Mobile Home Park Details

  • Purchase Method: Cash, New Loan
  • Property ID: 1271944
  • Posted On: Jun 15, 2020
  • Updated On: Mar 31, 2021

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 fifteen miles away from Peoria. Peoria 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. The facility was originally ran as a campground before transition into a mobile home community. This park has 134 pads (of which 131 pads are currently licensed by the Illinois Department of Health). There are currently 66 occupied pads (49% occupancy level). The park was built in approximately 1970 and currently has 14 POH's renting for $550/month (park has titles to all of these), 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 at a project expense of $5,000 to $10,000 per trailer). 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 (might be suitable for RV rentals). 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 previous owner put over $150,000 into the park with capital expenditures in 2016, 2017, & 2018. This is a park that will greatly benefit with a new home program of some sort to accelerate filling vacant pads. The park is on well water and has its own waste water treatment plant. The park has over fifteen years of records and it has never failed an EPA water check. The water for the park is checked daily by a certified water consultant. The sewer plant also managed daily by a certified sewer consultant. The park has always been of the mindset that "No water or park", so preventative maintenance has been of key importance to make sure the park is always highly functioning. The park added a generator to the pump in 2018 that allows the park to fully function during an unexpected loss of power. The park was at one time at full capacity and the well & septic plant easily handled the usage requirements. In addition to servicing the park, the park also sells water & sewer services to a neighboring community of double-wide trailers at a rate established by the EPA. This rate is probably about time to be renegotiated in the opinion of the listing manager. Each pad has its own electric meter. The road is asphalt and it will need to be addressed by the next owner either via patching or repaving. Lake Wildwind MHP has only had three absentee owners over the past twenty years. The park has had the same manager for approximately twenty years. She lives on the premises and is often found in the park office chatting with tenants. Lake Wildwind is a beautiful park that needs some energy & capital to bring it back to its past days of glory. Seasoned operators should be able to increase value in this park rapidly while having solid cash flow in the beginning stages of the restoration project.

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Park Information

Number of MH Lots: 134
Total Occupancy: 49.0 %
Year Built: 1966
Average MH Lot Rent: $300
Size: 39 acre(s)

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