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Multifamily

Pine Shores Apartments

6113 Giant City Rd, Carbondale, IL 62902

Listing Price: $5,235,000

Cap Rate
6.57%
Number of Units
61
Occupancy
95.0%
Price/Unit
$85,820
Price/Gross SF
$79.63
Gross SF
65,744

Investment Overview

Marcus & Millichap is pleased to present the Pine Shores Apartments, a 61-unit single story, townhouse apartment complex, surrounding a picturesque private lake and manicured grounds. The property is located on 11.5 acres, four miles south of Carbondale, IL, home to Southern Illinois University with over 14,500 students and across the street from the Giant City School, awarded by the U.S. Dept. of Education as a “National Blue Ribbon High Performing School.” The property is fully occupied with a waiting list of tenants. Over five acres of adjacent land is available for future expansion. The unit mix is comprised of 44 two-bedroom apartments, 12 one-bedroom, and five three-bedroom apartments. There are varying layouts with one to three-and-a-half baths, 28 private garages and ample off-street parking. Apartments are large (826 SF - 1,882 SF) and bright, with spacious closet space, open floor plans and many with beautiful lake views. Each unit has thermostatic controls and is equipped with an in-unit forced air furnace, cooled with central air, in addition to a dedicated water heater. Some units are equipped with a propane-fired fireplace. The complex was constructed in phases between 2003 and 2011 and well maintained throughout. Tenants pay for heat, air-conditioning and hot water. This is a quiet, condo-like setting with a gated, resort community look and feel. It’s a perfect turn-key, investment that will cash-flow from day one.

Investment Highlights

  • 61 Rent-Ready, Spacious Apartments Surrounding a Private Lake
  • Excellent, In-Demand Location with a Waiting List of Tenants
  • Beautiful Bucolic Setting
  • Stable, Fully-Occupied
  • Upside Potential by Pushing Rents
  • Tenants Pay Utilities
  • Additional Land Available for Future Expansion

Exclusively Listed By

Multifamily

Pine Shores Apartments

Listing Price: $5,235,000

Cap Rate
6.57%
Number of Units
61
Occupancy
95.0%
Price/Unit
$85,820
Price/Gross SF
$79.63
Gross SF
65,744

Investment Highlights

  • 61 Rent-Ready, Spacious Apartments Surrounding a Private Lake
  • Excellent, In-Demand Location with a Waiting List of Tenants
  • Beautiful Bucolic Setting
  • Stable, Fully-Occupied
  • Upside Potential by Pushing Rents
  • Tenants Pay Utilities
  • Additional Land Available for Future Expansion

Investment Overview

Marcus & Millichap is pleased to present the Pine Shores Apartments, a 61-unit single story, townhouse apartment complex, surrounding a picturesque private lake and manicured grounds. The property is located on 11.5 acres, four miles south of Carbondale, IL, home to Southern Illinois University with over 14,500 students and across the street from the Giant City School, awarded by the U.S. Dept. of Education as a “National Blue Ribbon High Performing School.” The property is fully occupied with a waiting list of tenants. Over five acres of adjacent land is available for future expansion. The unit mix is comprised of 44 two-bedroom apartments, 12 one-bedroom, and five three-bedroom apartments. There are varying layouts with one to three-and-a-half baths, 28 private garages and ample off-street parking. Apartments are large (826 SF - 1,882 SF) and bright, with spacious closet space, open floor plans and many with beautiful lake views. Each unit has thermostatic controls and is equipped with an in-unit forced air furnace, cooled with central air, in addition to a dedicated water heater. Some units are equipped with a propane-fired fireplace. The complex was constructed in phases between 2003 and 2011 and well maintained throughout. Tenants pay for heat, air-conditioning and hot water. This is a quiet, condo-like setting with a gated, resort community look and feel. It’s a perfect turn-key, investment that will cash-flow from day one.

Exclusively Listed By

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