Contact Information

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

MR LANDMAN LLC

CONTACT BROKER

Price: $250,000
Purchase Method: Cash, New Loan
Listing ID: 6707158
Posted On: Aug 28, 2024
Updated On: Sep 5, 2024

Description

Wagon Wheel MHP is a 21-site mobile home community located on 1.82 acres in East Peoria, IL. The park was developed in the mid 1970's and has served the community by offering an affordable housing option since that time. The property is zoned R2. The park is not located in a flood zone. The park is presently self-managed. The owners believe there may be some onsite tenants who would make good manager/greeter candidates. The park also has a local handyman who handles maintenance as needed.

The owner of Wagon Wheel MHP believes that the pads are around 12 x 60. There are currently not any trailers that need to be removed from the premises. Of the 6 occupied pads in the park, 5 are TOH's averaging $500/month. There is a vacant POH that should be able to be renovated. There is also a storage shed on the property. Currently there are 15 vacant pads in the park. Rent was last raised in July of 2024. There are currently no tenants behind in their rent. The park utilizes leases for its residents with the vast majority being month-to-month. The tenants currently pay their rent by mailing a check or money order to the owners.

Wagon Wheel Mobile home park is on CITY WATER & CITY SEWER!!! The underground pipe material is unknown by the owner. The amperage for the electrical pedestals is unknown by the owner. The park currently pays for the water & septic, however they are in conversation with Universal Utilities to have the park metered to begin back billing. The park is also paying for garbage removal. The tenants are direct billed by their respective providers for electric. Natural gas is not available in the park. The park road is asphalt and are considered to be in "above average" condition. The tenants are responsible for mowing their own ads. The park currently mows the common areas and vacant pads. The park contracts out snow removal as needed.

The owners of the Wagon Wheel Mobile Home Park purchased the park in February of 2024 to flip (they were in the right place at the right time). Since they have purchased the park they have made the following improvements:

1. Increased the monthly pad rental rate to $500/month.
2. Worked on the landscaping and cleaned up the park.

If the current owners were to continue to operate the park going
forward they would concentrate on the following areas:

1. Extension of the pads to bring in larger homes.
2. Infill of the park.
3. Tree work.
4. Open an onsite laundromat for the tenants

Location

East Peoria is a city in Tazewell County, Illinois. The population was 22,484 at the 2020 census. East Peoria is part of the Peoria, Illinois Metropolitan Statistical Area, located across the Illinois River from downtown Peoria. It is home to many Caterpillar Inc. facilities.

The city is the site of the Par-A-Dice Hotel and Casino, as well as the city's major business center, the Levee District. Located just east of the Illinois River, East Peoria has many points of access to and from the Peoria area. It is also the location of the Festival of Lights, an annual Christmas light display that runs from November to January and draws thousands of visitors from all over central Illinois.

The median home cost in East Peoria is $149,800. Home appreciation the last 10 years has been 25.5%. Home Appreciation in East Peoria is up 12.2%.

Renters make up 24.3% of the East Peoria population.

The average one bedroom rental in East Peoria is $640/month.
The average two bedroom rental in East Peoria is $820/month.
The average three bedroom rental in East Peoria is $1060/month.

The unemployment rate in East Peoria is 5.7%.

The Median household income of a East Peoria resident is $68,246
a year. The US average is $69,021 a year.

East Peoria violent crime is 20.3. (The US average is 22.7)
East Peoria property crime is 41.3. (The US average is 35.4)

East Peoria, IL is located:

2 miles east of Peoria, IL
36 miles northwest of Bloomington, IL
88 miles northwest of Champaign, IL
99 miles southwest of Davenport, IA
163 miles northeast of St. Louis, IL
164 miles southwest of Chicago, IL

The Peoria Metropolitan Statistical Area, as defined by the United States Census Bureau, is an area consisting of six counties in Central Illinois, anchored by the city of Peoria. As of the 2020 census, the area had a population of 402,391. The City of Peoria, according to the 2020 US Census Bureau, has 113,150 people.

The Peoria, Illinois metropolitan area has many large employers, including healthcare systems, universities, and other companies:

• OSF Healthcare: The largest employer in the region with around 13,500 employees, this integrated health system includes 15 hospitals, two nursing colleges, and a physician network.
• Caterpillar: A heavy machinery company that employs around 12,000 people in the area, even though its global headquarters moved to Deerfield, Illinois in 2018.
• UnityPoint Health: Employs around 5,000 people in the region.
• Peoria Public Schools: Has 2,668 employees.
• Illinois Central College: Employs 1,800 people in the region.
• Bradley University: Has around 1,300 employees.
• Advanced Technology Services: Employs 1,073 people.
• SC2 Services: Employs 1,030 people in the region.
• Liberty Steel & Wire: Has 912 employees.

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