311 University Dr Macomb, IL 61455

Property Details for 311 University Dr

Year built

1970

Lot size

0.83 lot acres

Property type

Commercial real estate

Description

This exceptional 25-unit apartment building in Macomb, Illinois, presents a compelling investment opportunity. Located at 311 W. University Dr., this two-story, 7,344-square-foot property sits on a 0.83-acre lot and was built in 1970. The unit mix includes twenty studio apartments, three one-bedroom units, one two-bedroom unit, and a rent-ready studio currently used as a leasing office. The property boasts a strong location, just 0.5 miles from Western Illinois University's main campus and 1 mile from downtown Macomb, benefiting from the university's consistently high enrollment of over 7,000 students annually. Currently generating a $53,931 NOI with a 6.74% cap rate, the property offers significant upside potential. Pro forma projections indicate a substantial increase in NOI to $84,244, resulting in a 10.53% cap rate. This represents a 48% increase in NOI without major renovations. The asking price is $800,000, or $32,000 per unit. The property's walk score of 71 further enhances its appeal. This is a rare chance to acquire a stable, cash-flowing asset in a desirable location with significant potential for growth.