404 Adams Rd Macomb, IL 61455
- Apartment buildings
Current Use by Public Records
- Apartment buildings
Property Details for 404 Adams Rd
- Year built
- 1970
- Property type
- Apartment buildings
Description
This exceptional 29-unit apartment portfolio in Macomb, Illinois, presents a compelling investment opportunity. The property comprises four buildings totaling 24,483 net rentable square feet, built in 1970. The unit mix includes three one-bedroom, seven two-bedroom apartments, eighteen two-bedroom townhomes, and one four-bedroom single-family house. Located just steps from Western Illinois University's main campus and a half-mile from downtown Macomb, this property benefits from a strong student population (over 7,000 students annually) and a walk score of 78. The current Net Operating Income (NOI) is $85,019, yielding a 7.33% cap rate. However, a pro-forma analysis projects a significant increase in NOI to $140,879, resulting in a 12.14% pro-forma cap rate. This substantial projected growth offers a compelling return on investment. The asking price is $1,160,000, or $40,000 per unit. The property's prime location near the university and downtown Macomb ensures consistent occupancy and rental income. This portfolio offers an investor the chance to acquire a well-positioned multifamily asset with immediate cash flow and substantial upside potential.
Value Estimation
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CAP approach
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Comparable approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Macomb
- County
- McDonough
- State
- Illinois
- Longitude
- -90.677
- Latitude
- 40.4625
