|
INVESTMENT HIGHLIGHTS
THE ASSET: Sunnyside Apartments & Townhomes are located at 1000 & 1100 Briden Drive and 430-444 Johnson Street in Marengo, Illinois. The offering is comprised of three adjacent multi-family buildings and contains fifty-six (56) residential units comprised of twenty-four (24), 1-Bedroom/1-Bathroom units, twenty-four (24), 2-Bedroom/1-Bathroom units, six (6), 3-Bedroom/1-Bathroom units, and two (2) 3-Bedroom/1.5-Bathroom units on 3.27-acres of land. The Property features ample green space, on-site laundry facilities, and one hundred sixteen (116) on-site parking spaces. Each unit is separately metered for electricity, electric heat, and electric hot water which the Tenants pay directly. The Landlord is responsible for common area electric and domestic water and sewer.
STRONG HISTORICAL OCCUPANCY WITH VALUE-ADD POTENTIAL: The Sunnyside Apartments & Townhomes have enjoyed strong historical occupancy, and the property presents a terrific combination of stable and secure cash flow with significant value add potential by implementing a streamlined management apparatus and strategic renovation of units as they become available. The current rents are significantly below market - the opportunity exists, through aggressive management and upgrades to the common areas and the remaining unrenovated units, to significantly increase rents in a supply-constrained market.
LOCATION: The Sunnyside Apartments & Townhomes are situated along a quiet residential street that is seconds from U.S. Grant Memorial Highway (US Highway 20) and 1-mile from State Street (IL Route 23), the area’s primary commercial and commuter corridors. The location offers convenient access to area schools, outdoor recreation areas, the town’s grocers (Sullivan’s Foods & Dollar General), restaurants, and several other retail and service amenities. The Sunnyside Apartments & Townhomes are ideally positioned within a rural community, offering a small town feel while providing commuters with convenient access to US Highway 20 and Interstate 90.
| 
