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Multifamily

Sherwood Forest Apartment Homes

1100 W Jeffery St, Kankakee, IL 60901

Listing Price: $6,000,000

Cap Rate
8.14%
Number of Units
80
GRM
5.40
Price/Unit
$75,000
Price/Gross SF
$79.32
Gross SF
75,640

Investment Overview

Marcus & Millichap is pleased to present this 80-unit apartment property, built in 1965, located at 1100 West Jeffery Street in Kankakee, Illinois.

The building is comprised of 12 one-bedroom / one-bathroom units, 55 two-bedroom / two-bathroom units, 12 three bedroom / one and one-half bathroom units, and one office/laundry room unit. On average, these units measure approximately 725, 965, 1,075, and 965 square feet, respectively. The property features ample off-street parking, a courtyard, an on-site laundry facilities, new windows, camera surveillance system, and patios and balconies for each unit.

This investment offers an investor the opportunity to acquire a recently stabilized asset with an attractive initial capitalization rate with the potential to further increase the return through moving rents to market. The buyer can assume the existing loan at a below-market interest rate of 5.07%.

Investment Highlights

  • Desirable Unit Mix of Mostly Two-Bedroom Units
  • Ample Off-Street Parking, Courtyard, On-Site Laundry Facilities, Newer Windows, Camera Surveillance System and Patios and Balconies for Each Unit
  • Easy Access to Interstate 57, Route 115 and Route 52, Two Miles from Kankakee Amtrak Station and Walking Distance to River Valley Metro Bus Stop
  • Close Proximity to Retail Options including Jewel Osco, ACE Hardware and Dollar General and Nearby Dining Options include Wendy's and Subway
  • Walking Distance to Kankakee High School and Near Kankakee Community College
  • A Two Billion Dollar Electric Vehicle Battery Factory (Gotion) has been Approved to be Built in Manteno, Illinois. This Factory Will Create 2,600 New Jobs for Kankakee county residents.
  • Amazon Fulfillment Center is located in Saint Anne, Illinois
  • Surrounded by Recreational Parks, including McBroom Park

Exclusively Listed By

Multifamily

Sherwood Forest Apartment Homes

Listing Price: $6,000,000

Cap Rate
8.14%
Number of Units
80
GRM
5.40
Price/Unit
$75,000
Price/Gross SF
$79.32
Gross SF
75,640

Investment Highlights

  • Desirable Unit Mix of Mostly Two-Bedroom Units
  • Ample Off-Street Parking, Courtyard, On-Site Laundry Facilities, Newer Windows, Camera Surveillance System and Patios and Balconies for Each Unit
  • Easy Access to Interstate 57, Route 115 and Route 52, Two Miles from Kankakee Amtrak Station and Walking Distance to River Valley Metro Bus Stop
  • Close Proximity to Retail Options including Jewel Osco, ACE Hardware and Dollar General and Nearby Dining Options include Wendy's and Subway
  • Walking Distance to Kankakee High School and Near Kankakee Community College
  • A Two Billion Dollar Electric Vehicle Battery Factory (Gotion) has been Approved to be Built in Manteno, Illinois. This Factory Will Create 2,600 New Jobs for Kankakee county residents.
  • Amazon Fulfillment Center is located in Saint Anne, Illinois
  • Surrounded by Recreational Parks, including McBroom Park

Investment Overview

Marcus & Millichap is pleased to present this 80-unit apartment property, built in 1965, located at 1100 West Jeffery Street in Kankakee, Illinois. The building is comprised of 12 one-bedroom / one-bathroom units, 55 two-bedroom / two-bathroom units, 12 three bedroom / one and one-half bathroom units, and one office/laundry room unit. On average, these units measure approximately 725, 965, 1,075, and 965 square feet, respectively. The property features ample off-street parking, a courtyard, an on-site laundry facilities, new windows, camera surveillance system, and patios and balconies for each unit. This investment offers an investor the opportunity to acquire a recently stabilized asset with an attractive initial capitalization rate with the potential to further increase the return through moving rents to market. The buyer can assume the existing loan at a below-market interest rate of 5.07%.

Exclusively Listed By

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