Woodlawn Trailer Court

Sterling, Illinois, is a small city in Whiteside County, situated along the Rock River in northwestern Illinois. With a population around ~56,000, Sterling offers a close‑knit community with deep ties to manufacturing and riverfront history. The median household income in Sterling is about $59,812, significantly below national norms signifying a need for affordable housing. The median home value is roughly $108,100, and the average rent for a two‑bedroom unit is about $800 per month. While costs are lower, many residents face economic pressure due to modest incomes and aging housing stock. There is a growing need for expanded affordable housing options, such as manufactured homes, to support working families, retirees, and others on fixed incomes. The economy is driven heavily by sticky jobs in healthcare, manufacturing and distribution. In summary, Sterling combines affordability, community roots, and regional industry—but faces persistent challenges in ensuring housing access as it grows.THE MHP Value Team is pleased to offer for sale Wooldawn Trailer Court, a 48-site Mobile Home Park located in Sterling, IL. The community is currently stabilized at 98% occupancy, producing a strong and diverse income stream. It includes 16 tenant-owned homes paying $300 per month in lot rent, 20 park-owned homes renting for an average of $681 per month, 10 apartments averaging $489 per month, and a restaurant tenant paying $525 per month. There is also one vacant lot with full infrastructure in place, providing an opportunity for immediate infill to further increase occupancy and revenue. Woodlawn is served by city water and sewer, both of which are sub-metered and billed back to residents. Plumbing has been updated and water recapture rates are expected to be 100% moving foward. Over the past few years, ~$250,000 has been invested to renovate more than half of the park-owned homes and apartments, with the remaining units previously updated by the prior owner. In addition to capital improvements, ownership has optimized operating expenses, implemented rigorous resident screening criteria resulting in higher-quality tenants, and trained an experienced on-site maintenance manager to ensure smooth and efficient operations. This property represents a stabilized, turnkey investment with in-place cash-on-cash returns exceeding eight percent. Further upside potential can be realized by infilling the vacant lot and implementing gradual lot rent increases over time, making this a compelling opportunity for an investor seeking both immediate cash flow and future growth.