Multifamily
Vacant: Olde Towne Apartments
748 Bruns Ln, Springfield, IL 62702
Listing Price: $7,500,000
Investment Overview
Marcus & Millichap is pleased to present this 218-unit apartment property, built in 1974, located at 748 Bruns Lane in Springfield, Illinois.
The building is comprised of 72 one-bedroom / one-bathroom units, 102 two-bedroom / one-bathroom units, and 44 two-bedroom / one and one-half bathroom townhome units, measuring approximately 580, 960 and 1,145 square feet, respectively. Approximately 30 percent of units are renovated and approximately two-thirds of units feature washer and dryer hookups. The property features a playground, swimming pool (non-operational), basketball court, clubhouse, picnic area, and ample off-street parking.
This investment offers an investor the opportunity to acquire an asset with significant value-add potential through renovating units and increasing occupancy.
Vacant: Olde Towne Apartments
Investment Highlights
- Property is Vacant
- Desirable Unit Mix of Mostly One-Bedroom and Two-Bedroom Units and Approximately 30 Percent of Units are Renovated
- Approximately Two-Thirds of Units Feature Washer and Dryer Hookups
- Amenities Include: Playground, Swimming Pool (Non-Operational), Basketball Court, Clubhouse, Picnic Area and Ample Off-Street Parking
- Easy Access to Route 97 and Route 4, Two and One-Half Miles to the Illinois State Capitol and Springfield Amtrak Station, and Walking Distance to Bruns Lane & Jefferson Street Bus Stop
- Near Springfield High School - Ranked #2 in Springfield, Illinois Metro Area Rankings According to US News
- Close to a Variety of Employment Outlets, which include Transportation Illinois Department (5,040 Employees), Saint John's Hospital (2,900 Employees), and Memorial Medical Center (2,398 Employees)
- Average Household Income within Three Miles is $81,515 and Median Housing Value in the Area is $129,165 in 2022
Exclusively Listed By
Listing Price: $7,500,000
Investment Highlights
- Property is Vacant
- Desirable Unit Mix of Mostly One-Bedroom and Two-Bedroom Units and Approximately 30 Percent of Units are Renovated
- Approximately Two-Thirds of Units Feature Washer and Dryer Hookups
- Amenities Include: Playground, Swimming Pool (Non-Operational), Basketball Court, Clubhouse, Picnic Area and Ample Off-Street Parking
- Easy Access to Route 97 and Route 4, Two and One-Half Miles to the Illinois State Capitol and Springfield Amtrak Station, and Walking Distance to Bruns Lane & Jefferson Street Bus Stop
- Near Springfield High School - Ranked #2 in Springfield, Illinois Metro Area Rankings According to US News
- Close to a Variety of Employment Outlets, which include Transportation Illinois Department (5,040 Employees), Saint John's Hospital (2,900 Employees), and Memorial Medical Center (2,398 Employees)
- Average Household Income within Three Miles is $81,515 and Median Housing Value in the Area is $129,165 in 2022
Investment Overview
Marcus & Millichap is pleased to present this 218-unit apartment property, built in 1974, located at 748 Bruns Lane in Springfield, Illinois. The building is comprised of 72 one-bedroom / one-bathroom units, 102 two-bedroom / one-bathroom units, and 44 two-bedroom / one and one-half bathroom townhome units, measuring approximately 580, 960 and 1,145 square feet, respectively. Approximately 30 percent of units are renovated and approximately two-thirds of units feature washer and dryer hookups. The property features a playground, swimming pool (non-operational), basketball court, clubhouse, picnic area, and ample off-street parking. This investment offers an investor the opportunity to acquire an asset with significant value-add potential through renovating units and increasing occupancy.
Exclusively Listed By
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