Historical Multifamily Sale Listing - Cornerstone Apartments

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Cornerstone Apartments

819 West Crestwood Drive, Peoria, IL 61615

N/A

64 Units | Multifamily

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Multifamily Property - Off Market

Price:
N/A
No. Units:
64
Building Size:
58,100 SF
Property Type:
Multifamily
Property Sub-type:
Garden/Low-Rise
Property Use Type:
Investment
Cap Rate:
8%
Gross Rent Multiplier:
6.46
Occupancy:
94%
No. Stories:
2
Year Built:
1969
Lot Size:
1.99 AC
Listing ID
15797815
Last Updated
over 1 year ago

Highlights

  • 5 Building, 64 Unit Brick & Siding Complex
  • Studio, One & Two Bedroom Units
  • Excellent Residential Location just off N. Sheridan Rd.
  • Tenant Paid Utilities
  • Below Market Rents

Description

This investment opportunity is a modern 64 unit apartment complex in north Peoria, IL. The property consists of 4 Studios, 30 One Bedroom One Bath units and 30 Two Bedroom One Bath units. There are laundry and storage facilities in each building and ample lot parking on the premises.

The property has undergone numerous recent capital improvements which has helped to provide a dramatic improvement in occupancy. Over half the apartments have new HVAC units and new appliances including refrigerators, stoves and dishwashers. Additionally, over 60% of the units have updated bathrooms and all the common areas have been remodeled.

An investor could take over this extensively rehabilitated property and raise rents to market levels to immediately increase returns. There is little to no deferred maintenance allowing for a stabilized, cash flowing property for years to come.

The Cornerstone Apartments are well located on just off highly trafficked North Sheridan Road in north Peoria, the most established community in Central Illinois. Located on the banks of the Illinois River, Peoria is at the heart of the Greater Peoria area which has a population of nearly 350,000. Over 300 years ago, the Native Americans and French Traders who called this river valley home referred to the area as Pimiteoui, or "fat lake," because of the richness of the river. Today that tradition continues through riverfront development, a bustling downtown Peoria and much more.

Peoria is located midway between Chicago and St. Louis. Combining "big city assets" with a "smaller town lifestyle", this community has emerged as an attractive, central location. The area is home to Caterpillar which employs nearly 85,000 people worldwide and nearly 18,000 in the Peoria area and Bradley University which has a student population of approximately 20,000. The city is also home to five major hospitals and is the health care center for the region accounting for 25% of area's economy.

Map of 819 West Crestwood Drive, Peoria, IL 61615 (Peoria County)

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