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907-909 Market St
Normal, IL 61761
Kingsley Commons · Multifamily Property For Sale
·
36 Units
Investment Highlights
- High Historical Occupancy
- Well-Located - 12-Minute Walk to Campus
- Several Recent Capital Improvements
- Laundry On-Site
- Comprised Entirely of One-Bedroom Apartments - One of the Most Undersupplied Unit Types in Market
- Includes Extra Parcel of Land which can be Developed into an Additional Multi-Family Building
Property Facts
| No. Units | 36 | Lot Size | 1.49 AC |
| Property Type | Multifamily | Building Size | 23,400 SF |
| Property Subtype | Apartment | No. Stories | 3 |
| Apartment Style | Low-Rise | Year Built/Renovated | 1965/1995 |
| Building Class | C | Parking Ratio | 1.97/1,000 SF |
| Zoning | R3A | ||
| No. Units | 36 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 1.49 AC |
| Building Size | 23,400 SF |
| No. Stories | 3 |
| Year Built/Renovated | 1965/1995 |
| Parking Ratio | 1.97/1,000 SF |
| Zoning | R3A |
Amenities
Unit Amenities
- Cable Ready
- Heating
- Kitchen
- High Speed Internet Access
- Refrigerator
- Wi-Fi
- Wheelchair Accessible (Rooms)
Site Amenities
- Laundry Facilities
- Furnished Units Available
About 907-909 MARKET ST , NORMAL, IL 61761
Marcus & Millichap is pleased to present Kingsley Commons, a three-building, 36-unit student housing apartment complex located at 907-909 Market Street in Normal, Illinois. Kingsley Commons is comprised entirely of one-bedroom apartments, one of the most under-supplied unit types in the Normal student housing market. The property is currently 100 percent leased, and features a number of recent capital improvements. The monthly rent includes parking, utilities, internet, and a flat screen TV as amenities. There is a laundry room on-site as well. Kingsley Commons attracts interest from market rate renters as well as from students seeking their own one-bedroom apartment. It is also a popular option for couple, lowering their rental costs, while allowing ownership to capture additional rents above the $685 per unit at which most units are currently leased. This offering comes with an adjacent land parcel that would provide a new owner the opportunity to develop additional units at Kingsley Commons. Given how under-supplied one-bedroom units are in Normal, this approach would grow the NOI well beyond the current in-place income. Kingsley Commons in Normal offers a new investor the opportunity to acquire a well-maintained, stabilized student housing property at an extremely desirable going-in cap rate.
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 36 | - | 650 - 750 |
Property Taxes
| Parcel Number | 14-33-104-025 | Improvements Assessment | $364,060 |
| Land Assessment | $63,094 | Total Assessment | $427,154 |
Property Taxes
