Castlewood Apartments | 2028-2032 Westgate Dr
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Castlewood Apartments 2028-2032 Westgate Dr
28 Unit Apartment Building $1,570,000 ($56,071/Unit) 8.16% Cap Rate Pekin, IL 61554
Investment Highlights
- Recent Interior Renovations
- Peoria MSA
- Favorable Unit Mix of All Two Bedroom Apartments
Executive Summary
Marcus & Millichap is pleased to offer the Castlewood Apartments, a 28-unit property situated in the heart of Pekin, Illinois. This well-maintained complex, nestled on 1.71 acres of land, was originally constructed in 1972. The property offers a uniform unit mix of 28 two-bedroom, one-bath apartments. Each unit has been recently renovated, featuring new flooring, windows, appliances, plumbing, electrical, central air, and fresh paint, ensuring modern comfort and efficiency for all residents.
The location of the Castlewood Apartments ensures convenience and connectivity. It is close to major retail centers like East Court Village Shopping Center and dining options along Court Street. Recreational facilities such as the Pekin Park District's parks and golf courses, the Avanti's Dome, and McNaughton Park are nearby, making this complex an attractive place for those seeking an active lifestyle. Additionally, Castlewood is situated near major employers and healthcare facilities, including UnityPoint Health – Pekin and Pekin Insurance, providing residents with easy access to essential services.
Pekin, part of the Peoria metropolitan area, boasts a population of approximately 33,000 residents and offers a blend of small-town charm and metropolitan amenities. The region has a diverse economy supported by healthcare, manufacturing, and education sectors. The broader Peoria area, with a population of 402,391 (MSA), is known for its cultural vibrancy, robust rental market, and esteemed institutions such as Bradley University. Strategically located along the Illinois River and equidistant from Chicago and St. Louis, the Peoria area is home to various industries, including the significant presence of Caterpillar Inc., which continues to be a major employer and economic driver in the region.
The location of the Castlewood Apartments ensures convenience and connectivity. It is close to major retail centers like East Court Village Shopping Center and dining options along Court Street. Recreational facilities such as the Pekin Park District's parks and golf courses, the Avanti's Dome, and McNaughton Park are nearby, making this complex an attractive place for those seeking an active lifestyle. Additionally, Castlewood is situated near major employers and healthcare facilities, including UnityPoint Health – Pekin and Pekin Insurance, providing residents with easy access to essential services.
Pekin, part of the Peoria metropolitan area, boasts a population of approximately 33,000 residents and offers a blend of small-town charm and metropolitan amenities. The region has a diverse economy supported by healthcare, manufacturing, and education sectors. The broader Peoria area, with a population of 402,391 (MSA), is known for its cultural vibrancy, robust rental market, and esteemed institutions such as Bradley University. Strategically located along the Illinois River and equidistant from Chicago and St. Louis, the Peoria area is home to various industries, including the significant presence of Caterpillar Inc., which continues to be a major employer and economic driver in the region.
Property Facts Under Contract
| Price | $1,570,000 | Apartment Style | Garden |
| Price Per Unit | $56,071 | Building Class | C |
| Sale Type | Investment | Lot Size | 1.71 AC |
| Cap Rate | 8.16% | Building Size | 19,600 SF |
| Gross Rent Multiplier | 6.01 | Average Occupancy | 95% |
| No. Units | 28 | No. Stories | 2 |
| Property Type | Multifamily | Year Built/Renovated | 1972/2023 |
| Property Subtype | Apartment | Opportunity Zone |
Yes
|
| Price | $1,570,000 |
| Price Per Unit | $56,071 |
| Sale Type | Investment |
| Cap Rate | 8.16% |
| Gross Rent Multiplier | 6.01 |
| No. Units | 28 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Garden |
| Building Class | C |
| Lot Size | 1.71 AC |
| Building Size | 19,600 SF |
| Average Occupancy | 95% |
| No. Stories | 2 |
| Year Built/Renovated | 1972/2023 |
| Opportunity Zone |
Yes |
Unit Amenities
- Balcony
- Heating
- Kitchen
- Refrigerator
- Tub/Shower
- Deck
- Patio
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 2+1 | 28 | - | 650 - 750 |
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PROPERTY TAXES
| Parcel Number | 04-04-36-106-023 | Improvements Assessment | $265,430 |
| Land Assessment | $43,280 | Total Assessment | $308,710 |
PROPERTY TAXES
Parcel Number
04-04-36-106-023
Land Assessment
$43,280
Improvements Assessment
$265,430
Total Assessment
$308,710
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Castlewood Apartments | 2028-2032 Westgate Dr
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