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.
