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1119-1201 N Underhill St 20 Unit Apartment Building $1,450,000 ($72,500/Unit) 9.56% Cap Rate Peoria, IL 61606
INVESTMENT HIGHLIGHTS
- Value Add Opportunity by Completing Remaining Renovations
- Six Minute Walk to Bradley University
- Attractive Unit Mix Comprised of One, Two, Three and Four Bedroom Units
EXECUTIVE SUMMARY
Marcus & Millichap is pleased to offer the Underhill Apartments, a 20-unit property situated in the heart of Peoria, Illinois. This well-maintained complex, nestled on 0.41 acres of land, was originally constructed in 1917. The property offers an attractive unit mix of nine 1-bedroom, one 2-bedroom, nine 3-bedroom, and one 4-bedroom apartments. 12 of the 20 units have been recently renovated, featuring upgrades to the flooring, countertops, and fresh paint, ensuring modern comfort and efficiency for all residents.
The property has undergone significant capital improvements, demonstrating a strong commitment to maintenance and modernization:
2022: Installation of two new coin-operated washers and dryers, and updates to the laundry room.
2023: Replacement of the boiler and upgrades to water heaters.
2024: Complete tuckpointing of the 1201 building, installation of new gutters on both buildings, balcony repairs for Units 1201A and F, brick replacement in the stairwell of Unit 1201K, and full window replacement for Unit 1201B.
Peoria, located in central Illinois, boasts a population of 365,000+ (MSA), a diverse economy, cultural vibrancy, robust rental market, and esteemed educational institutions such as Bradley University. Strategically located with a major port on the Illinois River and equidistant to Chicago and St. Louis, Peoria is home to many industries, most notably traditional manufacturing and agricultural trade. Formerly based in Peoria, Caterpillar - a leading heavy equipment manufacturer continues to maintain a significant presence in this market, employing 12,000 people. The company holds a prominent position as one of the 30 constituents of the Dow Jones Industrial Average and is listed among the Fortune 100 companies.
The property has undergone significant capital improvements, demonstrating a strong commitment to maintenance and modernization:
2022: Installation of two new coin-operated washers and dryers, and updates to the laundry room.
2023: Replacement of the boiler and upgrades to water heaters.
2024: Complete tuckpointing of the 1201 building, installation of new gutters on both buildings, balcony repairs for Units 1201A and F, brick replacement in the stairwell of Unit 1201K, and full window replacement for Unit 1201B.
Peoria, located in central Illinois, boasts a population of 365,000+ (MSA), a diverse economy, cultural vibrancy, robust rental market, and esteemed educational institutions such as Bradley University. Strategically located with a major port on the Illinois River and equidistant to Chicago and St. Louis, Peoria is home to many industries, most notably traditional manufacturing and agricultural trade. Formerly based in Peoria, Caterpillar - a leading heavy equipment manufacturer continues to maintain a significant presence in this market, employing 12,000 people. The company holds a prominent position as one of the 30 constituents of the Dow Jones Industrial Average and is listed among the Fortune 100 companies.
PROPERTY FACTS
| Price | $1,450,000 | Apartment Style | Low-Rise |
| Price Per Unit | $72,500 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.41 AC |
| Cap Rate | 9.56% | Building Size | 20,502 SF |
| Gross Rent Multiplier | 5.6 | Average Occupancy | 95% |
| No. Units | 20 | No. Stories | 3 |
| Property Type | Multifamily | Year Built | 1917 |
| Property Subtype | Apartment | Parking Ratio | 6/1,000 SF |
| Price | $1,450,000 |
| Price Per Unit | $72,500 |
| Sale Type | Investment |
| Cap Rate | 9.56% |
| Gross Rent Multiplier | 5.6 |
| 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
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| 1+1 | 9 | - | - |
| 2+1 | 1 | - | - |
| 3+1 | 9 | - | - |
| 4+1 | 1 | - | - |
1 1
Walk Score®
Very Walkable (75)
PROPERTY TAXES
| Parcel Number | 18-05-401-035 | Improvements Assessment | $171,630 |
| Land Assessment | $23,220 | Total Assessment | $194,850 |
PROPERTY TAXES
Parcel Number
18-05-401-035
Land Assessment
$23,220
Improvements Assessment
$171,630
Total Assessment
$194,850
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1119-1201 N Underhill St
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