Eastridge & Boxwood Apartments

Rockford, IL

  • Type: Multifamily

  • Sale Price: $2,450,000

  • Cap Rate: 7.00%

  • Unit Price: $72,059

  • Date: 11/30/2020

  • Represented: Rockford seller, Chicago buyer

 

Eastridge & Boxwood - Tenants are responsible for all utilities except for water/sewer and trash. Each unit has its own water heater and HVAC system located within the unit. Noteworthy unit highlights include semi galley kitchens, fire places and balconies/patios. Additionally, 18 of 32 windows have been recently replaced and new roofs put on in the last4 years. Current in-place rents for 3-bed/2-Bath units average $827/month and $686/month for 2-bed units, which is approximately 10% below the rent comp sets respectively

Value Enhancement Strategies Include - Raising in-place rents to market rent (7.0% below comp set); Implementing RUBS system/utility bill backs; Charging pet/storage fees.

2020-10-28 13.02.14 (1).jpg
2020-10-28 13.03.37-2.jpg
2020-10-28 13.29.46.jpg
2020-10-28 13.29.53-2.jpg
2020-10-28 13.47.23.jpg
2020-10-28 13.46.40.jpg