high demand for affordable housing - Upside in lot rent over time (Currently $300 per month)

Maine Pointe East is served by all public utilities, with the tenants currently paying for gas, and electric and park ownership currently paying for trash service, water, and sewer, as well as street lighting. The park's main sewer lines are believed to be Clay tile, with the main water lines consisting of galvanized steel. All utilities are in good working order. Park Roads are asphalt and may require repaving and/or resealing in the next several years.

Current ownership has recently added insulation and heat tape to the park owned home water lines, decreasing the likelihood of lines freezing. Current ownership has also added new skirted to many of the homes, and is continuing to add new skirting the park owned homes.

The financial analysis was based on new ownership raising lot rents to $350 within the first year of ownership, and then raising it to $375 year 2, with a 5% each year thereafter. For ease of review, an analysis was not given for the sale of the remaining park owned homes on contract. Contact Broker for Additional Details.

The sale of this property is subject to seller executing a 1031 exchange. No seller financing is being offered at this time.

Maine Point East is located at the intersection of Maine Street and 36th in the easter portion of Quincy, IA. The property is walking distance to several grocery stores, convenience stores, and resturaunts, as well as the local elementary and high school, making this a convenient and family friendly location for the residents.

Quincy, IL is the county seat of Adams County, IL and is located on the Mississippi River. Currently the city has a population of 40,000 residents and an MSA population of 115,000 residents. The city of Quincy has both public and private schools, as well as a community college. The city also has multiple hospitals, manufacturers such as Knapheide and Titan International, and a number of big box stores such as TJ Max, Kohls, HyVee, and Walmart Local Employers in Quincy include federal jobs surrounding the lock and dam systems, local county and city positions, multiple mid level and small manufactures, Niemann Foods, INC., local community college positions, as well as public and private school jobs.