601-605 W Orchard St - Apartments FOR SALE


Macomb, IL 61455
$450,000 USD
217-202-0924
601-605 W Orchard St, Macomb, IL for Sale
$450,000 USD
Apartments - FOR SALE
1/11
null | 10.03% Cap Rate

601-605 W Orchard St
Macomb, IL 61455


HIGHLIGHTS

  • Outstanding location in close proximity to WIU campus!
  • Solid rental history!
  • Buildings have been well maintained!

OVERVIEW

This 10-unit multifamily investment opportunity is located just blocks from Western Illinois University in Macomb and currently serves a mix of both student and young professional tenants. With strong rental demand generated by WIU and surrounding employers, the property offers investors stable cash flow and long-term upside potential. The property consists of two adjacent buildings situated on two separate PINs totaling approximately 0.64 acres. The larger building was constructed in 2006 and contains approximately 7,200 square feet. The smaller building, reportedly constructed in 1940 according to Reonomy, contains approximately 2,384 square feet. The property is being offered at $450,000, equating to approximately $47 per square foot and representing a rare opportunity to acquire a multifamily asset at approximately a 10-cap in today’s market environment. The property consists of the following unit mix: • 7) Three Bedroom / One Bathroom Units • 1) Two Bedroom / One Bathroom Unit • 1) One Bedroom / One Bathroom Unit • 1) Studio Unit Current rental rates range from approximately $600 to $750 per month depending upon unit size and configuration. The property is currently approximately 90% occupied with ownership anticipating the property being fully occupied by August. Lease expiration dates are staggered, helping reduce turnover concentration and minimizing vacancy exposure. The property currently houses both students and young professionals, creating a diversified tenant base rather than relying solely upon student housing demand. Ownership currently pays water and garbage expenses while tenants are directly billed for electric and gas service. In addition to rental income, the property also includes a small laundromat generating approximately $2,600 annually in additional income. All laundromat equipment is owned by the seller and will transfer with the sale. There are approximately 20 parking spaces available between the two buildings in addition to available street parking nearby. Located just blocks from Western Illinois University, the property benefits from its proximity to campus, restaurants, shopping, and other amenities within the Macomb market.

FOR SALE DETAILS

PRICE

$450,000 USD

PRICE/SF

$63 USD /SF

# OF UNITS

10

PRICE/UNIT

$45,000

CAP RATE

10.03%

% LEASED

90%

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY TYPE

Multi-Family

APARTMENT STYLE

Low-Rise

PROPERTY SUBTYPE

Apartments

TOTAL BUILDING SIZE

-

STORIES

2

YEAR BUILT

2006

PARKING SPACES

-

LAND DETAILS

LAND ACRES

0.64 AC

LAND SF

27,878 SF

ZONING

Multi

APN/PARCEL ID

11-100-844-00,11-100-845-00

ASK ABOUT THIS PROPERTY

Jon FisherMr. LandmanMore Info
217-202-0924

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Jon FisherMr. LandmanMore Info
217-202-0924

By clicking the button, you agree to Showcase's Terms of Use and Privacy Notice.