107 Wright St Champaign, IL 61820

Property Details for 107 Wright St

Property type

Commercial real estate

Description

This exceptional investment opportunity presents a portfolio of 18 multifamily buildings totaling 184 units in Champaign and Urbana, Illinois. Strategically located near the University of Illinois campus, these Class B/B+ properties boast a prime location and currently enjoy 97% occupancy. The portfolio includes a mix of student and non-student housing, with unit sizes ranging from one to 56 units per building, averaging nine units per property. Buildings feature a variety of construction types, including brick, concrete, and wood frame, with ages ranging from older to within the last 30 years. Many have undergone recent renovations. Leasing is a combination of unit-by-unit and by-bedroom, maximizing rental income. Twelve-month leases, coterminous with the academic year, ensure consistent cash flow. Aggressive pre-leasing efforts for the 2024-2025 academic year are already exceeding projections, indicating a 98%+ occupancy rate. The portfolio generates substantial income from rent, parking, and utility/repair billbacks. The current Net Operating Income (NOI) is $450,299, with a pro-forma NOI of $526,526, resulting in a 3.10% cap rate and a pro-forma cap rate of 3.63%. The asking price is $14,513,076, or $78,875.41 per unit. This portfolio offers a compelling combination of strong performance, desirable location, and significant upside potential.