601-605 W Orchard St 10 Unit Apartment Building $450,000 ($45,000/Unit) 10.03% Cap Rate Macomb, IL 61455

This 10-unit multifamily investment opportunity is located just blocks from Western Illinois University in Macomb and currently serves a mix of both student and young professional tenants. With strong rental demand generated by WIU and surrounding employers, the property offers investors stable cash flow and long-term upside potential.
The property consists of two adjacent buildings situated on two separate PINs totaling approximately 0.64 acres. The larger building was constructed in 2006 and contains approximately 7,200 square feet. The smaller building, reportedly constructed in 1940 according to Reonomy, contains approximately 2,384 square feet.
The property is being offered at $450,000, equating to approximately $47 per square foot and representing a rare opportunity to acquire a multifamily asset at approximately a 10-cap in today’s market environment.
The property consists of the following unit mix:
• 7) Three Bedroom / One Bathroom Units
• 1) Two Bedroom / One Bathroom Unit
• 1) One Bedroom / One Bathroom Unit
• 1) Studio Unit
Current rental rates range from approximately $600 to $750 per month depending upon unit size and configuration.
The property is currently approximately 90% occupied with ownership anticipating the property being fully occupied by August. Lease expiration dates are staggered, helping reduce turnover concentration and minimizing vacancy exposure.
The property currently houses both students and young professionals, creating a diversified tenant base rather than relying solely upon student housing demand.
Ownership currently pays water and garbage expenses while tenants are directly billed for electric and gas service.
In addition to rental income, the property also includes a small laundromat generating approximately $2,600 annually in additional income. All laundromat equipment is owned by the seller and will transfer with the sale.
There are approximately 20 parking spaces available between the two buildings in addition to available street parking nearby.
Located just blocks from Western Illinois University, the property benefits from its proximity to campus, restaurants, shopping, and other amenities within the Macomb market.