Macomb

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Address: 311 West University Drive

Chicago & Midwest + Apartment Buildings

Created date: August 20, 2024

Date last updated: November 27, 2024

Projected $90 Rental Upside per Unit

Projected 10.62 Percent Pro Forma CAP

Projected 15.62 Percent Cash-on-Cash

0.5 miles from Western Illinois University’s main campus

Property Description

Marcus & Millichap is pleased to exclusively present a 25-unit apartment complex located in Macomb, IL. The property includes a unit mix of twenty (20) studio units, three (3) one-bedroom units, one (1) two-bedroom unit, and one (1) unit used as a leasing office. The current leasing office is the size of a studio unit and is rent ready. The property has a walk score of 71 with it being just 0.5 miles from Western Illinois University’s main campus and 1 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 enter a stable real estate market at a low basis and immediately achieve positive cash flow at the property. Through the stable rental market, a new owner would be projected to grow NOI 32% in Pro Forma without significant improvements. Through this NOI growth, an investor’s projected Cash-on-Cash could reach 15.62% in Pro Forma.

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Key Property Information

Listing Status:	Available
Property Types:	Apartment Buildings
Price:	$730,000
No. of Units:	25
Cap Rate:	8.05%
GRM /GIM:	4.43
Year Built:	1970
Building Size:	7,334 Sq ft
Lot Size:	0.83 Acres
No. of Stories:	2
APN:	11-101-094-00
Opportunity Zone:	No
Price per unit:	$29,200
Property Website	Click Here