Looking at a park in east St. Louis on the IL side with about 82 pads but half are vacant. Does anybody have any parks in the area and could lend some insight into the market? Just want to get a sense of demand, etc. Thanks!
I know that Edwardsville, IL is one of the fasting growing suburbs of St. Louis, if the park is in that area. It has been growing well for 10+ years now. I’ve been there in person a few times, lots of construction and redevelopment of neighborhoods. Also good investment in the local high schools and SIU Edwardsville campus.
You may already be aware but East St. Louis was just voted the most dangerous city in the US: https://fox2now.com/2018/05/08/east-st-louis-tops-list-of-most-dangerous-cities-in-america/.
I imagine the park is a good distance away from the urban center, so from a crime perspective it’s probably similar to any other Midwestern city. Our park in Kentucky across the river from Cincinnati has had very few issues with crime. From what I’ve heard St. Louis is not doing quite as well as some other Midwestern metros economically, but certainly meets the demographic requirements for a sustainable mobile home park. In fact you’d probably see much more reasonable asking prices in that area compared to hotter markets further south.
I’d post a test ad and see what kind of demand you get from it. I’d imagine it’ll come back pretty strong.
I have a few parks in that area and you need to be careful the closer you are to the metro and certainly East St Louis. Further out in the Illinois suburbs (Metro East) are very good areas for the most part.