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$ 2,350,000
Est. payment | /mo
12,720 SqFt
$ 2,350,000
Est. payment | /mo
12,720 SqFt
Key Details
Property Type Commercial
Sub Type Multi Family 5+
Listing Status Active
Purchase Type For Sale
Square Footage 12,720 sqft
Price per Sqft $184
MLS Listing ID 12309051
Year Built 1979
Annual Tax Amount $36,000
Tax Year 2022
Lot Dimensions 0X0
Property Sub-Type Multi Family 5+
Property Description
Prime Investment Opportunity - 65-Unit Multifamily Property Near Millikin University Welcome to an exceptional investment opportunity! This 65-unit residential property offers strong income potential, strategically positioned just 1.5 miles from Millikin University. With a current cap rate of 7.71 0/0 and a GRM of 6.95, this asset is priced based on existing income figures-reflecting the low 66 0/0 occupancy rate, leaving significant upside for the savvy investor. Some recent renovations, the units provide modern, comfortable living spaces that attract both students and local residents, further enhancing the rental potential. Value-Add Potential Increase in Occupancy: With only 66 0/0 occupancy, there's a major opportunity to increase revenue and push returns even higher. Laundry Room Completion: Once finalized, this additional amenity will further enhance tenant satisfaction and generate additional income. This is more than just an investment-it's a turnkey opportunity with immediate income and long-term appreciation potential. Whether you're an experienced investor or looking to expand your portfolio, this property offers a rare chance to acquire a high-yield asset in a prime location. Don't miss out on securing this income-producing multifamily property-schedule a showing today!
Location
State IL
County Macon
Interior
Fireplace N
Exterior
View Y/N true
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Listed by Nate Evans • eXp Realty,LLC-Mahomet
"My job is to find and attract mastery-based agents to the office, protect the culture, and make sure everyone is happy! "
2600 S. Michigan Ave., STE 102, Chicago, IL, 60616, United States