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Crescent Creek Apartments 2901-2979 W Cannes Dr

96 Unit Apartment Building $6,700,000 ($69,792/Unit) 6.27% Cap Rate Peoria, IL 61615

Investment Highlights

  • Spacious Units with Onsite Laundry
  • Recent Interior and Exterior Renovations
  • Value Add Opportunity by Raising Below Market Rents

Executive Summary

Marcus & Millichap is pleased to present Crescent Creek Apartments, a 96-unit apartment community nestled in the highly desirable North Peoria market. This well-maintained complex, situated in a beautifully wooded setting, offers a mix of studio, one-bedroom, and two-bedroom apartments. The property provides residents with modern conveniences and stunning views of both the surrounding woods and a serene creek that winds through the lower part of the property.
North Peoria is known for its vibrant community atmosphere, offering an array of shopping and dining options. The area is also home to excellent public schools and higher education institutions like Bradley University. For those seeking leisure and culture, the Peoria Zoo and Peoria Riverfront Museum are just a short drive away. The combination of affordable, comfortable living and the rich amenities of the surrounding area makes Crescent Creek Apartments an exceptional investment opportunity in one of Peoria’s most sought-after locations.
Peoria, with a population of over 400,000 (MSA), is a hub of cultural vibrancy and economic stability. The city’s diverse economy is bolstered by industries such as manufacturing and healthcare, with a significant presence of major employers like Caterpillar Inc. The strategic location of Peoria, equidistant to both Chicago and St. Louis, further enhances its appeal as a dynamic and accessible market.

Property Facts

Price $6,700,000
Price Per Unit $69,792
Sale Type Investment
Cap Rate 6.27%
Gross Rent Multiplier 6.78
No. Units 96
Property Type Multifamily
Property Subtype Apartment
Apartment Style Garden
Building Class C
Lot Size 5.66 AC
Building Size 96,000 SF
Average Occupancy 98%
No. Stories 3
Year Built 1972

Unit Amenities

  • Air Conditioning
  • Balcony
  • Dishwasher
  • Microwave
  • Heating
  • Kitchen
  • Refrigerator
  • Oven
  • Tub/Shower
  • Carpet

Unit Mix Information

Description No. Units Avg. Rent/Mo SF
1+1 70 - 750
2+1.5 24 - 950

PROPERTY TAXES

PROPERTY TAXES

Parcel Numbers
Multiple
  • 14-18-351-019
  • 14-18-351-020
  • 14-18-351-018
Land Assessment
$142,220
Improvements Assessment
$1,208,620
Total Assessment
$1,350,840
  • Listing ID: 33139822

  • Date on Market: 9/11/2024

  • Last Updated:

  • Address: 2901-2979 W Cannes Dr, Peoria, IL 61615

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