Multifamily Property For Sale...2401 W Alta Road Peoria , IL 61615 Prairie Vista Multifamily Property For Sale MARK FETZER BRUCE HAGE President - Managing Broker 309.808.2125 309.808.2125

2401 W Alta RoadPeoria , IL 61615

Prairie Vista

Multifamily Property For Sale

MARK FETZER BRUCE HAGEPresident - Managing Broker 309.808.2125309.808.2125 [email protected] [email protected]

CORE3PM.COM1716 RT Dunn Drive Suite 4

Bloomington, IL 61701

MARK FETZER BRUCE HAGE CORE3PM.COMPresident - Managing Broker 309.808.2125309.808.2125 309.808.2125 1716 RT Dunn Drive Suite [email protected] [email protected] Bloomington, IL 61701

PROPERTY INFORMATION 3

LOCATION INFORMATION 10

FINANCIAL ANALYSIS 14

DEMOGRAPHICS 17

ADVISOR BIOS 19

Confidentiality & Disclaimer ContentsAll materials and information received or derived from Core 3 its directors, officers, agents, advisors,affiliates and/or any third party sources are provided without representation or warranty as tocompleteness , veracity, or accuracy, condition of the property, compliance or lack of compliance withapplicable governmental requirements, developability or suitability, financial performance of theproperty, projected financial performance of the property for any party’s intended use or any and allother matters.

Neither Core 3 its directors, officers, agents, advisors, or affiliates makes any representation orwarranty, express or implied, as to accuracy or completeness of the any materials or informationprovided, derived, or received. Materials and information from any source, whether written or verbal,that may be furnished for review are not a substitute for a party’s active conduct of its own duediligence to determine these and other matters of significance to such party. Core 3 will notinvestigate or verify any such matters or conduct due diligence for a party unless otherwise agreed inwriting.

EACH PARTY SHALL CONDUCT ITS OWN INDEPENDENT INVESTIGATION AND DUE DILIGENCE.

Any party contemplating or under contract or in escrow for a transaction is urged to verify allinformation and to conduct their own inspections and investigations including through appropriatethird party independent professionals selected by such party. All financial data should be verified bythe party including by obtaining and reading applicable documents and reports and consultingappropriate independent professionals. Core 3 makes no warranties and/or representationsregarding the veracity, completeness, or relevance of any financial data or assumptions. Core 3 doesnot serve as a financial advisor to any party regarding any proposed transaction. All data andassumptions regarding financial performance, including that used for financial modeling purposes,may differ from actual data or performance. Any estimates of market rents and/or projected rentsthat may be provided to a party do not necessarily mean that rents can be established at or increasedto that level. Parties must evaluate any applicable contractual and governmental limitations as well asmarket conditions,vacancy factors and other issues in order to determine rents from or for theproperty.

Legal questions should be discussed by the party with an attorney. Tax questions should bediscussed by the party with a certified public accountant or tax attorney. Title questions should bediscussed by the party with a title officer or attorney. Questions regarding the condition of theproperty and whether the property complies with applicable governmental requirements should bediscussed by the party with appropriate engineers, architects, contractors, other consultants andgovernmental agencies. All properties and services are marketed by Core 3 in compliance with allapplicable fair housing and equal opportunity laws.

2401 W Alta Road, Peoria , IL 61615Prairie Vista

Table of Contents

PROPERTY INFORMATION

Section 1





Sale Price: $29,900,000

Building Size: 309,600 SF

Lot Size: 16.16 Acres

Number Of Units: 304

Price / SF: $96.58

Cap Rate: 6.38%

NOI (2018): $1,908,824

OFFERING SUMMARY PROPERTY OVERVIEWPrairie Vista is a 304 Unit Class A property located on the North Side of Peoria. The property consist of 38 all brick8-unit buildings. Also on the property is a clubhouse with fitness center, on-site offices, and pool.

PROPERTY HIGHLIGHTS• Assumable HUD 223(f) fixed rate, non-recourse loan with 29 years remaining*

• History of high occupancy

• Desirable location and school district

• Additional income from on-site garages

• Property Website - www.PrairieVistaApts.com


Executive Summary


LOCATION INFORMATION

Building Name Prairie Vista

Street Address 2401 W Alta Road

City, State, Zip Peoria , IL 61615

County Peoria

Signal Intersection No

BUILDING INFORMATION

NOI (2018) $1,908,824

Cap Rate 6.38

Framing Wood Frame

Condition Excellent

Free Standing No


General Information


PROPERTY DESCRIPTIONPrairie Vista is a 304 Unit Class A property located on the North Side of Peoria. Theproperty consist of 38 all brick 8-unit buildings. Also on the property is a clubhousewith fitness center, on-site offices, and pool.

