Price Reduced 22 Unit Multifamily 10.5% Cap Rate

Multifamily For Sale

1124 E Adams St
Macomb, Illinois 61455

TYPE Multifamily
PRICE $529000
UNITS 22 (9 2-Bds / 8 1-Bds / 5 Studios)
CAP RATE 10.5%


  • Fully-Occupied
  • Priced To Sell – Generous Rates of Return
  • Long-Term Ownership / Well Maintained
  • Management & Financing Available
  • Located in Stable College Town (Western Illinois University)
  • Properties in Close Proximity to One Another


Marcus & Millichap is proud to present for sale a fully-occupied 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-bedrooms, 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.

Map Overview




Waukegan apartments sell for $42 million

The sale highlights the strength of the suburban Chicago apartment market, which has lifted rents and property values over the past several years.


A Colorado apartment investor paid $42 million for a multifamily property in Waukegan, allowing the seller to cash out for a sizable gain.

Monarch Investment & Management Group acquired Reserve at Eagle Ridge, a 370-unit property at 1947 W. Eagle Ridge Drive, according to its website and real estate data provider CoStar Group. Monarch bought the complex from Independence Realty Trust, a Philadelphia-based real estate investment trust.

The sale highlights the strength of the suburban Chicago apartment market, which has lifted rents and property values over the past several years. Lake County records show that Independence paid $28.5 million for the Reserve at Eagle Ridge in February 2014. In a first-quarter earnings report released yesterday, Independence said it expects to record a $12.5 million gain on the sale.

Monarch manages more than 52,000 apartments in 21 states, according to its website. In the Chicago area, the firm’s only properties are in Waukegan, where it now owns nearly 1,100 apartments, including the 363-unit Northgate Apartments. The firm also owns the Monarch Ski & Snowboard Area in Colorado.


Source: Crain’s Chicago Business Abby Galun May 02, 2019 11:53 AM


Low Unemployment Fuels Housing Demand, Favors Apartments

Employment: MARCH 2019

Low Unemployment Fuels Housing Demand, Favors Apartments

Continue reading “Low Unemployment Fuels Housing Demand, Favors Apartments”


Rent Control reduces the supply of rental units, increases prices for properties not covered and prevents those most in need from benefiting.

Continue reading “Illinois Rent Control Special Report Webinar and Multifamily Forum Event”


Developers continue to crank out apartments by the thousands in downtown Chicago, but demand should be so strong that the market can handle it, according to a new forecast.

Continue reading “That downtown apartment glut? Never mind”


Marcus and Millichap closes more real estate investment sales than any other brokerage firm—over 60% of which involve a 1031 Exchange. Our leading market position, coupled with extensive investor relationships, gives us access to the largest pool of qualified buyers, including exchange buyers.

We don’t just market properties; we make a market for each property we represent. Our innovative communications network (MNet) allows us to present your property to more qualified investors than any other Broker. The process is orchestrated to maximize a competitive bidding environment to proactively solicit higher sales prices for your property.


Contact Us – List Your Property


Continue reading “Marcus and Millichap National Property Marketing & Advertising”

Midwest Apartment Market Should See Solid Performance in 2019


Rising interest rates, a possible slowdown in new construction likely to keep apartment occupancies stable and rents growing.

Continue reading “Midwest Apartment Market Should See Solid Performance in 2019”