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MC Lodging 8460 Farthing Rd

38 Unit Mobile Home Park $1,500,000 ($39,474/Unit) 12.21% Cap Rate Vernon, IL 62892

Investment Highlights

  • City water!
  • Immaculate condition!
  • Caters to high-paid oil workers and travel nurses!

Executive Summary

(Price reduced to $1,500,000 on June 6th, 2024)
This gorgeous property includes 15.00 acres of lush grass, mature trees, a pond, and abundant wildlife. This is a perfect opportunity for an owner operator as the property boasts a gorgeous 2,000 square foot "Barndominium" that offers both privacy and breathtaking views. This park is located on the outskirts of Patoka, IL in the south central portion of Illinois. The park has over 10,000,000 residents within a three hour radius of its location. The park is just 77 miles from St. Louis. MC Lodging is located only ten minutes off of Interstate 57.
The campground was developed approximately 15 years ago. Today it includes 29 RV pads (approximately 50% of those are pull-through sites). Of the 29 pads, all 29 of them have water, sewer, & electric (30-50 amp). The park has nine cabins that are very popular with renters. The park has a small bath house with a bathroom & laundry facility. The park also has a small modern playground.
The owners estimate that 90% of the guests are weekly or monthly guests. They currently do not offer seasonal rates. The rates are due to be increased again. The majority of the guests in this park work maintenance for one of the many pipeline or oil companies in the area. The park has also found a foothold with renting the cabins to travel nurses who work at the nearby hospitals in Vandalia and Salem. The cabins are currently renting for $350/week (market should be $400-$450 per week). The RV sites currently rent for $30/night, $175/week, $600/month. The park has not introduced electric meters yet so the park is currently paying for all electricity...this may be a value-add component for the next ownership group.
The area that the park is located in is a hotspot for pipelines and oil companies. It features pipelines for Marathon Oil, Chicap Pipeline, Enbridge Pipeline, & others. The Enbridge Pipeline facility actually borders the northern property line of the RV park. If you look at the GIS images of this property you can see the large number of pipeline projects within a few miles of the property. The park has developed a solid reputation with these local companies and due to a lack of competition have always had strong demand for their property (despite its location in a very rural location).
The roads through the park are gravel and are considered to be in extremely good shape. The park operates on public water & a combination of septic & a dual stage lagoon (in compliance). All of the pads are in outstanding shape and don't need any work to accommodate renters. The underground pipes are made out of schedule 40 PVC. The sewer pipes are made out of 6'' green sewer pipe. The park has four large septic tanks (with manholes). The septic has only needed to be pumped one time since the owners have owned it (almost eight years).
This property offers the nicest living quarters that I've ever had in one of my RV park listings! This is an absolutely gorgeous "barndominium" that offers approximately 2,000 square feet of living space. The house is a 3 bed/2.5 bath and was built for the current owners in 2017. The house also offers an approximately 50 x 45 shed portion on the north side of the living quarters to house equipment, cars, and all of the big boy toys that you might own. On the backside of the shed portion there is a "lean too" for those of you who might have interest in raising cattle or keeping horses. The pasture behind the house is fenced in and offers a great place to hunt as well. The living quarters features 9' ceilings, luxury vinyl floors, & granite countertops! The house has its own septic system featuring an aeration system.
The pool was constructed in 2022. You can see the pond and fountain from the pool. It is an incredibly peaceful and relaxing setting with mature trees surroundings the backside. It also has an area for a hot tub underneath the overhang. What an amazing place to drink your morning coffee and enjoy million dollar views in three directions!
Patoka is a village in Marion County, Illinois. The population was 525 at the 2020 census The Patoka Oil Terminal is located between Patoka and Vernon. It is an "oil hub" that connects many oil pipelines, similar to the much larger oil tank farm near Cushing, Oklahoma. Some of the pipelines that connect to this oil tank farm are Dakota Access Pipeline, Enbridge Pipeline System, Keystone Pipeline, Trunkline Pipeline.
Patoka is located:
14 miles from Vandalia, IL
18 miles from Salem, IL
36 miles from Greenville, IL
40 miles from Mount Vernon, IL
45 miles from Effingham (I-57 & I-70 both run through Effingham)
70 miles from St. Louis, MO
76 miles from Carbondale, IL
80 miles from Marion, IL
Marion County is a county located in the U.S. state of Illinois. According to the 2020 census, it had a population of 37,729. Its county seat is Salem. Marion County comprises the Centralia, IL Micropolitan Statistical Area, which is included in the St. Louis-St. Charles-Farmington, MO-IL Combined Statistical Area.

Property Facts

Price $1,500,000
Price Per Unit $39,474
Sale Type Investment
Cap Rate 12.21%
No. Units 38
Property Type Multifamily
Property Subtype Manufactured Housing/Mobile Home
Apartment Style Garden
Building Class C
Building Size 100 SF
No. Stories 1
Year Built 2007

Site Amenities

  • Laundry Facilities
  • Picnic Area
  • Playground
  • Pool
  • Waterfront
  • Furnished Units Available
  • Pond

Unit Mix Information

Description No. Units Avg. Rent/Mo SF
1+1 9 - 600

zoning

Zoning Code 0060 (improved commercial
0060 (improved commercial
  • Listing ID: 30782463

  • Date on Market: 1/25/2024

  • Last Updated:

  • Address: 8460 Farthing Rd, Vernon, IL 62892

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