Multifamily
Townway Place Apartments
2730 Townway Rd, Danville, IL 61832
Listing Price: $5,350,000
Investment Overview
Marcus & Millichap is pleased to present Townway Place Apartments, a 96-unit apartment community located in Danville, Illinois. The Complex is situated off Historic Route 136, a major north-south thoroughfare with convenient access to various modes of transportation. In addition. Lake Vermillion sits just west of the subject property with Danville’s Premier Golf Course, Turtle Run Golf Club, directly to the east.
The subject property, located at 2730 Townway Rd, was built in 1965, consisting of eight two-story buildings with pitched roofs in place. The unit mix offers 1 studio, 35 one-bed, 48 two-bed and 12 two-bedroom townhome style apartment units, ranging in size from 550 sf to 1,020 sf. Each building features patios or balconies, laundry facilities consisting of two washers and two dryers, and all units are provided with a storage locker adjacent to the laundry room at no additional fee. Stackable in-unit washers and dryers are featured in all townhome style units.
Of the 96 units, 16 have been completely remodeled, resulting in a great investment opportunity to finish the renovations capturing between $51-$113 more in monthly rent based on the unit type. All apartments are individually metered for electricity, paid for by the tenant, but water, sewer and refuse charges are billed to the landlord. Each unit contains sleeve air conditioners and electric baseboard heating with copper plumbing. The clubhouse comes equipped with a kitchen, couches, tables, chairs, and communal TV which tenants can rent out in 4-hour increments for a $50 fee.
Townway Place Apartments provides residents easy access to the cultural and business centers of Danville as well as the major retail corridor off Vermilion Street. It's only 35 minutes from University of Illinois, Champaign-Urbana, an hour to Purdue University and two hours to Illinois State University. This rare investment opportunity is ideal for all buyers given the prime location, high historical and current occupancy, and meticulous nature of the current management company.
Townway Place Apartments
Investment Highlights
- Significant rental upside through completing unit renovations for the remaining 81 apartments.
- Excellent unit mix offering studios, one-bed / one bath, two bed / one bath & two bed/ one bath townhome style apartments.
- High historical and current occupancy - Operating at 99% occupancy as of June 1st.
- On-site laundry facilities with in-unit washers & dryers featured in townhome style units.
- Secured Entryways & 24/7 Maintenance Call Center.
- Close Proximity to local mall, grocery stores, gas stations, schools, restaurants, and various modes of transportation.
Listing Price: $5,350,000
Investment Highlights
- Significant rental upside through completing unit renovations for the remaining 81 apartments.
- Excellent unit mix offering studios, one-bed / one bath, two bed / one bath & two bed/ one bath townhome style apartments.
- High historical and current occupancy - Operating at 99% occupancy as of June 1st.
- On-site laundry facilities with in-unit washers & dryers featured in townhome style units.
- Secured Entryways & 24/7 Maintenance Call Center.
- Close Proximity to local mall, grocery stores, gas stations, schools, restaurants, and various modes of transportation.
Investment Overview
Marcus & Millichap is pleased to present Townway Place Apartments, a 96-unit apartment community located in Danville, Illinois. The Complex is situated off Historic Route 136, a major north-south thoroughfare with convenient access to various modes of transportation. In addition. Lake Vermillion sits just west of the subject property with Danville’s Premier Golf Course, Turtle Run Golf Club, directly to the east. The subject property, located at 2730 Townway Rd, was built in 1965, consisting of eight two-story buildings with pitched roofs in place. The unit mix offers 1 studio, 35 one-bed, 48 two-bed and 12 two-bedroom townhome style apartment units, ranging in size from 550 sf to 1,020 sf. Each building features patios or balconies, laundry facilities consisting of two washers and two dryers, and all units are provided with a storage locker adjacent to the laundry room at no additional fee. Stackable in-unit washers and dryers are featured in all townhome style units. Of the 96 units, 16 have been completely remodeled, resulting in a great investment opportunity to finish the renovations capturing between $51-$113 more in monthly rent based on the unit type. All apartments are individually metered for electricity, paid for by the tenant, but water, sewer and refuse charges are billed to the landlord. Each unit contains sleeve air conditioners and electric baseboard heating with copper plumbing. The clubhouse comes equipped with a kitchen, couches, tables, chairs, and communal TV which tenants can rent out in 4-hour increments for a $50 fee. Townway Place Apartments provides residents easy access to the cultural and business centers of Danville as well as the major retail corridor off Vermilion Street. It's only 35 minutes from University of Illinois, Champaign-Urbana, an hour to Purdue University and two hours to Illinois State University. This rare investment opportunity is ideal for all buyers given the prime location, high historical and current occupancy, and meticulous nature of the current management company.
