Adams St Portfolio

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Address: 404 W Adams Rd, Macomb, IL 61455, USA

Chicago & Midwest + Apartment Buildings

Created date: November 6, 2024

Date last updated: November 27, 2024

$123 Rental Upside Per Unit
12.14 Percent Pro Forma CAP
27.58 Percent Pro Forma Cash-on-Cash
Steps from Western Illinois University’s Main Campus

Property Description

Marcus & Millichap is pleased to exclusively present a 29-unit apartment portfolio located in Macomb, Illinois. The property includes a unit mix of three (3) one-bedroom units, seven (7) two-bedroom units, eighteen (18) two-bedroom townhome units, and one (1) four-bedroom single family house. The property has a walk score of 78 with it being just steps away from Western Illinois University’s main campus and a half mile from downtown Macomb. Western Illinois University consistently enrolls more than 7,000 students each year. With the university offering few rental options nearby, this property is in a prime location to attract students. The property offers an investor the rare opportunity to immediately cash flow a portfolio of majority townhome style units at a low basis. A new owner is projected to grow NOI 50 percent in Pro Forma without significant improvements. Through this NOI growth, an investor’s projected Cash-on-Cash could reach 27 percent in Pro Forma.

Under Contract

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Key Property Information

Listing Status:	Under Contract
Property Types:	Apartment Buildings
Price:	$1,160,000
No. of Units:	29
Cap Rate:	7.33%
GRM /GIM:	5.19
Year Built:	1970
Building Size:	24,483 Sq ft
Lot Size:	0.98 Acres
Opportunity Zone:	No
Price per unit:	$40,000
Property Website	Click Here