1310 Samuel AvePeoria Heights, IL 61616

For Sale
$1,680,275

Four-unit, high-return condo investment.

Overview

Added:
Dec 11, 2024
Days on market:
93
This exceptional investment opportunity presents a package of four luxury condo units located at 1310 E Samuel Ave, Peoria Heights, IL 61616. The property, part of a larger building containing 12 residential and one commercial unit, boasts a prime location near Peoria Heights' vibrant restaurants, boutiques, and amenities. These four units, totaling 5,587 net rentable square feet within a 19,500 square foot building, represent a Class A multifamily asset built in 2021 and renovated in 2023. The four-story building sits on APN 14-22-409-007, 14-22-409-005, 14-22-409-004, and 14-22-409-008, and is zoned R. Currently operating at 100% occupancy, the portfolio includes three long-term rentals and one short/medium-term rental managed by a property management group. The asking price is $1,680,275, representing a price per square foot of $301 and a price per unit of $420,069. This net lease investment offers a compelling 6.63% cap rate. Attractive seller financing options are available, with projected Internal Rate of Return (IRR) exceeding 24% after five years under seller financing or interest-only financing scenarios. Convenient access to numerous attractions, including rooftop bars, Tower Park, the Rock Island Trail, Junction City Shopping Center, Keller Station, and the Country Club of Peoria, further enhances the investment's appeal. Detailed information and photos are available in the Offering Memorandum.

Highlights

  • Four luxury condo units in a twelve-unit building, plus one commercial space.
  • Excellent Peoria Heights location near restaurants, shops, and amenities.
  • Three units are long-term rentals; one is a short/medium-term rental managed by a property management group.
  • Seller financing offered with attractive terms; pro forma IRR exceeds 24% after five years with seller or interest-only financing.

Property Details for 1310 Samuel Ave

Property type
Multifamily properties, Apartment buildings
Square Feet
19,500 SF
Class
A
Year Built/Renovated
2021/2023
Buildings
1
Stories
4
Units
4

Location Insight

City
Peoria Heights
County
Peoria
State
Illinois
Latitude
40.7452023
Longitude
-89.5732251
1310 Samuel Ave, Peoria Heights, Illinois

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1310 Samuel Ave
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