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401 E College Ave
Normal, IL 61761
The Stilts · Multifamily Property For Sale
·
16 Units
INVESTMENT HIGHLIGHTS
- Covered Garage Parking Included in Rent
- All Feature In-Unit Laundry
- Close Proximity to Normal's Uptown Neighborhood - Home to Numerous Popular Restaurants and Bar
- Mix of Three and Four-Bedroom Units
- Well-Located - Only a Nine-Minute Walk to Class
- Well-Maintained - Property Benefits from a Number of Recent Capital Improvements
PROPERTY FACTS
| No. Units | 16 | Lot Size | 0.75 AC |
| Property Type | Multifamily | Building Size | 20,820 SF |
| Property Subtype | Apartment | No. Stories | 2 |
| Apartment Style | Low-Rise | Year Built | 2001 |
| Building Class | B | Parking Ratio | 2.5/1,000 SF |
| Zoning | R-3A | ||
| No. Units | 16 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | B |
| Lot Size | 0.75 AC |
| Building Size | 20,820 SF |
| No. Stories | 2 |
| Year Built | 2001 |
| Parking Ratio | 2.5/1,000 SF |
| Zoning | R-3A |
AMENITIES
UNIT AMENITIES
- Air Conditioning
- Cable Ready
- Dishwasher
- Microwave
- Washer/Dryer
- Heating
- Kitchen
- High Speed Internet Access
- Refrigerator
- Wheelchair Accessible (Rooms)
SITE AMENITIES
- Furnished Units Available
- Sundeck
ABOUT 401 E COLLEGE AVE , NORMAL, IL 61761
Marcus & Millichap is pleased to present 401 East College Avenue, a 16-unit, 52-bed student housing property located in Normal, Illinois. The students affectionately call this building "The Stilts," due to its covered parking and elevated courtyard construction. It is located within 0.4 miles of campus, or a nine-minute walk to class. The building is a mix of twelve three-bedroom, two-bathroom units, as well as four four-bedroom, two bathroom units. The monthly rent includes covered parking, utilities, internet, flat screen TV and in-unit washer and dryer as amenities. The stilts also happens to be located about two blocks from the most popular bars and restaurants in Normal, making the Stilts a well-known and sought after student apartment building due to its proximity to both campus life as well as night life. A new owner could potentially increase their NOI by charging for the covered parking currently included in the total monthly rent. 401 East College Avenue in Normal offers a new investor the opportunity to acquire a well-maintained student housing property that is well-located, within walking distance to the Illinois State University campus.
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| 3+2 | 12 | - | 1,096 |
| 4+2 | 4 | - | 1,920 |
PROPERTY TAXES
| Parcel Number | 14-27-304-014 | Improvements Assessment | $538,471 |
| Land Assessment | $79,391 | Total Assessment | $617,862 |
PROPERTY TAXES
