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Multifamily

Ivy Lane Apartments

499 Ivy Ln, Bradley, IL 60915

Listing Price: $2,800,000

Cap Rate
6.63%
Number of Units
43
GRM
7.27
Occupancy
95.0%
Price/Unit
$65,116
Price/Gross SF
$72.22
Gross SF
38,768

Investment Overview

Marcus & Millichap is pleased to present Ivy Lane Apartments, a 43-unit apartment property located at 485-499 Ivy Lane in Bradley, Illinois. Bradley resides in Kankakee County, located approximately 60 miles southwest of downtown Chicago. The area provides convenient access to Interstate 57 and the Kankakee Amtrak train station is located approximately two and one-half miles southeast of the property. The area is locally served by River Valley Metro with stops conveniently located on West North Avenue, 0.5 miles east of the subject property.

Ivy Lane Apartments is comprised of townhomes and apartment units ranging in size from 624 to 1,124 square feet. The complex offers four all brick buildings with three one-bedroom / one-bath, 28 two-bedroom / one-bathroom, eight two-bedroom / one and one-half bathroom townhomes and four three-bedroom / two-bathroom apartment units currently operating at 100 percent occupancy. All units feature brand new front doors, newer roofs across all buildings and a new parking lot completed in 2020, offering 76 parking spaces and an on-site laundry facility in each building.

The property is positioned directly west of Washington Avenue train tracks and east of Bradley's major retail corridor and business parks. This is a prime location in Bradley, Illinois and Ivy Lane Apartments is the largest apartment community in the area, allowing for potential investors to establish a strong footprint in the most affluent city of Kankakee County. This investment offers potential investors the opportunity to acquire a fully-stabilized and well-maintained asset with strong in place cash flow and the ability to begin pushing rents to market level upon acquisition.

Investment Highlights

  • All Units Feature Brand New Doors and All Buildings have Newer Roofs in Place
  • New Parking Lot Completed in 2020
  • Excellent Unit Mix with Spacious Floor Plans and Town Home Offerings

Exclusively Listed By

  • Scott D. Harris

    Senior Managing Director Investments

    (630) 570-2220

    Email Scott

    License(s): IA: S58247000, WI: 15869-090, IN: RB14049474, IL: 475.139778

    Chicago Oak Brook

  • Bryan W. Kunze

    Senior Associate

    (630) 570-2239

    Email Bryan

    License(s): IL: 475.162316

    Chicago Oak Brook

Multifamily

Ivy Lane Apartments

Listing Price: $2,800,000

Cap Rate
6.63%
Number of Units
43
GRM
7.27
Occupancy
95.0%
Price/Unit
$65,116
Price/Gross SF
$72.22
Gross SF
38,768

Investment Highlights

  • All Units Feature Brand New Doors and All Buildings have Newer Roofs in Place
  • New Parking Lot Completed in 2020
  • Excellent Unit Mix with Spacious Floor Plans and Town Home Offerings

Investment Overview

Marcus & Millichap is pleased to present Ivy Lane Apartments, a 43-unit apartment property located at 485-499 Ivy Lane in Bradley, Illinois. Bradley resides in Kankakee County, located approximately 60 miles southwest of downtown Chicago. The area provides convenient access to Interstate 57 and the Kankakee Amtrak train station is located approximately two and one-half miles southeast of the property. The area is locally served by River Valley Metro with stops conveniently located on West North Avenue, 0.5 miles east of the subject property.

Ivy Lane Apartments is comprised of townhomes and apartment units ranging in size from 624 to 1,124 square feet. The complex offers four all brick buildings with three one-bedroom / one-bath, 28 two-bedroom / one-bathroom, eight two-bedroom / one and one-half bathroom townhomes and four three-bedroom / two-bathroom apartment units currently operating at 100 percent occupancy. All units feature brand new front doors, newer roofs across all buildings and a new parking lot completed in 2020, offering 76 parking spaces and an on-site laundry facility in each building.

The property is positioned directly west of Washington Avenue train tracks and east of Bradley's major retail corridor and business parks. This is a prime location in Bradley, Illinois and Ivy Lane Apartments is the largest apartment community in the area, allowing for potential investors to establish a strong footprint in the most affluent city of Kankakee County. This investment offers potential investors the opportunity to acquire a fully-stabilized and well-maintained asset with strong in place cash flow and the ability to begin pushing rents to market level upon acquisition.

Exclusively Listed By

  • Scott D. Harris

    Senior Managing Director Investments

    (630) 570-2220

    Email Scott

    License(s): IA: S58247000, WI: 15869-090, IN: RB14049474, IL: 475.139778

    Chicago Oak Brook

  • Bryan W. Kunze

    Senior Associate

    (630) 570-2239

    Email Bryan

    License(s): IL: 475.162316

    Chicago Oak Brook

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