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Multifamily

Huntley Ridge Downtown

552 S Church St, Decatur, IL 62522

Listing Price: $6,500,000

Cap Rate
5.15%
Number of Units
110
Price/Unit
$59,091

Investment Overview

Huntley Ridge Downtown is a 110-unit market-rate garden style community located at 552 S Church St in Decatur, IL. The property was built in 1968 and is situated on a 4.3-acre parcel comprised of eighteen residential buildings. The unit mix is comprised of (22) one-bedroom | one-bathroom apartments, (69) two-bedroom | one-bathroom apartments, (5) three-bedroom | one and a half-bathroom townhomes, and (14) three-bedroom | two-bathroom apartments. Unit interiors have been renovated to various levels throughout current and previous ownership. Units feature tile flooring and hardwood laminate in common areas, carpet in the bedrooms, white & black electric appliances, wall-mounted air conditioners, ceiling fans, and floor vents in each unit for heating provided by boilers in the lower level of each building. The majority of unit interiors have been updated in the past 5-6 years, including but not limited to hardwood laminate flooring in common areas, black kitchen appliances, darker gray carpet in bedrooms of remodeled units, new blinds, ceiling fans, and kitchen and bathroom fixtures. Current owners estimate approximately 35 units have been re-floored since ownership, with more units receiving many other interior upgrades along the way. Residents pay their own electricity, while water/sewer/trash/gas are paid by the owner. Gas heating is on a boiler system, and all air conditioners are electric and wall-mounted. The majority of utility costs are for heating during the winters. There’s also an on-site laundry facility to serve the community. The property employs a dedicated full-time on-site manager who is willing to stay with a new property owner after the sale.

Investment Highlights

  • Excellent Value Add Opportunity with Economies of Scale In High Barrier-To-Entry Rental Market
  • Primed for Multiple Value-Add Strategies: Takeover: Increase Occupancy & Rents to Eliminate Loss-to-Lease; Year 1: Implement Light Interior Renovations Property Wide to Set Market Rents
  • Solid Brick Construction | All Roofs Replaced in 2014
  • Attractive Agency Financing Available
  • Well-Located Rental Community for Local Workforce Housing Renters

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

Multifamily

Huntley Ridge Downtown

Listing Price: $6,500,000

Cap Rate
5.15%
Number of Units
110
Price/Unit
$59,091

Investment Highlights

  • Excellent Value Add Opportunity with Economies of Scale In High Barrier-To-Entry Rental Market
  • Primed for Multiple Value-Add Strategies: Takeover: Increase Occupancy & Rents to Eliminate Loss-to-Lease; Year 1: Implement Light Interior Renovations Property Wide to Set Market Rents
  • Solid Brick Construction | All Roofs Replaced in 2014
  • Attractive Agency Financing Available
  • Well-Located Rental Community for Local Workforce Housing Renters

Investment Overview

Huntley Ridge Downtown is a 110-unit market-rate garden style community located at 552 S Church St in Decatur, IL. The property was built in 1968 and is situated on a 4.3-acre parcel comprised of eighteen residential buildings. The unit mix is comprised of (22) one-bedroom | one-bathroom apartments, (69) two-bedroom | one-bathroom apartments, (5) three-bedroom | one and a half-bathroom townhomes, and (14) three-bedroom | two-bathroom apartments. Unit interiors have been renovated to various levels throughout current and previous ownership. Units feature tile flooring and hardwood laminate in common areas, carpet in the bedrooms, white & black electric appliances, wall-mounted air conditioners, ceiling fans, and floor vents in each unit for heating provided by boilers in the lower level of each building. The majority of unit interiors have been updated in the past 5-6 years, including but not limited to hardwood laminate flooring in common areas, black kitchen appliances, darker gray carpet in bedrooms of remodeled units, new blinds, ceiling fans, and kitchen and bathroom fixtures. Current owners estimate approximately 35 units have been re-floored since ownership, with more units receiving many other interior upgrades along the way. Residents pay their own electricity, while water/sewer/trash/gas are paid by the owner. Gas heating is on a boiler system, and all air conditioners are electric and wall-mounted. The majority of utility costs are for heating during the winters. There’s also an on-site laundry facility to serve the community. The property employs a dedicated full-time on-site manager who is willing to stay with a new property owner after the sale.

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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