Minns Drive Apartments (Under Contract)

Machesney Park, IL

• Type: Multifamily

• Sale Price: Call

• Cap Rate: Call

• Unit Price: Call

• Date: Pending

• Represented: Rockford seller, Chicago buyer

Minns Drive Townhomes- Rare opportunity to own a six - six-unit town homes one block off of N. 2nd St. in Machesney Park, Illinois. Originally constructed in 2003, the two-story buildings have been upgraded with vinyl and new appliance packages. 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. Current in-place rents for 3-bed/2-Bath units average $1,025/month and $1,450/month for 1-bed units, which is approximately 10% below the rent comp sets respectively.

Investment Highlights- Exceptional Lower East Side location near North Avenue and Historic Brady Street entertainment districts 7; Situated only blocks from the lakefront, Milwaukee River and Oak Leaf Trail, and boasting a Walk Score of 92; Dense population base with 33,062 residents living within a 1-mile radius; Variety of unit’s types to suit various tenant profiles; Units feature exposed cream city brick and up to 10’ ceiling; Recent improvements at property include a new roof, gutters and downspouts.