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$ 1,600,000
Est. payment | /mo
19,500 SqFt
$ 1,600,000
Est. payment | /mo
19,500 SqFt
Key Details
Property Type Multi-Family
Sub Type Multi Family 5+
Listing Status Active
Purchase Type For Sale
Square Footage 19,500 sqft
Price per Sqft $82
MLS Listing ID 12500893
Maintenance Fees $15,000
Year Built 1910
Annual Tax Amount $18,559
Tax Year 2024
Lot Size 0.420 Acres
Lot Dimensions 120x150
Property Sub-Type Multi Family 5+
Property Description
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.
Location
State IL
County Peoria
Area Peoria
Zoning MULTI
Rooms
Basement Finished, Exterior Entry, Block, 8 ft + pour, Storage Space
Interior
Fireplace N
Exterior
Utilities Available Water Available, Cable Available
Roof Type Membrane
Building
Dwelling Type Multi Family 5+
Structure Type Brick
Others
HOA Fee Include Heat,Parking,Lawn Care,Scavenger,Snow Removal,Other
© 2025 Listings courtesy of MRED as distributed by MLS GRID. All Rights Reserved.
Listed by Jonathan Minerick of Homecoin.com
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Lenny Feil
Broker-Owner | Lic# 471005412