1119 N Underhill Street, Peoria, IL 61606
sale
$1,600,000
|
Other
Courtesy Of homecoin.com
Introducing Underhill Apartments, a 20-unit multifamily investment opportunity located in the heart of Peoria's growing rental market. This stabilized, income-producing property is performing well with strong in-place cash flow and immediate upside potential through renovation and rent growth. Twelve of the twenty units have been fully renovated with modern finishes, updated flooring, kitchens, and bathrooms, commanding premium rents and attracting reliable tenants. Eight remaining units offer a clear path to increased returns for investors seeking value-add potential. Current rents already demonstrate strong performance, and once all units are upgraded, projected income can rise significantly with minimal additional capital. Recent improvements include major mechanical and structural updates-new roofs, updated plumbing, electrical improvements, and boiler upgrades-reducing future maintenance expenses and ensuring long-term operational stability. The property features a solid tenant base supportive housing program residents, contributing to consistent occupancy and predictable revenue. Located near schools, transit, and employment centers, Underhill Apartments offers both immediate cash flow and long-term appreciation potential in one of Central Illinois' most affordable multifamily markets. This is an exceptional opportunity for investors.
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Property Features
- Age: Over 50 Years Old
- Architecture Style: Other
- Building Units: 20
- MLSID: 12500893
- Roof Type: Membrane
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