3442 Villa Rdg Peoria, IL 61604

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.