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Multifamily

Springfield Portfolio

110 W Lake Shore Dr, Springfield, IL 62703

Listing Price: $2,190,000

Cap Rate
8.00%
Number of Units
46
GRM
6.15
Occupancy
92.7%
Price/Unit
$47,609
Price/Gross SF
$60.83
Gross SF
36,000

Investment Overview

Marcus & Millichap is please to present The Springfield Portfolio, a 46-Unit two site multifamily
portfolio in Springfield, Illinois. The property consists of (3) one bedrooms, (42) two bedrooms and (1)
office space that can be rented as a two bedroom. Most of these units have undergone a complete
renovation.

West Lake Apartments is in a fantastic location in Springfield being directly off a retail corridor and the
high traffic Adlai Stevenson which allows easy access to I-55/I-72. Less than five-minutes south is
University of Illinois Springfield. This university is home to 4,146 students and 1,642 employees.
The property located on W Scarritt St is directly outside downtown Springfield giving close access to most
main offices for the State of Illinois which accounts for 33% of the jobs in Springfield. The second and
third largest employers, Memorial Medical Center and HSHS St. Johns Hospital are also within a fiveminute
drive from the W Scarritt St. This location puts the property in five-minute proximity from over
50% of the employment in Springfield.

Although most of the units have been recently renovated, there is still a rent gap between current inplace
rents and rents achieved by competing properties. This gap suggests rents could be increased by an
estimated $52/month with little to no additional investment. Priced at an 8 cap, the Springfield Portfolio
is positioned to generate extremely strong cash returns for the prospective investor.

Investment Highlights

  • Electrical & Gas Charged Directly to Tenants
  • 8.00 CAP on Current
  • Excellent Locations within Springfield

Exclusively Listed By

Broker of Record

  • Steven D. Weinstock

    First Vice President / Regional Manager / Designated Managing Broker

    (630) 570-2250

    License(s) IL: 471.011175

    Illinois

Listing Price: $2,190,000

Cap Rate
8.00%
Number of Units
46
GRM
6.15
Occupancy
92.7%
Price/Unit
$47,609
Price/Gross SF
$60.83
Gross SF
36,000

Investment Highlights

  • Electrical & Gas Charged Directly to Tenants
  • 8.00 CAP on Current
  • Excellent Locations within Springfield

Investment Overview

Marcus & Millichap is please to present The Springfield Portfolio, a 46-Unit two site multifamily
portfolio in Springfield, Illinois. The property consists of (3) one bedrooms, (42) two bedrooms and (1)
office space that can be rented as a two bedroom. Most of these units have undergone a complete
renovation.

West Lake Apartments is in a fantastic location in Springfield being directly off a retail corridor and the
high traffic Adlai Stevenson which allows easy access to I-55/I-72. Less than five-minutes south is
University of Illinois Springfield. This university is home to 4,146 students and 1,642 employees.
The property located on W Scarritt St is directly outside downtown Springfield giving close access to most
main offices for the State of Illinois which accounts for 33% of the jobs in Springfield. The second and
third largest employers, Memorial Medical Center and HSHS St. Johns Hospital are also within a fiveminute
drive from the W Scarritt St. This location puts the property in five-minute proximity from over
50% of the employment in Springfield.

Although most of the units have been recently renovated, there is still a rent gap between current inplace
rents and rents achieved by competing properties. This gap suggests rents could be increased by an
estimated $52/month with little to no additional investment. Priced at an 8 cap, the Springfield Portfolio
is positioned to generate extremely strong cash returns for the prospective investor.

Exclusively Listed By

Broker of Record

  • Steven D. Weinstock

    First Vice President / Regional Manager / Designated Managing Broker

    (630) 570-2250

    License(s): IL: 471.011175

    Illinois

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