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3053 Grand Ave
Galesburg, IL 61401
Kimberly Terrace MHC · Multifamily Property For Sale
·
129,000 SF
PROPERTY FACTS
| No. Units | 135 | Building Size | 129,000 SF |
| Property Type | Multifamily | Average Occupancy | 55% |
| Property Subtype | Manufactured Housing/Mobile Home | No. Stories | 1 |
| Building Class | C | Year Built | 1970 |
| Lot Size | 17.24 AC | Parking Ratio | 2/1,000 SF |
| No. Units | 135 |
| Property Type | Multifamily |
| Property Subtype | Manufactured Housing/Mobile Home |
| Building Class | C |
| Lot Size | 17.24 AC |
| Building Size | 129,000 SF |
| Average Occupancy | 55% |
| No. Stories | 1 |
| Year Built | 1970 |
| Parking Ratio | 2/1,000 SF |
ABOUT 3053 GRAND AVE , GALESBURG, IL 61401
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.
PROPERTY TAXES
| Parcel Numbers | Improvements Assessment | $419,420 | |
| Land Assessment | $113,750 | Total Assessment | $533,170 |
PROPERTY TAXES
