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1119-1201 N Underhill St
Peoria, IL 61606
Multifamily Property For Sale
·
20 Units
INVESTMENT HIGHLIGHTS
- Walking distance to Bradley University
PROPERTY FACTS
| No. Units | 20 | Building Size | 20,502 SF |
| Property Type | Multifamily | Average Occupancy | 95% |
| Property Subtype | Apartment | No. Stories | 3 |
| Apartment Style | Low-Rise | Year Built | 1917 |
| Building Class | C | Parking Ratio | 6/1,000 SF |
| Lot Size | 0.41 AC |
| No. Units | 20 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.41 AC |
| Building Size | 20,502 SF |
| Average Occupancy | 95% |
| No. Stories | 3 |
| Year Built | 1917 |
| Parking Ratio | 6/1,000 SF |
AMENITIES
UNIT AMENITIES
- Air Conditioning
- Kitchen
- Refrigerator
- Oven
- Range
- Tub/Shower
SITE AMENITIES
- 24 Hour Access
- Controlled Access
- Laundry Facilities
- Trash Pickup - Curbside
- Walk-Up
- Smoke Detector
ABOUT 1119-1201 N UNDERHILL ST , PEORIA, IL 61606
Marcus & Millichap is pleased to exclusively present 1119-1201 North Underhill for sale located in Peoria, Illinois. The subject property consists of 20 apartments across two adjacent buildings. 1119 North Underhill is comprised of six three-bedroom units and three one-bedroom units along with the property's coin operated laundry machines. 1201 North Underhill consists of four three-bedroom units, one two-bedroom unit, and six one-bedroom units. The subject property provides off-street paved parking in rear of the building along with secondary secured access. In 2014, the owner replaced the roof on 1201 North Underhill, and in 2018 the owner replaced the roof of 1119 North Underhill. The owner had the boiler rebuilt in the spring of 2018. The North Underhill apartments represent an opportunity for an investor to acquire a strong cash flowing asset with strong historical occupancy. With interest rates remaining at near historic lows, a new owner could realize close to an 18 percent cash-on-cash return. Additionally, a new owner could add value through modest unit renovations and push for premium rents. The subject property being shadowed by Bradley University allows a new investor the opportunity to reposition one or both buildings to student housing. Traditionally the North Underhill apartments have been leased to market rate tenants. However, an experienced operator can update units, raise rents, and attract Bradley University students. Students have only a short 10 minute walk to campus and ample access to restaurants, bars, and shops.
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| 1+1 | 9 | $487.50 | - |
| 2+1 | 1 | $600.00 | - |
| 3+1 | 10 | $660.00 | - |
PROPERTY TAXES
| Parcel Number | 18-05-401-035 | Improvements Assessment | $171,630 |
| Land Assessment | $23,220 | Total Assessment | $194,850 |
PROPERTY TAXES
