Washington Square Mobile Home Park is a beautiful 33-pad affordable home community located on 5.50 acres in Lacon, IL (Peoria Metro). The park was developed in 1975, and a newer section was developed in 2000. The property is zoned R-4 (MHP) 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 live seven miles away (onsite managing the owners other MHP that is also for sale).

The size of the pads were not provided to the listing agent. There are no vacant trailers that need to be removed from the premises. Of the 33-pads in the park, 27-pads are occupied. Twenty are POH's averaging right at $777/month, seven are TOH's averaging $330/month. The rent for the POH's is being increased on April 1st, 2023. The pad rental rate was last raised in 2021. Three of the POH trailers in the park are double-wide's. All of the pads have water & sewer however the six vacant sites need concrete pads poured. 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.

CITY WATER & SEWER!!! The underground water pipes are made out of copper, and the sewer pipes are made out of PVC. The electrical pedestals all all 200 amps. The park has electric meters & gas meters to each pad. The tenant is direct billed by the provider. The park is currently paying for the water bill so adding meters might offer a value-add component for the next owner. The roads through the park are tar & chipped and are considered to be in "fair to good" condition by the current owner (just redone in 2022). 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 current owner of Washington Square MHP has owned the property for 15 years. During that time they have cleaned up the park by removing vacant & run-down units. They have also removed all of their problem tenants who struggled with paying rent and drugs. The trailers range in age from 1990's to 2008. They also laid new water and sewer lines to the main.

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 (21 homes at $25,000/home).