403 Corrington Ave Peoria, IL 61603

Property Details for 403 Corrington Ave

Property type

Residential income homes

Description

This exceptional investment opportunity presents a portfolio of 35 single-family rental homes located throughout Peoria, Illinois, and its surrounding areas, including Peoria Heights and West Peoria. Currently boasting 100% occupancy as of August 8th, 2024, this fee-simple portfolio offers a compelling return on investment. The properties are spread across various addresses, providing diversification within the portfolio. The asking price is $1,765,000, translating to approximately $50,429 per unit. The portfolio generates substantial monthly gross rents, providing a strong cash flow for the investor. The seller is open to considering a 1031 exchange as part of the transaction. Many of the homes have been under the same ownership for an extended period, suggesting a history of stable tenancy and consistent income generation. This presents a rare chance to acquire a well-established, high-performing rental portfolio in a desirable market characterized by affordable housing and strong rental demand. The portfolio's size allows for potential individual sales of units in the future, offering flexibility for the new owner. This is an ideal opportunity for investors seeking a substantial and diversified income-producing asset in the Peoria, IL area. The properties are situated in various locations within the Peoria area, offering a mix of neighborhoods and property types within the single-family home category. This portfolio offers a unique blend of immediate income and long-term growth potential.

Location Insight

City

Peoria

County

Tazewell

State

Illinois

Longitude

-89.5899

Latitude

40.7223