Investment Overview

Marcus & Millichap is pleased to present Sheridan Apartments, a 24-unit multifamily property located in Pekin, Illinois, within the Peoria metropolitan area. Originally constructed in 1973 and situated on 0.92 acres, the property offers a desirable unit mix of 16 one-bedroom and eight two-bedroom units across two buildings. Twenty-two of the twenty-four units have been renovated, with the final two scheduled for completion and lease-up by April 2025, positioning the asset for improved operational performance. Ownership has also initiated the addition of an on-site laundry facility, introducing a new tenant amenity and potential ancillary revenue stream. Located near East Court Village Shopping Center and the retail corridor along Court Street, Sheridan Apartments provides residents with easy access to shopping, dining, and public parks, including McNaughton Park and the Pekin Park District. The property is also situated near major employers and essential services, such as UnityPoint Health and Pekin Insurance, helping support steady rental demand. A separate unfinished space beneath one of the buildings offers optionality for further value-add improvements by a future owner. Pekin is part of the Peoria MSA, a regional center with a population exceeding 400,000 and a diverse economy supported by healthcare, manufacturing, and education. The area is anchored by employers such as Caterpillar Inc. and institutions like Bradley University, and its location along the Illinois River, equidistant from Chicago and St. Louis, offers strong infrastructure and connectivity. With major renovations already completed and additional improvements in progress, Sheridan Apartments presents an appealing opportunity for investors seeking a well-located, updated asset with continued upside potential.