Mobile Home Park Details

  • Price:
  • Property ID: 966991
  • Posted on Jul 10, 2018

Property Description

Marcus & Millichap is pleased to present the opportunity to acquire Kimberly Terrace, a 129 site manufactured housing community plus 6 apartment units located in Galesburg, Illinois. This all age community is situated on 17.6 acres with public water and sewer. Kimberly Terrace has wooded lots, providing its tenants with a quiet country setting but with a location just outside of downtown Galesburg, the community has the convenience of getting to grocery stores, restaurants and shopping.

Currently Kimberly Terrace MHC is 55 percent occupied providing a new investor immediate upside in filling the vacant lots. With low market rents, averaging $229 per month, rent increases can be implemented over the next few years, still providing current and future tenants affordable and safe housing.

Kimberly Terrace MHC is being offered for $1,930,000 which is allocated to $1,100,000 for the real estate and $830,000 for the park owned homes. At the real estate price, a new investor can expect a 8.00% Year 1 Cap Rate.

Interested in purchasing this mobile home park? Get pre-qualified for a loan.

Park Information

Community Type: All Age
Number of MH Lots: 135
Total Occupancy: 55.0 %
Average MH Lot Rent: $229
Size: 17.6 acre(s)

Lot Information

Singlewide Lots: 135

Utility Information

Water: City
Water Paid By: Park
Sewer: City

Park-Owned Homes

Number of Park-owned Homes: 62

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