3440 W Richwoods Blvd - Richwoods Townhomes 12 Unit Apartment Building Offered at $850,000 at a 7.12% Cap Rate Peoria, IL 61604

Marketing description
The Kuroiwa Group of Marcus & Millichap is pleased to present Richwoods Townhomes, a 12-unit townhome community in Peoria, Illinois. Built in 1977 and comprising three buildings on 0.88 acres, the property offers an all-two-bedroom unit mix of 1.5-bath townhomes averaging approximately 1,000 square feet. This larger-format, low-density profile rents as a single-family alternative. Offered at $850,000, or $70,833 per unit and $70.83 per square foot, the asset delivers a 7.12% in-place cap rate with a clear path to a 9.95% pro forma yield. With in-place rents averaging roughly $898 per unit against a comparable market average near $1,224, approximately 36% below market, new ownership can capture meaningful mark-to-market upside through a straightforward rent-and-operations strategy at a basis well below replacement cost. For additional information, offering materials, or to schedule a tour, please contact Teddy Kenny at (317) 218-5365 or Teddy.Kenny@marcusmillichap.com.
Investment highlights
Below-Market Rents Drive the Upside: In-place rents average $898/unit versus a $1,224 two-bedroom comp average — roughly 36% under market — supporting NOI growth from $60,526 in-place to an $84,613 pro forma (7.12% ? 9.95% cap).
Low Basis, Strong Day-One Returns: Offered at $850,000, or $70,833/unit and $70.83/SF, at a 7.12% in-place cap rate — an entry point well below replacement for 12 two-bedroom townhomes.
Larger-Format Townhome Product: All 12 units are two-bedroom/1.5-bath townhomes averaging ~1,000 SF across three buildings on 0.88 acres (built 1977) — a low-density ~13.6 units/acre layout that rents as a single-family alternative.