404 Adams RdMacomb, IL 61455

Property Details for 404 Adams Rd

Year built

1970

Property type

Apartment buildings

Description

This exceptional 29-unit apartment portfolio in Macomb, Illinois, presents a compelling investment opportunity. The property comprises four buildings totaling 24,483 net rentable square feet, built in 1970. The unit mix includes three one-bedroom, seven two-bedroom apartments, eighteen two-bedroom townhomes, and one four-bedroom single-family house. Located just steps from Western Illinois University's main campus and a half-mile from downtown Macomb, this property benefits from a strong student population (over 7,000 students annually) and a walk score of 78. The current Net Operating Income (NOI) is $85,019, yielding a 7.33% cap rate. However, a pro-forma analysis projects a significant increase in NOI to $140,879, resulting in a 12.14% pro-forma cap rate. This substantial projected growth offers a compelling return on investment. The asking price is $1,160,000, or $40,000 per unit. The property's prime location near the university and downtown Macomb ensures consistent occupancy and rental income. This portfolio offers an investor the chance to acquire a well-positioned multifamily asset with immediate cash flow and substantial upside potential.

Location Insight

City

Macomb

County

McDonough

State

Illinois

Latitude

40.4625

Longitude

-90.677

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