Contact Information

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

Mobile Home Park Details

  • Price: $720,000
  • Purchase Method: Cash, Seller Financing
  • Listing ID: 4411124
  • Posted On: Feb 13, 2024
  • Updated On: Mar 4, 2024


***Seller financing with some low hanging fruit for easy value-add. Seller is motivated.***

Marshall Mobile Home Park is a value-add 72-pad affordable home community located on approximately 9.60 acres just outside of Henry, IL (Peoria Metro). The park was developed in the 1960's. The property is zoned unimproved residential (MHP portion) and the park is believed to be presently in compliance. The park is not located in a flood zone. The park has an onsite manager as well as three maintenance men who all live onsite.

The size of the pads are unknown. The park was built in the 1960's so not all of the pads might be able to accommodate today's longer models of trailers. There is currently one vacant POH and one RV that needs to be removed from the premises. Of the 72-pads in the park, 22-pads are currently occupied with tenants. 18-pads are POH averaging $594 per month. 4-pads are TOH averaging $285 per month. 3-pads are vacant POH. 47-pads are vacant. There is also one apartment connected to the office. The park utilizes annual leases. Currently three of the tenants are behind in rent but they are making payments and working with management. Tenants pay rent by check or money order in the park office.

Marshall MHP is on city water and a septic system (one septic system per quadrant of trailers, so approximately 10 septic tanks in total). The septic system is treated three times per year with copper sulfate. The underground pipe is believed to be cast iron. The electrical pedestals vary between 100 & 200 amps. The park is currently paying the water bill and that amount is included in the base rent. This park might be an ideal candidate for wireless water meters. 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 "poor to fair" condition by the current manager. The park mows the entire property and also handles the snow removal as needed with the onsite maintenance men.

The current owner of Marshall MHP has owned the property for eight years. During that time they have made some improvements to the property:

1. Brought in 7 new trailers
2. The road has been improved upon
3. All of the septics are now in working order
4. The interiors have been remodeled at some point in all of the occupied POH's
5. Park has developed a good tenant base
6. All but three POH's have new furnaces

You will notice that there are no financials outside of a rent roll inside of this OM. If you are a seasoned operator with experience with the POH ownership model you should be able to estimate your expense ratio for the park. Here are the areas for improvement for a professional ownership group:

1. Lot rents are $117/month lower than the other park in Henry and the neighboring community of Lacon, IL (also listed with same agent).
2. The park needs water meters to eliminate the current $10,500/year water bill it pays.
3. The park has a mindboggling 3 maintenance men with annual compensation of over $54,000 per year!!!
4. The current manager is over compensated for a park of this size with annual compensation over $15,000 annually.
5. Eliminate cash payments and implement property management software to eliminate current financial irregularities.

The owner of this property is selling for age related reasons. He is in his mid 80's. Despite his age he is still open to potential seller financing situations on a "case by case" basis. He would most likely prefer an offer than was 30% down with a balloon payment within 3-5 years.


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.

Henry is located:

34 Miles NE of Peoria
61 Miles NW of Bloomington
90 Miles SE of Davenort, IA (Quad Cities)
126 Miles SW of Chicago, IL

The average rent price for a two bedroom apartment in Henry, IL is $790 compared to the US average of $1,430. The grocery cost index in the town is 93 compared to 100 in the US.

Henry has an unemployment rate of 6.9%. The US average is 6.0%.

Henry has seen the job market increase by 1.0% over the last year. Future job growth over the next ten years is predicted to be 19.0%.

A typical home costs $93,100, which is 72.5% less expensive than the national average of $338,100 and 61.5% less expensive than the average Illinois home, at $241,700.

Henry, IL has a lower rate of violent crime than the US average. Specifically, Henry's violent crime rate is 17.1 compared to the US average of 22.7. Similarly, Henry's property crime rate is 22.9, which is also lower than the US average of 35.4. Overall, it appears that Henry has a lower rate of both violent and property crimes than the national average, making it a relatively safe place to live.

Marshall County is a county located in the U.S. state of Illinois. According to the 2010 census, it had a population of 12,640. Its county seat is Lacon, IL. Marshall County is part of the Peoria, IL Metropolitan Statistical Area.

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Park Information

Community Type: All Age
Number of MH Lots: 72
Total Occupancy: 30.0 %
Year Built: 1960
Average MH Lot Rent: $283
Size: 10 acre(s)

Utility Information

Water: City
Water Paid By: Park
Sewer: Septic

Park-Owned Homes

Number of Park-owned Homes: 18
Average Rent for Park-owned Homes: $594

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