- Spread Between Interest Rates and Commercial Real Estate Cap Rates Near Widest Point on Record - September 21, 2020
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800-834 Victoria Dr.
Montgomery, IL 60538
Listing Price: $14,500,000
|Number of Units||152|
- 152 Unit Suburban Multifamily Property
- 32 Studios, 72 One-Bedrooms & 48 Two-Bedrooms
- Clubhouse with Office, Laundry Facilities, Fitness Area, Outdoor Pool, and Courtyard
- Located in Montgomery Illinois | 40 Miles Southwest of Downtown Chicago
- Many Upgraded Kitchens and Baths
- Tenant Paid Electric Baseboard Heat
- Value-add component, upside in rents
Marcus & Millichap is proud to present to market Victorian Apartments, a 152-unit apartment community located in west suburban Montgomery, Illinois bordering Kendall County to the South, the fastest growing county in Illinois, and the City of Aurora, IL to the East, the second-largest city in Illinois. The subject property is approximately 40 miles southwest of downtown Chicago.
Victorian Apartments consists of 16 two and three-story apartment buildings and clubhouse spread out over almost 10 acres; offering 32 large studios, 72 one-bedrooms, and 48 two-bedroom apartment homes. Community amenities include a clubhouse, an on-site management office, laundry facilities, a fitness area, an outdoor pool, a central courtyard area with a playground, and ample off-street parking.
Each unit has separately metered, tenant paid, low maintenance, electric baseboard heating, and ac sleeve units. Approximately 60 percent of units have recently updated kitchens & baths as well as other capital improvement made including new windows, parking lot repairs, replacement of all deck footings & supports and updated intercom system with integrated Alexa. Roofs are in good condition approximately 10-12 years old.
There is investor upside in this multifamily offering through the continued renewal and releasing of under-market rents and continued updating of units accounted for in a proposed 5-year capital budget updating ten units per year which have averaged $5-$7,000 per unit. Further upside may also be realized in future years from job growth and economic development in the area through the redevelopment of the recently sold 350-acre former Caterpillar manufacturing complex minutes from the property.