Rancho Estates
Rantoul, IL
Asking price
$2,100,000
Sites
52
Cap rate
—
Price / site
$40,385
About this property
Financing Opportunity!!! The property is currently encumbered by a Fannie Mae loan that the seller prefers a buyer to assume. The existing loan has an approximate balance of $1,600,000 at a favorable 4.12% interest rate. The loan is interest-only through June 2026, after which it converts to a five-year term amortized over 30 years (locked in at 4.12% until May 2031). Assumption requirements include a minimum of two years of mobile home park ownership or key principal role, a net worth exceeding $1,000,000, and minimum liquidity of $160,000. Rancho Estates is a 52-pad mobile home community located in Rantoul, Illinois within the Champaign–Urbana Metropolitan area. Situated on approximately 4.28 acres and originally developed in 1960, the property benefits from approved mobile home park zoning and is not located within a designated flood zone. The current ownership has operated the community for six years and manages the asset remotely through a district manager, supported by an on-site maintenance technician. The community currently operates without a full-time on-site manager. Pad sizes vary throughout the property, and residents benefit from off-street parking and a well-maintained neighborhood setting. The community is currently operating at strong occupancy levels with 49 of 52 pads occupied. Of the existing homes, 36 are tenant owned homes (TOH) paying an average lot rent of $425 per month. The remaining 10 units are park-owned homes (POH) with average rents of approximately $800 per month, and the seller holds clear title to all park-owned units. Three pads are currently vacant and may have the potential for new home placement subject to city setback requirements. One additional home is scheduled for removal due to poor condition. Approximately three residents are currently behind on rent. All residents operate under monthly lease agreements, and rent is collected electronically through the Rent Manager portal. The most recent rent adjustments were modest $25 increases for both POH and TOH units. Rancho Estates is served by municipal water and sewer, with utility costs back-billed to residents through submetering. Electricity and natural gas are directly metered and billed by the respective providers, and each pad is equipped with a 100-amp electrical pedestal. Residents are responsible for their own garbage service. The material composition of underground utility lines was not provided. The internal road network is asphalt and is reported to be in good condition, with ownership responsible for ongoing maintenance. Operational responsibilities are efficiently structured, with tenants responsible for mowing their individual lots and clearing their own driveways during winter months. Ownership maintains vacant pads and common areas and provides snow removal for the park roads. The property has benefited from consistent operational oversight and strong administrative systems, with institutional-quality financials and documentation available for buyer due diligence. Since acquisition, ownership has made several meaningful improvements to enhance the long-term quality and stability of the community. These include removal of distressed homes, tree trimming, installation of a playground, street repaving, and the addition of water meters. These investments have positioned the property for continued operational stability and future infill potential. Future upside for a new owner includes the potential infill of vacant pads, subject to municipal approval, and continued optimization of rental rates in line with market conditions. Ownership has indicated that continued infill would be their primary operational focus if they retained the asset. One of the minority owners of Marshalltown Estates is a licensed Real Estate Broker in the State of Iowa.
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 | $2,100,000 |
|---|---|
| Sites | 52 |
| Price per site | $40,385 |
| Year built | 1960 |
| Address | 1 Mahoning Avenue |
| First seen by UnitListed | Sep 6, 2026 |
| Source page last checked | Oct 24, 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 Sep 6, 2026; that is not the same as when it came to market, and we have no way to know the latter.
- Sep 6, 2026First seen by UnitListed
The asking price has not changed across any of our observations.
