Sheridan Apartments 1902 Sheridan Rd 24 Unit Apartment Building $1,295,000 ($53,958/Unit) 9.39% Cap Rate Pekin, IL 61554

Marcus and Millichap is pleased to offer the Sheridan Apartments, a 24-unit multifamily property located in Pekin, Illinois, within the Peoria metropolitan area. Originally constructed in 1973 and situated on 0.92 acres, the property features a desirable unit mix of 16 one-bedroom and 8 two-bedroom units across two buildings. Sixteen units have been renovated with modern finishes, while eight remaining classic units present a clear path for a future owner to capture additional upside through interior upgrades.
Ownership has also completed the build-out of an on-site laundry area - now fully prepped for installation of machines - creating a straightforward opportunity for a new owner to activate an additional income stream. A separate unfinished space beneath one of the buildings offers further optionality for expansion or other value-add improvements.
Positioned near East Court Village Shopping Center and the retail corridor along Court Street, Sheridan Apartments provides residents with convenient access to shopping, dining, and recreation, including McNaughton Park and the Pekin Park District. The property benefits from proximity to major employers such as UnityPoint Health and Pekin Insurance, supporting consistent rental demand.
Pekin is part of the Peoria MSA, a regional hub with a population exceeding 400,000 and a diverse economy supported by healthcare, manufacturing, and education. Anchored by employers such as Caterpillar Inc. and Bradley University, the area enjoys strong infrastructure and connectivity between Chicago and St. Louis via the Illinois River corridor.
Sheridan Apartments is ideally located near major shopping and dining options, including East Court Village Shopping Center and the retail corridor along Court Street. Recreational amenities such as McNaughton Park and the Pekin Park District’s network of parks and golf courses add to the property’s appeal for residents seeking an active lifestyle. The location also provides convenient access to major employers and essential services, including UnityPoint Health and Pekin Insurance.
Pekin, part of the Peoria metropolitan area, is home to approximately 33,000 residents and offers a blend of small-town charm and regional connectivity. The greater Peoria MSA, with over 400,000 residents, is supported by diverse industries including healthcare, education, and manufacturing. Major institutions such as Bradley University and companies like Caterpillar Inc. serve as long-standing economic drivers. Strategically located along the Illinois River and equidistant from Chicago and St. Louis, the area offers strong infrastructure and consistent rental demand.
With renovations nearing completion, new amenities being introduced, and additional operational flexibility, Sheridan Apartments presents investors with an appealing opportunity to acquire a well-located and recently improved multifamily asset in a steady Central Illinois market.