Jamestown Apartments is a value add opportunity consisting of 76 units (all 2 bed/1 bath) apartment complex with a 2,400 SF on-site office. The asking price is $2,900,000 ($38k per unit with an in-place cap rate above 7.8%). There is significant upside with raising rents to market rate. This apartment community is located in Belleville, Illinois and is minutes to Scott Air Force Base, Lindenwood University and Southwestern Illinois College.
Updates over the last 5 years includes the following:
• New roofs
• New AC units
• New flooring, cabinets & vanities
• Major landscaping updates (2017)
VALUE ADD OPPORTUNITY
Current rents are well below competitive market / Value-add component – effective rents at Jamestown are below that of competitors’ rents. Significant rent growth is possible and supported by the property’s location, sub market desirability and ongoing growth in the area. 3.87 Acres (21 Tax Parcels);08-17.0-407-089, 090-092, 095-097, 100-107, 120-123 & 136.
Listing courtesy of CR Holland Real Estate