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Pine Ridge Apartments 1833 Seven Pines Rd 220 Unit Apartment Building For Sale Springfield, IL 62704
INVESTMENT HIGHLIGHTS
- Built in 1973, Pine Ridge presents an opportunity to modernize a well-located asset and capitalize on Springfield’s growing demand for quality rentals
EXECUTIVE SUMMARY
Colliers is pleased to present Pine Ridge Apartments, a 220-unit garden-style community located at 1833 Seven Pines Road in Springfield, Illinois. Built in 1973 and situated on 12.77 acres, the property features thirteen three-story buildings with a mix of spacious one- and two-bedroom residences.
The community offers 28 one-bedroom units averaging 750 square feet with in-place rents of $874 per unit ($1.17/SF), and 192 two-bedroom units averaging 900 square feet with in-place rents of $1,020 per unit ($1.13/SF). Overall, Pine Ridge Apartments averages 881 square feet per unit with an average in-place rent of $995 ($1.14/SF), providing a competitively priced option within the Springfield market.
The community offers 28 one-bedroom units averaging 750 square feet with in-place rents of $874 per unit ($1.17/SF), and 192 two-bedroom units averaging 900 square feet with in-place rents of $1,020 per unit ($1.13/SF). Overall, Pine Ridge Apartments averages 881 square feet per unit with an average in-place rent of $995 ($1.14/SF), providing a competitively priced option within the Springfield market.
PROPERTY FACTS
| Sale Type | Investment | Lot Size | 12.77 AC |
| Sale Condition | Distress Sale | Building Size | 193,800 SF |
| No. Units | 220 | Average Occupancy | 46% |
| Property Type | Multifamily | No. Stories | 3 |
| Property Subtype | Apartment | Year Built | 1973 |
| Apartment Style | Garden | Parking Ratio | 2.06/1,000 SF |
| Building Class | C |
| Sale Type | Investment |
| Sale Condition | Distress Sale |
| No. Units | 220 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Garden |
| Building Class | C |
| Lot Size | 12.77 AC |
| Building Size | 193,800 SF |
| Average Occupancy | 46% |
| No. Stories | 3 |
| Year Built | 1973 |
| Parking Ratio | 2.06/1,000 SF |
AMENITIES
UNIT AMENITIES
- Air Conditioning
- Balcony
- Cable Ready
- Dishwasher
- Disposal
- Microwave
- Ceiling Fans
- Refrigerator
- Oven
- Range
SITE AMENITIES
- Laundry Facilities
- Playground
- Property Manager on Site
- Tennis Court
- Laundry Service
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| 1+1 | 28 | - | 750 |
| 2+1.5 | 192 | - | 900 |
PROPERTY TAXES
| Parcel Number | 22-08.0-351-001 | Improvements Assessment | $1,673,693 |
| Land Assessment | $505,925 | Total Assessment | $2,179,618 |
PROPERTY TAXES
Parcel Number
22-08.0-351-001
Land Assessment
$505,925
Improvements Assessment
$1,673,693
Total Assessment
$2,179,618
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Pine Ridge Apartments | 1833 Seven Pines Rd
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