Mobile Home Park Details

  • Purchase Method: Cash
  • Property ID: 1098953
  • Posted On: Jun 26, 2019
  • Updated On: Dec 13, 2019

Property Description

This is a beautiful mobile home park that is adjacent to Lake Wildwind in a relaxed rural setting, located on approximately 40.00 acres in rural Metamora, IL. Metamora is 15 miles away from Peoria, and is one of the largest population bases in the state of Illinois; with recent figures indicating 373,590 residents in the greater Peoria metropolitan area. This park has 134 pads of which 66 are currently occupied (49% occupancy level). The park was built in approximately 1970 and currently has 14 POH’s renting for $550/month, and 52 TOH’s with the pad rent currently set at $300/month. The park also has an additional 8 POH’s that will sell with the park (two currently rentable, six needing rehabbed). 33 pads are vacant and ready to rent. 20 pads are vacant and need utilities. 7 pads are smaller or irregular sized and future use may be limited as a result. The park brought in a new 3 bed/2 bath trailer in 2017 and it rented quickly for $800/month. The majority of pads will accommodate 70’ trailers. The owner put over $150,000 into the park with capital expenditures in 2016, 2017, & 2018.

The park is on well water and has its own waste water treatment plant. Each pad has its own electric meter. The road is asphalt and is in average shape (a few potholes that will need to be addressed).

Metamora has a population of 3736 as of 2014…an increase of 38% over the 2000 census. Metamora has an estimated median household income of $59,986 which is just under the state of Illinois average (but an increase of over $13,000 annually from the 2000 census). The median gross rent in 2016 was $896. The major local employer is Caterpillar. Metamora is also widely known for the quality of their public education system.

The park has had only two absentee owners in over 20 years. The present owner, in his 70’s, wants to retire....This is a terrific opportunity to take this park to the next level!!!

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Park Information

Community Type: All Age
Number of MH Lots: 134
Total Occupancy: 49.0 %
Year Built: 1965
Average MH Lot Rent: $300
Size: 39 acre(s)

Lot Information

Singlewide Lots: 134
Doublewide Lots: 0
Triplewide Lots: 0
Park Model Lots: 0

RV Information

Number of RV Lots: 0
Average RV Lot Rent: $0

Utility Information

Water: Well
Water Paid By: Park
Sewer: Treatment Plant

Park-Owned Homes

Number of Park-owned Homes: 22
Average Rent for Park-owned Homes: $550

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