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Multifamily

Cottonwood Park

4053 Mississippi Ave, Cahokia, IL 62206

Listing Price: $3,713,161

Cap Rate
7.75%
Number of Units
88
Price/Unit
$42,195
Price/Gross SF
$54.93
Gross SF
67,601

Investment Overview

Cottonwood Apartments is an 88-unit apartment community consisting of (8) one bedrooms, (79) two bedrooms, and (1) office that could be rented as a two bedroom. The community features (11) buildings and (1) newly constructed maintenance shed. The units boasts private unit entrances, large balconies covered by large trees offering privacy to tenants, and an open concept kitchen/dining area. The property is located just over the Mississippi River from downtown St. Louis providing a 5-minute drive to the heart of the city. Cottonwood Park is one of the first large communities in Illinois after leaving downtown St. Louis. On this 5-minute drive to St. Louis there are plenty of industrial employers along the river making this property perfect to provide workforce housing. Just 3-minutes southeast there is a large retail corridor that contains several big box and grocery retailers. A new investor can acquire this well-located, newly renovated property at a 7.75 CAP Rate. The current owner has completed renovation on 51 of 88 units giving a new investor the opportunity to continue the proven value-add business plan. Once renovated, it is projected that rents could be increased up to $110 and provide an investor the opportunity to realize a strong proforma cash-on-cash. The seller would prefer a buyer to assume the current loan but will consider strong offers that require new debt. The current Agency loan does permit a supplemental take out which should increase the LTV similarly to new debt. See slide 5 for loan details.

Investment Highlights

  • The property is located just over the Mississippi River from downtown St. Louis providing a 5-minute drive to the heart of the city.
  • A new investor can acquire this well-located, newly renovated property at a 7.75 CAP Rate.
  • Once renovated, it is projected that rents could be increased up to $110 and provide an investor the opportunity to realize a strong proforma cash-on-cash.

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: $3,713,161

Cap Rate
7.75%
Number of Units
88
Price/Unit
$42,195
Price/Gross SF
$54.93
Gross SF
67,601

Investment Highlights

  • The property is located just over the Mississippi River from downtown St. Louis providing a 5-minute drive to the heart of the city.
  • A new investor can acquire this well-located, newly renovated property at a 7.75 CAP Rate.
  • Once renovated, it is projected that rents could be increased up to $110 and provide an investor the opportunity to realize a strong proforma cash-on-cash.

Investment Overview

Cottonwood Apartments is an 88-unit apartment community consisting of (8) one bedrooms, (79) two bedrooms, and (1) office that could be rented as a two bedroom. The community features (11) buildings and (1) newly constructed maintenance shed. The units boasts private unit entrances, large balconies covered by large trees offering privacy to tenants, and an open concept kitchen/dining area. The property is located just over the Mississippi River from downtown St. Louis providing a 5-minute drive to the heart of the city. Cottonwood Park is one of the first large communities in Illinois after leaving downtown St. Louis. On this 5-minute drive to St. Louis there are plenty of industrial employers along the river making this property perfect to provide workforce housing. Just 3-minutes southeast there is a large retail corridor that contains several big box and grocery retailers. A new investor can acquire this well-located, newly renovated property at a 7.75 CAP Rate. The current owner has completed renovation on 51 of 88 units giving a new investor the opportunity to continue the proven value-add business plan. Once renovated, it is projected that rents could be increased up to $110 and provide an investor the opportunity to realize a strong proforma cash-on-cash. The seller would prefer a buyer to assume the current loan but will consider strong offers that require new debt. The current Agency loan does permit a supplemental take out which should increase the LTV similarly to new debt. See slide 5 for loan details.

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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