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Marcus & Millichap Arranges $4.4 Million Sale Of 48-Unit Oakridge Apartments In Peoria
SOLD
$4,400,000
+ 2
Illinois
See Similar DealsMultiFamily
Sold 10/25/2024
SOLD
Marcus & Millichap Arranges $4.4 Million Sale Of 48-Unit Oakridge Apartments In Peoria
2700 West Willowlake Drive
See Similar DealsMultiFamily
Sold 10/25/2024
+ 2
Summary
ILLINOIS
Asset Type:MultiFamily
Transaction Type:Sale
The property involved in the transaction is the Oakridge Apartments, a multifamily asset located at 2700 West Willowlake Drive in Peoria. The sale price was $4,400,000 for a total of 48 units, resulting in a price per unit of $91,667. The apartments consist of four buildings and are situated near I-74.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $4,400,000
- Units: 48
- Price Per Unit: $91,667
- Address: 2700 West Willowlake Drive
- Market: Peoria
The transaction was facilitated by Marcus & Millichap, with brokers Christopher Malay, David B. Tarnoff, Eric Bell, Patrick Suffield, and Yianni Mouflouzelis involved in the sale. The seller was based in Illinois, while the buyer originated from California, both represented by separate teams from Marcus & Millichap.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$234,666.67
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$15,632.26
Cash-on-Cash Return-1.27%
Monthly Debt Service$20,858.24
Annual Debt Service$250,298.94
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