10557 N State Route 50 - Harvest Estates MHC

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 $455/month. There is a vacant POH that is being renovated and will be ready to rent/sell in August 2024. 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, 2024. There are currently two tenants behind in their rent around two months. 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 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.
Location
Manteno is a village in Kankakee County, Illinois. The population was 9,210 at the 2020 census. It is part of the Kankakee-Bourbonnais-Bradley Metropolitan Statistical Area. The village offers a blend of residential, commercial, and industrial areas, contributing to its local economy. Known for its friendly community and quality of life, Manteno features parks, schools, and local businesses. It also hosts events like the annual Oktoberfest, attracting visitors and fostering community spirit. Its proximity to major highways makes it accessible and convenient for commuting.
Manteno is located:
12 miles N of Kankakee
50 miles SW of Chicago
87 miles NE of Champaign
99 miles NE of Bloomington
132 miles NE of Peoria, IL
The median home cost in Manteno is $274,900. Home appreciation the last 10 years has been 52.8%. Home Appreciation in Manteno is up 15.4%.
Renters make up 24.5% of the Manteno population.
The unemployment rate in Manteno is 7.5% (U.S. avg. is 6.0%)
The Median household income of a Manteno resident is $83,625 a year. The US average is $69,021 a year.
Manteno violent crime is 11.8. (The US average is 22.7)
Manteno property crime is 32.2. (The US average is 35.4)
In terms of education, Manteno ranks highly with an A+ rating for its schools.
Kankakee County, located in northeastern Illinois, features a mix of urban and rural environments. It's part of the Chicago metropolitan area and known for its agricultural contributions, manufacturing industries, and healthcare services. The county seat, Kankakee, offers various recreational and cultural amenities. With a diverse economy, it hosts top employers in healthcare, steel manufacturing, education, and more. Additionally, the area provides educational opportunities through institutions like Kankakee Community College.
The ten largest employers in Kankakee County, IL, and their respective employee counts are:
•Riverside Healthcare (3,046 employees)
•Nucor Steel Kankakee, Inc. (850 employees)
•CSL Behring (1,600 employees)
•Kankakee School District 111 (1,000 employees)
•Presence St. Mary's Hospital (860 employees)
•Kankakee County Government (583 employees)
•Kankakee Community College (575 employees)
•Armstrong World Industries (325 employees)
•Van Drunen Farms (324 employees)
•Bradley School District 61 (301 employees)