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Multifamily For Sale
1124 E Adams St
Macomb, Illinois 61455
| TYPE | Multifamily |
| PRICE | $529000 |
| UNITS | 22 (9 2-Bds / 8 1-Bds / 5 Studios) |
| BUILDINGS | 6 |
| OCCUPANCY | 100% |
| CAP RATE | 10.5% |
| CASH-ON-CASH | 23.81% |
Highlights
- Fully-Occupied
- Priced To Sell – Generous Rates of Return
- Long-Term Ownership / Well Maintained
- Management & Financing Available
- Located in Stable College Town (Western Illinois University)
- Properties in Close Proximity to One Another
Description
Marcus & Millichap is proud to present for sale a fully-occupied high yielding 22-unit multifamily portfolio in the western Illinois city of Macomb, home of Western Illinois University. Offering generous rates of return, this portfolio is composed of six separate properties in close proximity to one another consisting of nine two-bedrooms, eight one-bedrooms, and five studios. Professional Management Services and competitive financing terms are available offering an easy acquisition and operation of the
properties for out of town buyers to capture these higher rates of return.
This portfolio has been under the same ownership for the past 12 years receiving regular maintenance and repairs to preserve the property and marketability. While this is in a College Town, this is not considered Student Housing and is Market Rate. Over the years average tenancy has been approximately 20% Upperclassman/Graduate
Students on usual annual leases and the balance high demand affordable B/C class apartments for local residents.
As with many college towns, the presence of a University stabilizes the local economy and is under-represented in its demographics with non-resident students and related services and amenities not included in the population and economic reporting. For this reason, college towns typically enjoy a disproportionately higher level of
economic performance and stability for the size of the city.
Macomb, Illinois is approximately 180 miles southwest of Chicago and about 75 miles equidistant from Springfield, Peoria, and the Quad Cities. The city has a population of 18,267 (2017) additionally the 1,000-acre Western Illinois University campus including more than 60 buildings has a current enrollment of almost 8,000 students. Other major employers in the area are the Spoon River College, McDonough District Hospital, Pella, NTN Bower, and Whalen Manufacturing.
Map Overview
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Marcus & Millichap Moved $9B Across the U.S in 2018
Buyer Can Access Nationwide Inventory – Sellers Benefit From National Pool of Buyers
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Waukegan apartments sell for $42 million
The sale highlights the strength of the suburban Chicago apartment market, which has lifted rents and property values over the past several years.
Monarch Investment & Management Group acquired Reserve at Eagle Ridge, a 370-unit property at 1947 W. Eagle Ridge Drive, according to its website and real estate data provider CoStar Group. Monarch bought the complex from Independence Realty Trust, a Philadelphia-based real estate investment trust.
The sale highlights the strength of the suburban Chicago apartment market, which has lifted rents and property values over the past several years. Lake County records show that Independence paid $28.5 million for the Reserve at Eagle Ridge in February 2014. In a first-quarter earnings report released yesterday, Independence said it expects to record a $12.5 million gain on the sale.
Source: Crain’s Chicago Business Abby Galun May 02, 2019 11:53 AM
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Marcus & Millichap ARRANGES SALE OF a 24-UNIT APARTMENT property in Aurora, IL
AURORA, IL Apr. 24, 2019 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, has announced the sale of a 24-unit apartment property located in Aurora, Ill., according to Steven D. Weinstock, regional manager of the firm’s Chicago Oak Brook office. The asset sold for $1,650,000.
Randolph Taylor, an Associate, in Marcus & Millichap’s Chicago Oak Brook office, exclusively marketed the property on behalf of the local seller and also represented the 1031 exchange buyer.
Located at 1601-1603 Reckinger Road, the property consists of two adjacent 12-unit buildings. The unit mix is comprised of eight two-bedroom/one-bathroom units, 12 two-bedroom/one-bathroom with dining room units, and four one-bedroom/one-bathroom units. The property features tenant paid heat, central air conditioning, and electric hot water along with select units featuring in-unit laundry.
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About Marcus & Millichap (NYSE: MMI)
With nearly 2000 investment sales and financing professionals located throughout the United States and Canada, Marcus & Millichap is a leading specialist in commercial real estate investment sales, financing, research, and advisory services. Founded in 1971, the firm closed 9,472 transactions in 2018 with a value of approximately $46.4 billion. Marcus & Millichap has perfected a powerful system for marketing properties that combines investment specialization, local market expertise, the industry’s most comprehensive research, state-of-the-art technology, and relationships with the largest pool of qualified investors.
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Multifamily Chicago Report
Demand is strong across the metro, as Millennials continue to move into well-located, modern apartments, pushing rent growth to its highest rate in two years.