Contact Information

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

Mobile Home Park Details

  • Price: $1,075,000
  • Purchase Method: Seller Financing
  • Property ID: 2181723
  • Posted On: Mar 16, 2023
  • Updated On: Mar 16, 2023

Property Description

Autumn Ridge Mobile Home Park is a beautiful 57-pad affordable home community located on 17.42 acres just outside of Henry, IL (Peoria Metro). The park was developed in 1975. The property is zoned agricultural and the park is presently in compliance. The park is not located in a flood zone. The park has a husband/wife team that serve as the manager and maintenance man who lives seven miles away (onsite managing the owners other MHP that is also for sale).

The pads are approximately 60' x 90' & 90' x 100'. There are no vacant trailers that need to be removed from the premises, however one vacant trailer needs rehabbed. Of the 57-pads in the park, eight are POH's averaging right at $713/month, thirteen are TOH's averaging $375/month, and five are RTO's averaging $746/month. There is one house on the property that is bringing in $1,500/month. There are currently 28 vacant pads. The rent for the POH's were last raised four years ago. The tenants have been notified that the pad rental rate will be going up by $35/month on April 1st, 2023. Over 50% of the trailers in the park are double-wide's. All but one trailer in the park has vinyl siding and shingled roof. The park utilizes leases and currently has a combination of annual (POH) & month/month (TOH) leases. Currently none of the tenants are behind in rent. Tenants pay rent by cash, check, or money order at the present time.

Autumn Ridge MHP is on a private well and septic system (one septic per three trailers). The underground pipe material consists of a combination of PVC, Pex, & Black Plastic. The electrical pedestals vary between 100 & 200 amps. The park has electric meters & gas meters to each pad. The tenant is direct billed by the provider. The roads through the park are tar & chipped and are considered to be in "fair to good" condition by the current owner. The tenants are responsible for mowing their own space. The park mows the empty pads and common spaces. The park takes care of snow removal (as needed). The park's maintenance man tests the well water daily for nitrates. The park employs a licensed technician to submit monthly samples for state compliance.

The current owner of Autumn Ridge MHP has owned the property for 17 years. During that time they have cleaned up the park by removing vacant & run-down units. The trailers range in age from 1990's to 2008. They also replaced the water treatment system for the well five years ago.

Although the park is in good shape the current owners would continue to make improvements if they continued to operate it going forward. They would continue to improve the roads, build a dumpster enclosure, get new mailboxes, & upgrade the street lights in the park.

The listing price for this park was arrived at using the income from the pad rental at a 9-cap, plus the value of the park owned homes (6 singlewide homes at $25,000/home & 3 doublewide homes at $40,000/home).

The current owner would prefer to sell this property under contract to help him manage his capital gains liability from the sale of this property. He wants 25% down (cash). The remaining 75% he will finance at 6.5% interest for 5-20 years (prefers longer) with him keeping the 1st lien position. He will do a thorough background check.

Location

Henry is a city in Marshall County, Illinois. The population was 2,320 at the 2020 census. It is part of the Peoria Metropolitan Statistical Area.

Nestled in a picturesque bend of the scenic Illinois River midway between LaSalle and Peoria, Henry, Illinois is a quiet little community of tree-lined streets and friendly people with a "hometown" atmosphere. The beauty of the Illinois River and the fertile soil attracted early settlers to the area. The riverfront remains a popular tourist attraction today drawing boating, water skiing, fishing and hunting enthusiasts from throughout the Midwest. Henry provides a small town atmosphere with a mix of neighborhoods, including both historic and contemporary homes. With its rich diversity of resources it is no wonder that Henry is attractive for its residential areas and for business development.

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Park Information

Community Type: All Age
Number of MH Lots: 57
Total Occupancy: 51.0 %
Year Built: 1975
Average MH Lot Rent: $370
Size: 17 acre(s)

Lot Information

Singlewide Lots: 42
Doublewide Lots: 14

Utility Information

Water: Well
Water Paid By: Tenant - RUBs
Sewer: Septic

Park-Owned Homes

Number of Park-owned Homes: 8
Average Rent for Park-owned Homes: $713

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