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Multifamily

311 W University Dr

311 W University Dr, Macomb, IL 61455

Listing Price: $730,000

Cap Rate
8.05%
Number of Units
25
GRM
4.43
Price/Unit
$29,200
Price/Gross SF
$35.81
Gross SF
20,384

Investment Overview

Marcus & Millichap is pleased to exclusively present a 25-unit apartment complex located in Macomb, IL. The property includes a unit mix of twenty (20) studio units, three (3) one-bedroom units, one (1) two-bedroom unit, and one (1) unit used as a leasing office. The current leasing office is the size of a studio unit and is rent ready.

The property has a walk score of 71 with it being just 0.5 miles from Western Illinois University’s main campus and 1 mile from downtown Macomb. Western Illinois University consistently enrolls more than 7,000 students each year. With the university offering few rental options nearby, this property is in a prime location to attract students.

The property offers an investor the rare opportunity to enter a stable real estate market at a low basis and
immediately achieve positive cash flow at the property. Through the stable rental market, a new owner would be projected to grow NOI 32% in Pro Forma without significant improvements. Through this NOI growth, an investor’s projected Cash-on-Cash could reach 15.62% in Pro Forma.

Investment Highlights

  • Projected $90 Rental Upside per Unit
  • Projected 10.62 Percent Pro Forma CAP
  • Projected 15.62 Percent Cash-on-Cash
  • 0.5 miles from Western Illinois University's main campus

Exclusively Listed By

Broker of Record

  • Steven D. Weinstock

    Senior Vice President/Regional Manager

    (630) 570-2200

    License(s) IL: 471.011175

    Illinois

Multifamily

311 W University Dr

Listing Price: $730,000

Cap Rate
8.05%
Number of Units
25
GRM
4.43
Price/Unit
$29,200
Price/Gross SF
$35.81
Gross SF
20,384

Investment Highlights

  • Projected $90 Rental Upside per Unit
  • Projected 10.62 Percent Pro Forma CAP
  • Projected 15.62 Percent Cash-on-Cash
  • 0.5 miles from Western Illinois University's main campus

Investment Overview

Marcus & Millichap is pleased to exclusively present a 25-unit apartment complex located in Macomb, IL. The property includes a unit mix of twenty (20) studio units, three (3) one-bedroom units, one (1) two-bedroom unit, and one (1) unit used as a leasing office. The current leasing office is the size of a studio unit and is rent ready. The property has a walk score of 71 with it being just 0.5 miles from Western Illinois University’s main campus and 1 mile from downtown Macomb. Western Illinois University consistently enrolls more than 7,000 students each year. With the university offering few rental options nearby, this property is in a prime location to attract students. The property offers an investor the rare opportunity to enter a stable real estate market at a low basis and immediately achieve positive cash flow at the property. Through the stable rental market, a new owner would be projected to grow NOI 32% in Pro Forma without significant improvements. Through this NOI growth, an investor’s projected Cash-on-Cash could reach 15.62% in Pro Forma.

Exclusively Listed By

Broker of Record

  • Steven D. Weinstock

    Senior Vice President/Regional Manager

    (630) 570-2200

    License(s): IL: 471.011175

    Illinois

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