Russ Mobile Home Park
Kankakee, IL
Asking price
$949,000
Sites
16
Cap rate
—
Price / site
$59,313
About this property
Russ Mobile Home Park is a 20-pad community located in Kankakee, Illinois, positioned on 2.60 acres. Originally developed in the 1970s, the park holds a zoning classification of 0040 (Improved Lots) and is situated outside of any flood zone. The current owner has managed the property for one year, operating it as an owner managed park without an on-site manager. However, the owner believes one of the current tenants could potentially serve in that role. A maintenance person is in place for regular upkeep. The property also includes a 1,000 sq. ft. single-family residence. The park consists of 20 mobile home pads, all occupied by park owned homes (POH), with 16 pads currently filled and four vacant POH units. One additional trailer is in poor condition and scheduled for removal. The park has no tenant-owned homes. POH units rent for an average of $900 per month. Lot rent is assumed at $525/month based on market comparables in the Kankakee and south suburban Chicago areas. The park currently operates on annual leases, with tenants paying rent via Selle, Cash App, or Apple Pay. One tenant is currently behind on rent. Russ Mobile Home Park is served by city water and city sewer, with tenants billed directly by utility providers. Each pad is equipped with electric, gas, and water meters. Electrical pedestals at each site are rated at 100 amps. The owner is not certain of the underground pipe composition. Utilities are not back-billed to tenants. The park has gravel roads in fair condition, which are maintained by the owner. Tenants are responsible for mowing their own areas, while the park maintains common areas and vacant pads. Off-street parking is provided for all tenants. When purchased, the park was entirely vacant. Since acquisition, the owner has completed substantial improvements, including rehabbing every unit in the park, removing four non-salvageable trailers, and bringing in three new homes to improve occupancy and quality. The seller will now consider seller financing at 25-30% down, 6% interest, with a 5-year balloon.
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 | $949,000 |
|---|---|
| Sites | 16 |
| Price per site | $59,313 |
| Address | 1945 South Schuyler 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.
