Fully Occupied Multifamily Property For Sale Amber Ridge Apartments 991 Tollview Ave Aurora IL 60505

Amber Ridge apartments

991 Tollview Ave Aurora, IL 60505

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property details

Price:              $2,050,000

Units:             24

SF:                  22,600

Built:             1969

Occupancy:                  100%

NOI:                                $137,180

Cap Rate:                       6.69%

Cash-on-Cash:              11.10%

Investment Highlights

  • Fully Occupied Twenty-Four Unit Multifamily Property
  • Desirable Two and Three Unit Bedroom Unit Mix
  • Separately Metered and Tenant Paid Heat and Hot Water
  • Considerable Upside in Rents
  • Well Located on NE Side of Aurora Near Intersection of N Farnsworth & E Indian Trail

Investment Overview

Marcus & Millichap is pleased to present to market Amber Ridge Apartments, a fully occupied 24-unit multifamily complex on the NE side of Aurora, IL bordering affluent Naperville, IL just to the East.

The property is comprised of two adjacent two-story 12-unit apartment buildings. The unit mix consists of 14 two-bedroom units, eight three-bedroom units, one one-bedroom unit, one studio, and an adjacent non-revenue on-site office that could be re-combined with the adjacent studio for a higher rent potential one-bedroom apartment.

Each unit has separately metered tenant-paid gas forced air heating and hot water providing lower landlord utility costs. With long-term ownership and many long-term tenants, the current rent roll reflects approximately $200 of rental upside per unit with modest unit renovations.

The property is ideally situated minutes South of the I-88 East-West Tollway near the intersection of N Farnsworth and E Indian Trail on the NE side of Aurora, IL. Located 35 miles west of Chicago, Aurora is the second-largest city in Illinois home to a number of major employers including Farmers Insurance Group, Rush-Copley Medical Center, Waubonsee Community College, and Provena Medical Center.

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