Park Manor MHP
Pana, IL
Asking price
$325,000
Sites
11
Cap rate
—
Price / site
$29,545
About this property
Park Manor MHP presents a value-add mobile home park investment opportunity in Pana, Illinois. Developed in 1975, the community is situated on approximately 1.80 acres and consists of 20 mobile home pads measuring approximately 12' x 60'. The current owner has owned the property for approximately four years. The property is not located within a flood zone and is zoned C-1, with the park believed to be compliant with current zoning requirements. The community currently has 11 pads with homes in place, consisting of four tenant-owned homes (TOH), five rent-to-own homes (RTO), and two vacant park-owned homes (POH). The remaining nine pads are vacant and, according to the owner, are capable of accepting additional mobile homes. Both vacant park-owned homes provide an opportunity for additional revenue. The owner estimates that each home requires approximately $6,000 in repairs to return it to habitable condition. Completing these renovations and placing the homes back into service represents one of the property's more immediate opportunities to increase income. Current occupied pad rents average approximately $325 per month, compared with an estimated market lot rent of approximately $350 per month. This provides an opportunity to increase existing rents toward market levels over time. Additional upside exists through filling the park's vacant pads. With only 11 of the 20 pads currently containing homes, Park Manor offers an investor the ability to increase occupancy through additional tenant owned homes, new or used park-owned homes, or other ownership structures. Combined with the rehabilitation of the two existing vacant park-owned homes, the community provides several avenues for increasing revenue without expanding the existing 20-pad footprint. Park Manor is served by city water and city sewer. Each pad has access to water, sewer and electric service, with utilities direct billed to the tenants. The park still has a slight monthly water bill from the city despite the tenants being direct billed. Electrical service consists of 100-amp pedestals. Underground utility piping consists of a combination of PVC and clay pipe. The park currently provides a dumpster for trash removal. Internal roads are gravel and are considered by the owner to be in average condition. The park is responsible for maintaining the roads. Residents mow and maintain their individual spaces, while ownership is responsible for mowing vacant pads and common areas. The community utilizes written leases. Residents pay rent electronically through ACH or directly through the local bank, providing ownership with an established rent-collection system. The current operating structure is relatively straightforward, with residents responsible for their individually billed utilities, garbage service and mowing of their occupied sites. This structure helps limit the property's ongoing operating responsibilities and expenses. Park Manor MHP offers an investor the opportunity to acquire an established 20-pad mobile home community with municipal utilities and significant existing infrastructure already in place. The property's primary value-add potential comes from bringing the two vacant park-owned homes back online, increasing below-market lot rents toward approximately $350 per month, and filling the nine currently vacant pads. With all 20 pads capable of accommodating homes and water, sewer and electric infrastructure already available at each site, Park Manor provides a combination of existing cash flow and meaningful occupancy-driven upside within the existing community.
All details
Figures are transcribed from the source listing as published. “Source page last checked” is when our crawler last fetched that page — it is not a check of the financials and not confirmation from the broker.
| Asking price | $325,000 |
|---|---|
| Sites | 11 |
| Price per site | $29,545 |
| Address | 1020 Birch Street |
| First seen by UnitListed | Oct 13, 2026 |
| Source page last checked | Oct 24, 2026 |
| Source last changed | Oct 13, 2026 |
Before you call the broker
7 things are not disclosed on this listing. These are the questions that would close the gap — specific to a park, not a generic list.
Net operating income — not disclosed
What is the trailing twelve-month NOI, and what does it include and exclude?
The single number a lender will size debt against. Ask what is excluded — management fees and reserves are the usual omissions.
What period the financials cover — not disclosed
Are these figures trailing twelve months, last calendar year, or projected?
A projected stabilised NOI and a current operating NOI can differ by a third, and both get called "NOI".
Gross income and operating expenses — not disclosed
Can you share a trailing twelve-month profit and loss, with the expense lines itemised?
NOI alone hides whether income is high or expenses are being under-reported. The split is what you underwrite.
Reason for sale — not disclosed
Why is the owner selling, and how long have they held it?
Never published on a listing, always worth knowing. Retirement and a looming capital bill are very different situations.
Operating season and seasonal mix — not disclosed
Is this year-round or seasonal, and what is the split between seasonal, monthly and transient guests?
A seasonal park with a five-month window is a different business from a year-round one at the same annual revenue.
Utility infrastructure — not disclosed
Are water, sewer and electric municipal or private, and what condition is the infrastructure in?
A private septic or well at end of life is a capital item that can exceed a year of NOI, and it will not appear in the expenses.
Permits and non-conforming use — not disclosed
Is the current site count permitted, and is any of it legal non-conforming?
A park operating more sites than it is permitted for cannot be financed at the income it shows.
Asking price — disclosed
Currency of the asking price — disclosed
Site count and hookup mix — disclosed
Whether the land is included — disclosed
What has changed
Every date below is when we observed a change, not when it happened. We first saw this listing on Oct 13, 2026; that is not the same as when it came to market, and we have no way to know the latter.
- Oct 13, 2026First seen by UnitListed
The asking price has not changed across any of our observations.
