311 University DrMacomb, IL 61455

Property Details for 311 University Dr

Year built

1970

Lot size

0.83 AC

Property type

Apartment buildings

Description

This exceptional 25-unit apartment building in Macomb, Illinois, presents a compelling investment opportunity. Located at 311 W. University Dr., this two-story, 7,344-square-foot property sits on a 0.83-acre lot and was built in 1970. The unit mix includes twenty studio apartments, three one-bedroom units, one two-bedroom unit, and a rent-ready studio currently used as a leasing office. The property boasts a strong location, just 0.5 miles from Western Illinois University's main campus and 1 mile from downtown Macomb, benefiting from the university's consistently high enrollment of over 7,000 students annually. Currently generating a $53,931 NOI with a 6.74% cap rate, the property offers significant upside potential. Pro forma projections indicate a substantial increase in NOI to $84,244, resulting in a 10.53% cap rate. This represents a 48% increase in NOI without major renovations. The asking price is $800,000, or $32,000 per unit. The property's walk score of 71 further enhances its appeal. This is a rare chance to acquire a stable, cash-flowing asset in a desirable location with significant potential for growth.

Location Insight

City

Macomb

County

McDonough

State

Illinois

Latitude

40.4724

Longitude

-90.6725

FAQs

How do I add a non-forward facing team member such as a broker coordinator or broker aide to a listing in order to ensure they get notifications on the property?

Please email our support team at [email protected] and they will add the team member.

How do I access a private listing?

Please contact the broker directly with the information provided on the listing. Once the broker approves your credentials he will make the information public to you.

How can I contact the broker?

We strongly encourage to message the broker through our portal by clicking on the “Envelope” icon next to the brokers photo on the property page. We’ve found brokers response time is much quicker via our messaging portal than phone as brokers are always on the go.

How do I unsubscribe from emails?

At the footer of each email you will find links to Reduce Email Frequency, Adjust Email Settings or Unsubscribe altogether. If you choose to Unsubscribe and are still receiving emails please reach out to us at [email protected].