Price Reduced 22 Unit Multifamily 10.5% Cap Rate

Multifamily For Sale

1124 E Adams St
Macomb, Illinois 61455


TYPE Multifamily
PRICE $325000
UNITS 22 (9 2-Bds/8 1-Bds/5 Studios)
BUILDINGS 6
OCCUPANCY 86.4%
CAP RATE 18%
CASH-ON-CASH 63%

Highlights


  • 40% Price Reduction-Priced to Sell!
  • Local Management Services Available
  • Properties in Close Proximity to One Another

Description


Marcus & Millichap is proud to present for sale a 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-bedroom, 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.

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Dorthia

what is the market cap rate for this property

Vern

Need all 6 individual address