Exclusively listed by Joanne Stevens Manufactured

Home Community Offering

INVESTMENT HIGHLIGHTS

CENTURY ESTATES

MOBILE HOME PARK

701 WISCONSIN AVE.

GALESBURG, IL 61401

LOCATION HIGHLIGHTS

• This is an attractive community with a well managed, well kept appearance

• Wide asphalt and concrete streets with curbs and gutters, in good condition

• Currently 43 sites occupied

• 30 additional sites are permitted, with utilities but no concrete pads

• Lots are 50 X 95 and can accommodate a sectional home

• Homes are mostly single section and in good repair.

• City water, city sewer

• City bills direct to each resident for water, sewer and garbage (garbage is curbside, and there is recycling

OFFERING SUMMARY

Price $600,000

NEW LOAN—25% down $150,000

Loan Amount—75% loan $450,000

Loan Type New conventional

Interest Rate 6.0%

Amortization 20 years

Spaces 43

Price Per Occupied Site $13,953

Additional Permitted Spaces with utilities, no pads

30

Year Built—beginning in 1969

Lot Size (in acres) entire property

11.68

Cap Rate on occupied sites 12%

Cash on Cash 22%

*All information believed to be accurate, but not guaranteed.

Joanne Stevens, CCIM

Broker Associate

116 Third St. SE

Cedar Rapids, IA 52401

Office: 319.378.6818

Direct: 319.378.6786

Cell: 319.310.0641

Fax: 319.365.9833

joannestevens@iowarealty.com

www.JoanneMStevens.com

• Galesburg is a city in Knox County, IL

• The city population is 32,809 per city website

• County seat of Knox County

• Galesburg is home to Knox College, a private four

year liberal arts college, and Carl Sandberg College, a two year community college

• Major employers are: Burlington Railroad, St. Mary’s Medical Center, Galesburg Cottage Hospital, Dick Blick Art Supplies, Galesburg Public Schools, and the local colleges

• Local unemployment is 8.8% as of January 2011

• Surrounding use is mixed: residential, commercial, agriculture and recreation (Kiwanis Park)

• Seller financing is not offered • City of Galesburg, IL Township—parcel ID

#9913403002 • Current lot rent $140, so the opportunity is

to raise lot rent • 12 park owned rental homes are included in

the sale, including owner’s sectional home, which has an estimated value of $25K

• Most homes are newer vinyl/shingle single section, with a few older homes

• Total AV $192,870 • No equipment or vehicles included in the

sale • Water lines are 2” PVC, sewer lines are

extra strength Vitrified tile • Collections are strong with very little

delinquency • Management: Owner currently lives on site

and manages • In 2010 $16,600 spent on capital

improvements for streets (mostly) and tree trimming

INVESTMENT OVERVIEW

No. of Spaces: Space Type:

43 occupied 30 additional permitted with utilities but no pads

50 X 95 48 x 100

Current Rents:

Monthly Income:

43 lots @ $140 Home rentals

$6,020 $2,525

Income Estimated

Gross Potential Rent—Sites $72,240

Vacancy/Collection Allow—45% $5,200

Effective Gross Income $101,660

Expenses $34,486

NOI $67,174

Debt Service $38,687

Cashflow Before Taxes $28,487

Principal Reduction in Y1 $3,500

Total Return $31,987

Gross Potential Rent—Home rentals $30,300

Expenses—Actual and *Estimated

Real Estate & Personal Property Taxes $5,771

Property Insurance $3,000*

Repairs & Mainenance $6,931

Snow removal $3,553*

Management $9,703*

TOTAL EXPENSES $34,486

Expenses per occupied space $827

% of Effective Gross Income 34%

Reserves $5,544*

*All information believed to be accurate, but not guaranteed.

Visit us on the web at www.JoanneMStevens.com for additional information

Agent Notes:

• Seller requests that buyer submitting an offer

provide confirmation from a lender or mortgage

broker that the buyer has submitted the

financials (tax returns, financial statement, etc.)

that the lender requires to qualify the buyer.

• Seller requests an earnest money deposit of 2%

Exclusively listed by Joanne Stevens

Broker’s estimates based on community operations rules of thumb for new construction

www.JoanneMStevens.com

“These Marketing Materials are based solely on Broker’s knowledge and do not constitute a representation or warranty by Owner with respect to any information contained herein”.