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is pleased to present to market Indian Creek Apartments, a fully occupied 24-unit multifamily complex on the northeast side of Aurora, Illinois, bordering affluent Naperville, Illinois, just to the east. The property is in good condition, with considerable upside in rents with modest unit updates. All units have separately metered tenant-paid water, sewer, electricity, heat, and hot water. Also offered is an attractive low-interest assumable debt of $1.453 million at a 3.32 percent interest rate not due until December 2028. Note that additional debt is not allowed with Freddie Mac debt; therefore, this provides for an approximately 50% LTV. Assumable and new debt assumption scenarios are outlined in this offering memo as well.
The property is comprised of two adjacent three-story, 12-unit apartment buildings on three parcels with frontage along busy Farnsworth Ave., proving no-cost marketing. The central parcel is a buildable lot offering expansion opportunities for a third 12-unit multifamily building. The unit mix consists of 22 spacious two-bedroom, one-bath units and two one-bedroom, one-bath units, each with an eat-in kitchen, pantry, and large living room. Each building has an on-site laundry room with two sets of owned washers and dryers as an added amenity for tenant attraction and retention and added income.
The property has recently completed its City of Aurora Building Inspection and is clear of all building code violations except for windows. A Buyer will be responsible post closing to be in compliance with this building code that every window, other than a fixed window, shall be easily openable and capable of being held in position by window hardware and all windows have insect screens.
The property is ideally situated minutes south of the Interstate 88 East-West Tollway near the intersection of North Farnsworth and East Indian Trail on the northeast side of Aurora, Illinois. Located 35 miles west of Chicago, Aurora is the second-largest city in Illinois and home to a number of major employers, including Farmers Insurance Group, Rush-Copley Medical Center, Waubonsee Community College, and Provena Medical Center.
Fully Occupied 24-Unit Multifamily Property
Considerable Upside in Rents
Assumable Low-Interest Debt
All separate tenant-paid utilities
Additional central buildable lot Included
Low-Maintenance Tenant-Paid Electric Baseboard Heating
On-site Owned laundry facilities
High-visibility site on a busy road for marketing
Good condition with newer roofs and copper plumbing
Desirable Northeast Side of Aurora, Near Affluent Naperville