by Amber Ridge apartments
991 Tollview Ave Aurora, IL 60505
property details
Price: $2,050,000
Units: 24
SF: 22,600
Built: 1969
Occupancy: 100%
NOI: $137,180
Cap Rate: 6.69%
Cash-on-Cash: 11.10%
Investment Highlights
- Fully Occupied Twenty-Four Unit Multifamily Property
- Desirable Two and Three Unit Bedroom Unit Mix
- Separately Metered and Tenant Paid Heat and Hot Water
- Considerable Upside in Rents
- Well Located on NE Side of Aurora Near Intersection of N Farnsworth & E Indian Trail
Investment Overview
Marcus & Millichap is pleased to present to market Amber Ridge Apartments, a fully occupied 24-unit multifamily complex on the NE side of Aurora, IL bordering affluent Naperville, IL just to the East.
The property is comprised of two adjacent two-story 12-unit apartment buildings. The unit mix consists of 14 two-bedroom units, eight three-bedroom units, one one-bedroom unit, one studio, and an adjacent non-revenue on-site office that could be re-combined with the adjacent studio for a higher rent potential one-bedroom apartment.
Each unit has separately metered tenant-paid gas forced air heating and hot water providing lower landlord utility costs. With long-term ownership and many long-term tenants, the current rent roll reflects approximately $200 of rental upside per unit with modest unit renovations.
The property is ideally situated minutes South of the I-88 East-West Tollway near the intersection of N Farnsworth and E Indian Trail on the NE side of Aurora, IL. Located 35 miles west of Chicago, Aurora is the second-largest city in Illinois home to a number of major employers including Farmers Insurance Group, Rush-Copley Medical Center, Waubonsee Community College, and Provena Medical Center.
Map Overview
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