Mobile Home Park Details

  • Purchase Method: Cash, New Loan
  • Property ID: 1681404
  • Posted On: Jun 1, 2022
  • Updated On: Oct 7, 2022

Property Description

The El Paso MHP is a 17-pad mobile home community located on 1.36 acres in a little farming community called El Paso, IL. The park was developed in the 1960's or early 1970's and has served the community by offering an affordable housing option since that time. The property is zoned 0030 (vacant residential lots) and 0060 (improved commercial). The park is not located in a flood zone. The park is presently managed by a 3rd party property manager. The park also enjoys the service of a local maintenance man.

The pad size varies, but all of them are single section pads. There are currently not any trailers that need to be removed from the premises. Of the 15 occupied pads in the park, all 15 of the trailers are TOH's paying $300/month. The other 2-pads in the park are vacant. The current owners are bringing the pad rental rates up to market levels. Rent was raised in May of 2021 by $150/month. The park has already notified tenants of an additional $20/month increase later this summer. There are currently zero tenants behind in their rent. The park utilizes a combination of annual and month-to-month leases for its residents.

PUBLIC WATER & SEWER! The El Paso MHP is on city water & city sewer! The underground pipe material is PVC. Residents are direct billed for water, electricity, & gas by the utility providers. Garbage is built into the lot and home rent. The roads in the park are paved and are considered to be in good condition. The roads are maintained by both the park and the city. 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

El Paso is a city in Woodford and McLean counties in the U.S. state of Illinois. The population was 2,810 at the 2010 census. The Woodford County portion of El Paso is part of the Peoria, Illinois Metropolitan Statistical Area. El Paso was a small farming community in central Illinois that took on more characteristics of a highway community after the construction of Interstate 39, which supplanted the older alignment of U.S. Highway 51. In addition, El Paso is a potential stop for Chicago-Peoria traffic via U.S. Highway 24.
Although El Paso is smaller and doesn't have a ton of job opportunities, it is in close proximity to both Peoria & Bloomington Normal. El Paso is located:
18 miles from Bloomington-Normal
32 miles from Peoria
72 miles from Champaign
97 miles from the Quad Cities
124 miles from Chicago O'Hare Airport

A housing shortage in Bloomington-Normal and the surrounding region is constraining the ability of some area companies to fill hundreds of available jobs. The Bloomington Normal Economic Development Council and community partners identified the housing shortage as a top workforce development priority.

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Park Information

Community Type: All Age
Number of MH Lots: 17
Total Occupancy: 88.0 %
Year Built: 1970
Average MH Lot Rent: $300
Size: 1 acre(s)

Lot Information

Singlewide Lots: 17
Doublewide Lots: 0
Triplewide Lots: 0
Park Model Lots: 0

Utility Information

Water: City
Water Paid By: Tenant - Individual Service
Sewer: City

Park-Owned Homes

Number of Park-owned Homes: 0

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