800 Bloomington Rd East Peoria, IL 61611-2879

Property Details for 800 Bloomington Rd

Year built

1973

Lot size

1.82 lot acres

Property size

480 SF

Property type

Office Properties & 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.