Investment Overview

Marcus & Millichap is pleased to exclusively present Stadium Heights, a 48-unit apartment complex located in Macomb, Illinois. The property includes a unit mix of twenty-four (24) one-bedroom units, and twenty-four (24) two-bedroom units. Stadium Heights is located less than a mile from Western Illinois University’s main campus and its new $119M state of the art performing arts center which is estimated to be completed in 2026. Stadium Heights offers amenities including an on-site leasing office built in 2016, an in-ground pool and BBQ area, on-site laundry facility in each building, a spacious parking lot, and walk-in closets. Its proximity to campus as well as its desirable amenities position it well within the local market. Since 2021, the property has received over $700,000 in Capital Investment. These upgrades include new paint; flooring; appliances as needed; lighting, paint, and flooring in the common areas; replacement of all 88 windows; replacement of both Mansard roofs; updated fire system in all common areas; sump pump installation in basements; and several new water heaters and AC units. Stadium Heights offers the prospective investor the opportunity to acquire a well-maintained cash-flowing apartment complex. The property is currently 96 percent occupied, and at only $41,563 a unit, is priced to generate significant cash returns. The property has already leased one bedroom units for $640 per month and 2-bedroom units for $750 per month. If every unit were to be increased to these rates, the total revenue would grow by over 8.5 percent, and the projected cash-on-cash return would exceed 16 percent.