- Current Cap Rate - 7.50%
- Pro Forma Cap Rate - 8.75%
- Downtown Aurora Location
- Opportunity Zone
- New Porch & Recently Painted
- New Boiler To Be Installed Spring 2023
- $100+ Rent Premium for Renovated Units
- Multiple Avenues for Increasing Revenue
The Parkway Apartments
The subject property consists of 3 separate buildings: a 46-unit, an 8-unit, and a 2-unit coach house located in downtown Aurora. The 415 E. Galena Blvd. property contains 5 – studios, 3 – 1 bed / 1 bath, and 2 – 2 bed / 1bath units. The 419 E. Galena Blvd. property contains 35 – studios, and 11 – 1 bed / 1 Bath units.
Over the past 8 years, building improvements include landscaping, roof, hallways, electric service, and fire alarm monitors. Insulated garage doors were installed in the 12 garages and have been re-purposed into storage spaces which could be rented for $50 per month.
In the spring of 2023, a brand-new boiler will be installed in the 419 building. This will be paid for by the current owners and installed post-closing. The 415 building was painted and a new front porch was constructed. Many units have been remodeled over the past few years and are achieving $150-$175 monthly rental increases.
An additional value-add opportunity a new owner could implement is a utility bill back system. Currently, the landlord pays for all utilities including the tenant’s electricity. $30 per month per tenant would add over $20,000 to the income.
The Parkway Apartments are located just east of downtown Aurora on Galena Boulevard. Downtown Aurora has seen significant redevelopment projects in its Central Business District, and it has a pipeline of additional developments in progress and others in planning. This property is in an Opportunity Zone and is within walking distance to downtown Aurora and is less than 1 mile to the Aurora Metra station.