3442 Villa Rdg Peoria, IL 61604
Property profile & analytics
Location Intelligence
Current Use by Public Records
- Land
Property Details for 3442 Villa Rdg
- Year built
- 1976
- Lot size
- 3.94 lot acres
- Property size
- 8,460 SF
- Property type
- Land
- Property subtype
- Apartment buildings
Description
This exceptional 8-unit apartment building in Peoria, Illinois, presents a compelling value-add investment opportunity. The property, situated on a generous 3.94-acre lot at 3440-3442 Villa Ridge, boasts 8,460 square feet of space with 8,150 square feet of net rentable area. Currently operating at 100% occupancy, the property generates a strong net operating income (NOI) of $53,725, with a pro-forma NOI projected at $66,000, reflecting a potential for increased profitability. The asking price is $575,000, translating to $67.97 per square foot and $71,875 per unit. Built in 1976 and renovated in 2023, the two-story building features seven 2-bedroom/1-bathroom units and one 3-bedroom/2-bathroom unit. The property benefits from ample parking, a fenced courtyard, and additional land offering potential for expansion. Utilities are largely tenant-paid, with a flat $25 monthly water/sewer fee per unit. The property is zoned R6, COMM, providing flexibility for future development. This fully leased, cash-flowing asset offers immediate returns and significant upside potential for a savvy investor. The property's location at the end of a quiet cul-de-sac adds to its appeal. Financial highlights include a current cap rate of 9.34% and a pro-forma cap rate of 11.48%. This is a rare opportunity to acquire a well-maintained, high-performing multifamily property in a desirable Peoria location.
Value Estimations
based on Realmo’s proprietary methodology
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AI approach
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CAP approach
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Comparable approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Peoria
- County
- Peoria
- State
- Illinois
- Longitude
- -89.6495
- Latitude
- 40.7279
