Multifamily
Macomb Portfolio
369 Eggers Dr, Macomb, IL 61455
Listing Price: $3,100,000
Investment Overview
Marcus & Millichap is pleased to exclusively present the Macomb Portfolio, a 100-unit apartment portfolio located in Macomb, Illinois. The property includes a unit mix of thirty-four (34) one-bedroom units, sixty-four (64) two-bedroom units, one (1) three-bedroom unit, and one (1) four-bedroom single family house.
Being just steps away from Western Illinois University’s main campus and a half mile from downtown Macomb, the property has a walk score of 78. 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 experiencing strong rental demand.
The portfolio offers an investor the rare opportunity to acquire 100-units and scale into a new market. Priced at only $31,000 per unit, the portfolio will generate strong, immediate cash flow at a low basis. After completing light interior renovations and increasing occupancy to 90 percent, a new owner is projected to grow net operating income 43 percent in Pro Forma.
Listing Price: $3,100,000
Investment Highlights
- In-Place Over 9 Percent Cap Rate
- Day One 13.2 Percent Cash on Cash Return
- 4.38 Gross Rent Multiplier
- Steps from Western Illinois University's Main Campus
Investment Overview
Marcus & Millichap is pleased to exclusively present the Macomb Portfolio, a 100-unit apartment portfolio located in Macomb, Illinois. The property includes a unit mix of thirty-four (34) one-bedroom units, sixty-four (64) two-bedroom units, one (1) three-bedroom unit, and one (1) four-bedroom single family house. Being just steps away from Western Illinois University’s main campus and a half mile from downtown Macomb, the property has a walk score of 78. 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 experiencing strong rental demand. The portfolio offers an investor the rare opportunity to acquire 100-units and scale into a new market. Priced at only $31,000 per unit, the portfolio will generate strong, immediate cash flow at a low basis. After completing light interior renovations and increasing occupancy to 90 percent, a new owner is projected to grow net operating income 43 percent in Pro Forma.
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