800 Bloomington Rd East Peoria, IL 61611-2879
Property profile & analytics
800 Bloomington Rd East Peoria, IL 61611-2879
- Office Spaces
- 480 SF
- 1.82 lot acres
Property ID
US28-2452198
The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.
Location Intelligence
Current Use by Public Records
- Office Spaces
Property Details for 800 Bloomington Rd
- Year built
- 1973
- Lot size
- 1.82 lot acres
- Property size
- 480 SF
- Property type
- Office Spaces
- APN
- 01-01-34-314-003
- APU
- 10134314003
Description
This 21-unit mobile home park, situated on 1.82 acres in East Peoria, Illinois, presents a compelling value-add investment opportunity. The property, built in 1973 and currently undergoing renovations, boasts 79,279 square feet of net rentable space, with 21 pads and 42 parking spaces. Currently operating at 23% occupancy (as of August 28, 2024), the park offers significant upside potential. The asking price is $250,000, translating to $3.15 per square foot and $11,904.76 per pad. The current NOI is $11,822, with a pro-forma NOI projected at $45,610, yielding a pro-forma cap rate of 18.24%. The park features city water and city sewer, a significant advantage. Recent improvements include a rent increase to $500 per month for the five owner-occupied homes (TOHs), and landscaping enhancements. Future development plans could include pad extensions to accommodate larger homes, infilling vacant sites, tree work, and the addition of an on-site laundromat. The property is zoned MHP commercial and is not located in a flood zone. The park is currently self-managed, but the owners believe there are suitable candidates among existing tenants for a manager/greeter position. Seller financing is available with specific terms. The property's location in the Peoria metropolitan area, a region with a population exceeding 400,000, offers access to a substantial renter base. The average one-bedroom rental in East Peoria is $640 per month, and the average two-bedroom rental is $820 per month, indicating strong rental demand. This property is a fee simple ownership. The APN is 01-01-34-314-003.
Value Estimations
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Alternative Use
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Location Insight
- Map
- Local Demand
- City
- East Peoria
- County
- Tazewell
- State
- Illinois
- Longitude
- -89.5546
- Latitude
- 40.6606
- CBSA code
- 37900
- CBSA name
- PEORIA, IL METROPOLITAN STATISTICAL AREA
Property Tax & Assessments
Tax date
Tax Amount
Assessed Land Value
Assessed Improvement Value
Total Assessed Value
Applied Tax Rate
Land Market Value
Improvement Market Value
Total Market Value
2023
$2,682
$18,960
$8,740
$27,700
-
$56,880
$26,220
$83,100
