Victorian Apartments

800-834 Victoria Dr.
Montgomery, IL 60538

Listing Price: $14,500,000

Cap Rate 6.38%
Number of Units 152
GRM 8.30
Occupancy 92.8%
Price/Unit $95395
Price/Gross SF $135.14
Gross SF 107200

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Investment Highlights

  • 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

Map Overview

Investment Overview

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.

 

Price Reduced 22 Unit Multifamily 10.5% Cap Rate

Multifamily For Sale

557-559 Ashland Ave
Aurora, IL 


TYPE Multifamily
PRICE $795000
UNITS 12 (All 2Bds)
BUILDINGS 2
FLOORS 3
OCCUPANCY 100%
CAP RATE 10.2%
CASH-ON-CASH 23%

 Highlights


  • Fully Occupied with Long History of Low Vacancy
  • All Electric Building – Tenant Paid Heat and Hot Water
  • No Major Mechanical’s – Avoid Significant Mechanical Maintenance and Repairs
  • All Above Grade Two-Bedroom / One-Bathroom Units
  • Month-to-Month Leases Offering Flexibility to Renew/Raise/Renovate/Re-Tenant
  • City Inspected and Renewed Annual Certificate of Occupancy

Description


Marcus & Millichap is pleased to present for sale a fully-occupied B/C class 12-unit multifamily property located in the Western Chicago Suburb of Aurora; the second largest City in Illinois. The property consists of all two-bedroom one-bath units and is cost-effective and efficient to maintain with limited mechanical’s. Professional property management services are available. The property has been lender underwritten offering competitive rates and terms for qualified buyers.

Each unit has separately metered tenant paid electric baseboard heating, separate electric hot water tanks, and tenant-owned sleeve air condition units. Amenities include off-street parking, balconies and an owned coin-operated laundry room on the second floor of each of the two interior corridor entrances.

The property has been recently inspected by the City of Aurora and received a renewed Annual Certificate of Occupancy. There is upside in further rental increases over the proforma rents should a buyer opt to upgrade units. All leases are currently month-to-month offering the flexibility to secure annual leases, increase rents or renovate and re-tenant units if desired.

Map Overview


 

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Multifamily For Sale

408 Western Ave
Joliet, IL 60435


TYPE Multifamily
PRICE $485000
UNITS 5
BUILDINGS/Stories 1 / 2.5
BUILT/RENO 1914 / 2014
OCCUPANCY 100%
CAP RATE 8.69%
CASH-ON-CASH 19.11%

Continue reading “Fully Occupied 5 Unit Apartment Building For Sale 408 Western Ave Joliet IL 60435”

Multifamily For Sale

13046 S Wood St
Blue Island, IL 60406


TYPE Multifamily
PRICE $1.2m
UNITS 18
BUILDINGS 3
BUILT/RENO 1968/2014
OCCUPANCY 100%
CAP RATE CURRENT/YR 1 7.43%/8.44%
CASH-ON-CASH CURRENT/YR1 11.40%/16.44%
Continue reading “18 Unit Apartment Building For Sale 13046-13050 S Wood St Blue Island IL 60406”