Contact Information

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

Mobile Home Park Details

  • Price: $2,200,000
  • Purchase Method: Cash, New Loan
  • Property ID: 1681394
  • Posted On: Jun 1, 2022
  • Updated On: Aug 14, 2022

Property Description

Wandering Springs MHP is a 95-pad mobile home community located on 12.06 acres in Peoria, IL. The park is believed to have been developed in the early 1970's and has served the community by offering an affordable housing option since that time. The property is zoned 0060 (improved commercial). The park is located in a flood zone. The park is presently managed by a 3rd party professional management firm. The park also has a maintenance man.

The pad size varies, but the majority are single section pads between around .10 to .15 acres. There are currently not any trailers that need to be removed from the premises. Of the 54 occupied pads in the park, all of the trailers are TOH's currently averaging $310/month. 11 additional pads in the park are occupied by vacant POH's that need to be rehabbed or sold (many are missing titles). 3 additional abandoned trailers are in the park. Two of the remaining pads are smaller and might be perfect for RV's or smaller trailers aapproximately 12 x 60). The current owner is bringing the pad rental rates up to market levels.

PUBLIC WATER & SEWER! Wandering Springs MHP is on city water & city sewer! The underground pipe material is believed to be a combination of PVC and copper. Residents are direct billed for electricity, & gas by the utility providers. Water & sewer is currently being paid by the park, and the next ownership group should strongly consider the installation of water meters. Garbage is built into the lot and home rent (this expense needs to be renegotiated). The park roads are asphalt and they are considered to be in good condition. The tenants mow their own pads and the park mows the common areas. The park utilizes a 3rd party vendor to push snow as needed.

Location

Peoria is the county seat of Peoria County, Illinois, and the largest city on the Illinois River. As of the 2020 census, the city had a population of 113,150. It is the principal city of the Peoria Metropolitan Area in Central Illinois, consisting of the counties of Fulton, Marshall, Peoria, Stark, Tazewell, and Woodford, which had a population of 402,391 in 2020.

While manufacturing, healthcare, agribusiness, and logistics comprise the backbone of the Peoria economy, a diverse slate of companies from a variety of industries call Greater Peoria home. From international corporation to homegrown small businesses, the Peoria area cultivates and supports a thriving business ecosystem. Here are the largest employers in Peoria County:
•OSF Healthcare
•Caterpillar, Inc.
•UnityPoint Health
•Bradley University
•Advanced Technology Services
•SC2
•Liberty Steel & Wire
•CEFCU
•Pekin Insurance
•Komatsu

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Park Information

Community Type: All Age
Number of MH Lots: 95
Total Occupancy: 56.0 %
Year Built: 1970
Average MH Lot Rent: $310
Size: 12 acre(s)

Lot Information

Singlewide Lots: 95

Utility Information

Water: City
Water Paid By: Park
Sewer: City

Park-Owned Homes

Number of Park-owned Homes: 11
Average Rent for Park-owned Homes: $0

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