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Price Reduced 22 Unit Multifamily 10.5% Cap RateSHARE
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Multifamily For Sale

1124 E Adams St
Macomb, Illinois 61455


TYPE Multifamily
PRICE $529000
UNITS 22 (9 2-Bds / 8 1-Bds / 5 Studios)
BUILDINGS 6
OCCUPANCY 100%
CAP RATE 10.5%
CASH-ON-CASH 23.81%

Highlights


  • 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

Description


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.

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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

 

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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”

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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”
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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”

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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 2019SHARE
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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”

Healthy 2019 Projected for Multifamily InvestmentSHARE
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Investors should be keen on apartment assets due to strong fundamentals, opportunities for both buyers and sellers, and an abundance of capital

Continue reading “Healthy 2019 Projected for Multifamily Investment”

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Multifamily For Sale

1900 Broadway St
Blue Island, IL 60406


TYPE Multifamily
PRICE $5.7M
UNITS 84
BUILDINGS 7
BUILT/RENO 1973/2016
OCCUPANCY 97.3%
CAP RATE CURRENT/YR 1 8.34% / 9.81%
CASH-ON-CASH CURRENT/YR 1 15.67% / 23.02%

 Highlights


  • Condo Quality Construction
  • All 2-Bed / 1-Bath Units with Dining Room
  • 90 Percent Updated Units
  • Tenant Paid Electric Baseboard Heating & HW
  • Very Well-Maintained / Long-Term Ownership

Description


Marcus & Millichap is pleased to present for sale Islander Apartments, an 84-unit apartment community in Blue Island, Illinois, a southern suburb of Chicago. The property consists of seven contiguous 12-unit apartment buildings each containing above grade condo quality two-bedroom / one-bathroom units with dining rooms and tenant paid electric baseboard heating. Ninety percent of the units have been updated and there are newer windows, roofs and a resurfaced parking lot.

The property has been under the same ownership and professionally managed for the past 16 years. It has been well-maintained and enjoyed high occupancy currently, at 97.3 percent. Twenty-four of the 84 units are rented under the Housing Choice Voucher program, but there are no requirements to participate in the program going forward and the property may be operated as a full-market rate apartment community. There is current on-site management that can assist with a smooth transition to new ownership but there are no management contractual obligations or association.

The property is located approximately 16 miles south of Chicago’s Loop just south of the Little Calumet River in a quiet park-like setting across from the forest preserve, but only minutes from Interstate 57, Blue Island Vermont Street train station and the Vermont and Division Street bus station.

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Want to sell my Multifamily Property what do I invest in - Surging Economy Boos Retail SectorSHARE
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