Investment Overview

Sheridan Apartments is a 24-unit multifamily property located in the heart of Pekin, Illinois. Originally built in 1973 and situated on 0.92 acres, the property offers a desirable unit mix of 16 one-bedroom, one-bath units and 8 two-bedroom, one-bath units. Sixteen units have been renovated with modern finishes, while eight remaining classic units provide a clear path for a future owner to capture additional upside via interior upgrades. Ownership has also completed the build-out of an on-site laundry area beneath the 1902 building, with the space fully prepped for machine installation - offering a straightforward opportunity for a new owner to activate a new resident amenity and ancillary income stream. A separate space beneath the 1900 building provides additional flexibility for future expansion or further value-add improvements. Located in Pekin, the county seat of Tazewell County, Illinois, the property benefits from its central civic and institutional role. Pekin enjoys a stable economic base, with public-sector employment and local service infrastructure anchoring the town. Positioned near key retail amenities including East Court Village Shopping Center and the retail corridor along Court Street, Sheridan Apartments also offers convenience to recreation via McNaughton Park and the Pekin Park District’s network of parks and golf courses. The area provides convenient access to major employers and essential services - factors that support consistent rental demand. The broader region is the Peoria metropolitan area, which covers more than 400,000 residents and is supported by healthcare, education and manufacturing. The region has seen recent momentum, including the announcement by Rivian Automotive to invest nearly US $120 million in a supplier park in Central Illinois, underscoring growing industrial and employment activity in the state. With the majority of renovations complete, amenity spaces prepped and remaining units offering tangible value-add potential, Sheridan Apartments presents investors with an appealing opportunity: a well-located, updated multifamily asset in a region with civic importance and enhancing economic fundamentals.