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Multifamily developers don’t know what to expect when it comes to budgeting for materials prices.

Apartment developers continue to be stressed by the unpredictable cost of construction materials.

Overall, materials prices keep rising faster than inflation. But what’s worse is that prices for individual construction materials are unpredictable from month to month. The price of lumber and diesel fuel has fallen sharply, for now. But new policies from the U.S. government continue to jolt the markets, from possible sanctions on oil-producing countries like Venezuela to government tariffs on imported steel. Continue reading “Volatility in Construction Materials Pricing Is Putting Strain on Multifamily Developers”

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Have an opportunity to expose your property to this vast investment capital pool through Marcus & Millichap’s booth and event presence at MIPIM.

Continue reading “Marcus and Millichap Attending Europe’s Premier Real Estate Event MIPIM Cannes, France”

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Marcus and Millichap closes more real estate investment sales than any other brokerage firm—over 60% of which involve a 1031 Exchange. Our leading market position, coupled with extensive investor relationships, gives us access to the largest pool of qualified buyers, including exchange buyers.

We don’t just market properties; we make a market for each property we represent. Our innovative communications network (MNet) allows us to present your property to more qualified investors than any other Broker. The process is orchestrated to maximize a competitive bidding environment to proactively solicit higher sales prices for your property.

 

Contact Us – List Your Property

 

Continue reading “Marcus and Millichap National Property Marketing & Advertising”

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In the current cycle, property fundamentals are strong enough to withstand a shock to the system.

Even if there is an economic downturn in the near future, the apartment sector is likely to hold up, according to industry experts. Continue reading “The U.S. Apartment Sector Would Continue to Remain Strong Even in a Recession”

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Multifamily For Sale

1601-1603 Reckinger Rd
Aurora, IL 60505


TYPE Multifamily
PRICE $1700000
UNITS 24 (20 2Bds/4 1Bds)
BUILDINGS 2
FLOORS 3
OCCUPANCY 100%
CAP RATE 8.63%
CASH-ON-CASH 19.62%

Highlights


  • Fully Occupied with Long History of Low Vacancy (Typically a Waiting List)
  • All Electric Building – Tenant Paid Heat/Hot Water
  • No Major Mechanical’s – Avoid Significant Mechanical Maintenance and Repairs
  • Combination Large 1-Bd, 2-Bds and 2-Bds with Dining Room and Washer/Dryer Hook Ups
  • Month-to-Month Leases Offering Flexibility to Renew/Raise/Re-Tenant/Renovate
  • Stronger North Side Aurora Location Minutes from I-88 in wooded residential setting

Description


Marcus & Millichap is pleased to present a fully occupied 24-unit multifamily complex in Aurora, Illinois offering a generous Cap Rate, Cash-on-Cash rate of return and higher than average upside in rental income based on amenities and location.

The property is comprised of two adjacent 12-unit apartment buildings. 1601 Reckinger is a two-story building with four one-bedroom units and eight two-bedroom units. 1603 Reckinger is a three-story building with all two-bedroom units with dining rooms and washer and dryer hook-ups in each unit. All units are serviced by separately metered and tenant paid electric forced air heating, central air conditioning, and electric hot water tanks.

Higher maintenance and supply costs are accounted for in proforma figures as units have some deferred maintenance and cosmetic improvements and priced accordingly. There is upside in further rental increases over the proforma rents should a buyer want to upgrade units further.

All leases are currently month-to-month offering the flexibility to secure annual leases, increase rents or renovate and re-tenant units if desired.