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Address is 137 Loraine Avenue Galesburg, IL 61401

Jacqueline Sawchik

Marcus & Millichap - McClellan & Baskin

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Kimberly Terrace MHC

Multi Family Housing for Sale in Galesburg, Illinois

137 Loraine Avenue
Galesburg, IL 61401

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Sale Price: $1,930,000

Contact Information

Jacqueline Sawchik
Marcus & Millichap - McClellan & Baskin

Mobile Home Park for Sale

Number of MH Lots: 135
Size: 17.6 acre(s)
Status: Active
Property ID: 966991
Posted on: Jul 10, 2018
Updated on: Jul 10, 2018
Price: $1,930,000

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.

Park Information

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