Davenport Estates MHC
Davenport, IA
Asking price
$775,000
Sites
17
Cap rate
8.70%
Price / site
$45,588
About this property
Description Davenport Estates MHP is an 17-pad manufactured housing community situated n 4.21 acres in Davenport, Iowa, within the Quad Cities MSA. Originally constructed in 1961, the property offers a well-located, stable asset with a mix of income streams and operational upside. In addition to the 17 pads, the property includes a 3-bedroom, 2-bath single-family residence totaling 1,696 square feet, seven garages, five larger storage units, and one smaller storage unit. The park is currently zoned I-2, providing flexibility for continued use and potential alternative considerations. The community benefits from its positioning within the Quad Cities market, offering access to a diverse employment base and regional infrastructure. A very small portion of the northeast section of the property lies within a flood zone; however, this area does not impact any structures, and current ownership does not carry flood insurance. Pad sizes are believed to be approximately 14’ x 60’, and all vacant pads are capable of accepting additional homes. The park features primarily gravel roads, which are reported by ownership to be in good condition and are maintained by the park. Davenport Estates is serviced by city water and a private sewer system. Underground piping is believed to be PVC, and electrical pedestals are 100 amp. Tenants are directly billed for water, electric, and gas through their respective providers, while the park currently covers garbage service. The property offers off-street parking for residents and includes on-site management, with a manager/maintenance employee who also handles mowing and landscaping of common areas and vacant pads. Tenants are responsible for mowing their individual lots, while ownership handles snow removal and road maintenance. The park currently has 14 occupied pads, all of which are tenant owned homes (TOH) or rent-to-own (RTO) units. One RTO unit is paying $950 per month. The average pad rent is approximately $375 per month, with two tenants currently paying $450 per month. The last rent increase occurred in April 2024. The single-family residence is leased for $1,250 per month. Lease structures include annual leases for the RTO units and the single-family residence, while TOH tenants operate on month-to-month agreements. One tenant is currently delinquent by approximately four months. No homes are held for back taxes. The current ownership has operated the property for approximately 3.5 years and has implemented several improvements, including renovation of the single-family residence and conversion of Lot #4 into an RTO unit. The park benefits from on-site management, contributing to consistent maintenance and oversight. Operational responsibilities such as road upkeep, snow removal, and common area maintenance are handled by the park, supporting overall property condition and tenant experience. Davenport Estates presents a clear path for additional value creation. Ownership has identified the opportunity to remove two trailers currently in poor condition and replace them with new homes on available pads. Additional upside exists through continued rent adjustments toward market rates and potential expansion of RTO inventory. Further tree work and general site improvements could enhance overall appeal and long-term performance. The garages and storage units also offer tremendous growth potential. The property is being offered as a stabilized yet value-add investment opportunity within a growing Midwest market. The existing mortgage is not assumable, and the sellers are not open to providing seller financing. Davenport Estates provides investors with a combination of in-place cash flow, operational stability, and tangible upside through infill and rent optimization. MR. LANDMAN, LLC is a licensed real estate entity in the State of Iowa under Lic#F06199000. Jonathan Fisher is a licensed broker in the State of Iowa under Lic#B68919000.
All details
| Asking price | $775,000 |
|---|---|
| Sites | 17 |
| Price per site | $45,588 |
| Cap rate | 8.70% |
| Year built | 1961 |
| Address | 4105 Nobis Drive |
| First seen | Sep 6, 2026 |
| Last verified | Sep 7, 2026 |
