Contact Information

Jon Fisher

License: 471.020503 (IL) 18000549 (IN) 117228 (SC)

Mobile Home Park Details

  • Price: $195,000
  • Purchase Method: Cash, Seller Financing, New Loan
  • Property ID: 1113560
  • Posted On: Jul 31, 2019
  • Updated On: Jul 10, 2020

Property Description

Willow Springs Mobile Home Park is located in rural Peru, IN. It is a smaller park consisting of 24 pads and one two bedroom residence on 9.50 acres. At the present time the park only has nine paying tenants. The current tenants are paying $250 per month for pad rental. The rents have not been raised in over four years. Willow Springs is on a private well and city sewer. The sewer lines are predominantly schedule 40 PVC. The water lines are pproximately 30% galvanized, with the remainder being PVC black. The water risers are schedule 40 PVC. The park has electric and natural gas meters to the pads. No water meters are present on the facility. The road is gravel and needs some attention. The park has multiple dead trees that will need to be removed per the IDOH. The park has multiple non-licensed vehicles that will need to be removed per the IDOH. The park has been cited for other minor items such as old tires being present and refuse in an unapproved location. The park has two vacant trailers on the premises and their ability to be renovated/repaired for rentals is unknown by the listing agent. The park is currently operating without a license as it lapsed on 12-30-2019. This park has not lost it's license due to any IDOH disciplinary
action to the best of the listing agent's knowledge, and seller has indicated the new owner should be able to secure the license. Listing agent will gladly provide a copy of inspection reports and the names and phone numbers for the Indiana Department of Health to verify this information. The rent roll provided in this OM is accurate as of March 11th, 2020. Seller has not provided any current expenses, P & L statements, or Schedule E's. The most recent expenses for the park provided to the listing agent was from 2016. Those expenses will be shared by request of interested parties.

Willow Springs is part of a distressed portfolio that included five parks in total. Two of the five parks have already closed. A third park located in Kokomo, IN is under contract. Willow Springs and Tamarack are the two parks that we have remaining. Tamarack is a 55 pad community in Jonesboro, IN (55 pads). The two parks are roughly 40 miles apart from one another if you are interested in purchasing as a package. This is a mobile home park that should interest experienced MHP investors who have experience in turn-around projects. This is most likely a MHP that will not qualify for traditional bank financing. Seller is requesting an all-cash transaction with a 30 day closing period (or sooner). Both the seller and the listing agent prefer that interested parties tour the
property prior to making an offer.

Interested in purchasing this mobile home park? Get pre-qualified for a loan.

Park Information

Number of MH Lots: 24
Total Occupancy: 46.0 %
Average MH Lot Rent: $250
Size: 10 acre(s)

Lot Information

Singlewide Lots: 24

Utility Information

Water: Well
Sewer: City

Other Listings by Jon Fisher See More

Similar Mobile Home Parks for Sale