Harvest Estates MHC 10557 North State Route 50
Manteno, IL
Asking price
$1,000,000
Sites
31
Cap rate
11.30%
Price / site
$32,258
About this property
Description Harvest Estates MHC is a 31-site mobile home community located on 3.18 acres on the outskirts of Manteno, IL. The park was developed in the mid 1970's and has served the community by offering an affordable housing option since that time. The property is zoned 0060 (improved commercial). The park is not located in a flood zone. The park is presently managed by a resident manager who the owners believe will have interest continuing in that role going forward. The park also has a local contractor who handles maintenance or sub-contracts as needed. The owner of Harvest Estates does not have the exact dimensions of the pads, but they will include the park survey in supporting materials. There are currently not any trailers that need to be removed from the premises. Of the 29 occupied pads in the park, 28 are TOH's averaging $530/month. There is a vacant POH that is being renovated and will be ready to rent/sell prior to closing. There is also a SFR on the property that is currently renting for $875/month. Currently just one vacant pad in the park. Rent was last raised on April 1st, 2025. The park utilizes leases for its residents with the vast majority being month-to-month. The tenants currently pay their rent via check, CashPay (Zego) & Zelle. The current owners do not accept cash. Harvest Estates is on private well & septic. The underground pipe material is PVC Schedule 40. The electrical pedestals are believed to be 100 amps. The park provides the water & septic in the rent. The park is also paying for Garbage removal. The tenants are direct billed by their respective providers for electric (ComEd) and gas (Nicor). The park road is asphalt and are considered to be in good condition. The park currently mows the entire park. The park contracts out snow removal as needed. The owners have recently purchased Metron water meters and are in the process of installing them. These meters should be completed prior to closing. The owner has made some park improvements since taking over the park: •Significant improvements to the well and septic systems, including new pressure tanks and replacement of section of the sewer lines. •Rehab and sale of POH's. There were additional POH's when the current owners purchased the park. Current owner rehabbed them to improve the overall park, unit, and tenant quality and sold them to convert them to lot rent only units. •Road improvement/repairs. •Source Water Protection Plan ~ This is a requirement of all well operators in Illinois by the State EPA. It is a one-time requirement that they paid to have completed in 2024. When asked what improvements they would continue to make if they continued to operate the park going forward: •Lot rents can be pushed up significantly ~ we believe lot rents in the market are closer to $600/month. •Infill the single vacant lot with a new or used home. •The SFR rent is significantly under market rent for the size of the home. With some repairs it could be rented to a new tenant at a much higher rate of likely $1,500 +/month based on comparable homes in Manteno. •There are a few vacant storage units that are not currently rented, but could be.
All details
| Asking price | $1,000,000 |
|---|---|
| Sites | 31 |
| Price per site | $32,258 |
| Cap rate | 11.30% |
| Year built | 1974 |
| Address | 10557 North State Route 50 |
| First seen | Sep 6, 2026 |
| Last verified | Sep 7, 2026 |