LOCATION DESCRIPTIONPrairie Vista offers the luxury you deserve in the location you desire being close tomalls, the famous Rock Island Trail & many local businesses. The property is minutesfrom both Allen Rd and Knoxville Ave exits to Route 6. Prairie Vista is located in thevery desirable Dunlap school district.

EXTERIOR DESCRIPTIONAll BrickFully Irrigated Lawn

INTERIOR DESCRIPTIONPrivate EntrancesCeramic and LVT FlooringWasher and Dryer in All UnitsWalk-In Closets

PARKING DESCRIPTIONConcrete Parking Lot

UTILITIES DESCRIPTIONAll electric unitsElectric and water paid by tenantsHigh speed fiber optic internet provided by owner


Property Description


UNIT TYPE COUNT % TOTAL SIZE (SF) MARKET RENT MARKET RENT/SF

1 Bedroom 80 26.3 650 $795 $1.22

2 Bedroom 112 36.8 1,020 $945 $0.93

2 Bedroom w/ Loft 112 36.8 1,280 $1,100 $0.86

Totals/Averages 304 100% 309,600 $292,640 $0.95


Unit Mix Summary



Additional Photos



Additional Photos

LOCATION INFORMATION

Section 2





Peoria , IL


Location Maps



Location Maps



Aerial Maps

FINANCIAL ANALYSIS

Section 3





INCOME SUMMARY 2018 (ACTUAL) PER SF 2019 (ESTIMATED) PER SF

Rent Income $3,467,657 $11.20 $3,475,000 $11.22Garage Rent $50,792 $0.16 $52,500 $0.17Amenity Income $104,120 $0.34 $125,000 $0.40Misc Income $17,583 $0.06 $18,038 $0.06

Gross Income $3,640,152 $11.76 $3,670,538 $11.86

EXPENSE SUMMARY 2018 (ACTUAL) PER SF 2019 (ESTIMATED) PER SF

Management $130,421 $0.42 $135,931 $0.44Advertising / Marketing $10,555 $0.03 $11,704 $0.04Internet $45,064 $0.15 $43,796 $0.14Legal / Accounting $31,994 $0.10 $33,720 $0.11Utilities $147,868 $0.48 $173,653 $0.56Amenity Expense $135,435 $0.44 $150,000 $0.48Trash Removal $21,488 $0.07 $21,564 $0.07Maintenance / Repairs $401,336 $1.30 $404,471 $1.31Real Estate Taxes $738,960 $2.39 $673,056 $2.17Property Insurance $68,207 $0.22 $59,748 $0.19

Gross Expenses $1,731,328 $5.59 $1,707,643 $5.52

Net Operating Income $1,908,824 $6.17 $1,962,895 $6.34


Income & Expenses


INVESTMENT OVERVIEW 2018 (ACTUAL)

Price $29,900,000Price per Unit $98,355CAP Rate 6.4%Cash-on-Cash Return (yr 1) 8.54 %Total Return (yr 1) $613,608Debt Coverage Ratio 1.47

OPERATING DATA 2018 (ACTUAL)

Gross Income $3,640,152Operating Expenses $1,731,328Net Operating Income $1,908,824Pre-Tax Cash Flow $613,608

FINANCING DATA 2018 (ACTUAL)

Down Payment $7,187,379Loan Amount $22,712,621Interest Rate 3.85%Amortization Schedule 35 YearsDebt Service (P&I Only) $1,295,216Debt Service Monthly (P&I Only) $107,934


Financial Summary

DEMOGRAPHICS

Section 4





POPULATION 1 MILE 5 MILES 10 MILES

Total population 1,928 53,331 195,661

Median age 34.3 40.3 36.7

Median age (Male) 34.5 38.4 35.1

Median age (Female) 34.0 42.1 38.3

HOUSEHOLDS & INCOME 1 MILE 5 MILES 10 MILES

Total households 772 22,254 79,738

# of persons per HH 2.5 2.4 2.5

Average HH income $107,612 $95,582 $69,340

Average house value $184,897 $148,156

* Demographic data derived from 2010 US Census


Demographics Map & Report

BROKER INFORMATION

Section 5





MARK FETZER

President - Managing Broker

[email protected]: 309.808.2125

CORE 31716 RT Dunn Drive Suite 4

Bloomington, IL 61701309.808.2125

Core 3

Broker Information

Multifamily Property For Sale...2401 W Alta Road Peoria , IL 61615 Prairie Vista Multifamily Property For Sale MARK FETZER BRUCE HAGE President - Managing Broker 309.808.2125 309.808.2125

Documents