CHICAGO, IL – Madison Hawk, LLC, a national real estate firm and industry leader specializing in Structured Accelerated Sales, will conduct a real estate auction for two premium investment properties in northwest Indiana on Wednesday, June 10th.
The sale offers Poplar’s Mobile Home Park, a 57-space mobile home community in Elkhart, IN; and the Lake Holiday Camp Resort, a 676-lot RV Park located in DeMotte, IN. The properties will be offered separately.
The auction will be held at the Radisson Hotel at The Star Plaza located at 800 E. 81st Avenue, Merrillville, IN 46410. Registration begins at 11 a.m. (CDT); the auction commences at noon. An initial deposit of $75,000 for the Elkhart property and $65,000 for the DeMotte property are required to bid.
“The owner is retiring due to health reasons and by auctioning the businesses he will create a date certain in which the properties will be sold while providing buyers the chance to acquire them at auction pricing,” says Jamie Cote, Managing Director for Madison Hawk. “These are excellent investment opportunities for an astute buyer to add two stable assets with excellent cash flow to their portfolio.”
Poplar’s Mobile Home Park includes 55 of the 57 onsite mobile homes and 8.82 acres of land. Homes are operated as weekly rentals with a high volume of long-term occupancy and 97% occupancy rate. The property generated a Net Operating Income of $163,000 in 2014. The suggested opening bid for the auction is $750,000.
Elkhart, IN is known as both the RV Capital of the World and the Band Instrument Capital of the U.S. and is home to a population of more than 51,000 people employed in industries ranging from small tool and die workshops to national RV manufacturers. Poplar’s Mobile Home Park is situated on the north side of the City on the main retail corridor of Cassopolis Street. The property is one mile south of the Indiana Toll Road. The City of Elkhart is within close proximity to I-80/90 and is 114 miles to Chicago, 150 miles to Indianapolis, 204 Miles to Detroit and 240 Miles to Cleveland.
Lake Holiday Camp Resort features 676 RV lots, of which 624 have been sold. The auction sale will include the 52 remaining lots, all commons areas, maintenance equipment, 10 Park Model RVs and all personal property associated with the operation of the business. In 2014, the gross income of the property was over $750,000 and the Net Operating Income was $121,000. The suggested opening bid is $650,000.
The scenic camp resort includes a large lake, two swimming pools, and a recreation center, tennis and basketball court, playground and gift shop/sales office. The property has undergone significant capital improvements over the past two summers.
Lake Holiday Camp Resort is located at the intersection of Interstate 65 and Route 10 and is 60 miles south of Chicago and 55 miles north of Lafayette, Indiana. Lake Holiday draws guests from the Midwest region and beyond with most of its owners’ primary residences situated within 75 miles. The easy highway access and proximity to major metro areas make it a very desirable recreational destination.
On-site inspections are required to bid. Viewing dates for each of the properties are scheduled for Wednesdays. May 6th, 13th, 27th and June 3rd. Bidders can tour Poplar’s Motor Home Park at 2205 Cassopolis, Elkhart, IN at 10 a.m. (EDT). The Lake Holiday Camp Resort can be viewed at Rt. 10 and Interstate 65 at 2 p.m. (CDT). Please note properties are located in separate time zones.
For additional information, to order a Due Diligence Packet or to make an appointment to inspect the properties, please call 800-547-1045 or visit http://www.madisonhawk.com/auctions/mhc-rvpark
About Madison Hawk
Madison Hawk is a national real estate firm and industry leader specializing in Structured Accelerated Sales and Capital Market Solutions to complex real estate situations across all asset classes. The Madison Hawk team is among the most experienced in the industry, having designed and executed over $10 billion worth of commercial and residential sales across all asset classes including; apartment buildings, office buildings, industrial buildings, shopping centers, development land, condominium developments, luxury homes and other special purpose properties. www.madisonhawk.com