1399 Richard Street , Henry, IL 61537(Marshall County)

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 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.