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Available For Sale - Multifamily

107,200 SF | Show Pricing $

AVAILABILITY DETAILS

Size
107,200 SF
Price/SF
Show Pricing $
Listing ID
SA437344
Notes
Cap Rate 6.01%

Number of Units 152

GRM 8.43

Occupancy 92.80%

Price/Unit $97,039

Price/Gross SF $137.59

Gross SF 107,200



Investment Highlights

• 32 Large Studios, 72 One-Bedrooms and 48 Two-Bedrooms

• Clubhouse with office, laundry facilities, fitness area, outdoor pool and courtyard

• Located in Montgomery, Illinois | 40 Miles Southwest of Downtown Chicago

• Many upgraded kitchens and baths

• Tenant paid electric baseboard heat

• 152 unit suburban multifamily property



Investment Overview

Marcus & Millichap is proud to present to market Victorian Apartments, a 152-unit apartment community located in west suburban Montgomery, Illinois. The subject property is approximately 40 miles southwest of downtown Chicago. Victorian Apartments consists of 16 two and three-story apartment buildings and clubhouse spread out over almost 10 acres; offering 32 large studios, 72 one-bedrooms, and 48 two-bedroom apartment homes. Community amenities include a clubhouse, an on-site management office, laundry-facilities, fitness area with showers, outdoor pool, central courtyard area, and off-street parking. Substantial reinvestments by an experienced owner have been made in the property over the past four years, upgrading approximately 60 percent of the units to more contemporary walnut and oak finish kitchen cabinetry and countertops, ceramic tile kitchen and baths, appliances, fixtures, carpet, and property-wide deck repairs. Each unit has separately metered, tenant paid, low maintenance, electric baseboard heating. There is investor upside in this attractive multifamily investment opportunity through achievable higher market rents and further operational efficiencies.
Uses
Multifamily

This information has been obtained from sources believed reliable. We have not verified it and make no guarantee, warranty or representation about it. Any projections, opinions, assumptions or estimates used are for example only and do not represent the current or future performance of the property. You and your advisors should conduct a careful, independent investigation of the property to determine to your satisfaction the suitability of the property for you needs.

Listing provided courtesy of
Randolph Taylor MBA CCIM, eXp Commercial
BRE# ​475.142701