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Fully Occupied Multifamily Properties Open Showing - Wednesday Sept 13th 12-2PM SHARE
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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.

 

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