604-620 E Grant Hwy - Apartments FOR SALE


Marengo, IL 60152
$6,999,970 USD
847-255-1000
604-620 E Grant Hwy, Marengo, IL for Sale
$6,999,970 USD
Apartments - FOR SALE
1/40
null | 8.01% Cap Rate

604-620 E Grant Hwy
Marengo, IL 60152


HIGHLIGHTS

  • ACTUAL CAP RATE OVER 8%
  • NEWER ROOF, SIDING, WINDOWS AND PATIO DOORS.
  • 100% OCCUPANCY & RENT COLLECTED
  • OPPORTUNITY TO INCREASE INCOME AND RAISE PROFITS.
  • EXTREMELY WELL MANAGED PROPERTY

OVERVIEW

**Incredible Investment Opportunity!** This fully occupied apartment complex features long-term tenants with current rents significantly below market value, offering substantial potential for income growth. Recent updates include a newer roof (2019) and brand-new windows and patio doors (2023). The property consists of two garden-style, two-story buildings totaling 48 units: 36 two-bedroom and 12 one-bedroom apartments, each with separate utilities. The two-bedroom units in Building 620 include in-closet washers and dryers. Additionally, there is a one-story structure between the buildings that serves as an office and storage space. With 85 paved parking spaces, this property is not only a strong rental investment but also presents an excellent condo conversion opportunity. Don't miss this chance to capitalize on a fantastic income-producing asset with significant growth potential!

FOR SALE DETAILS

PRICE

$6,999,970 USD

PRICE/SF

$128 USD /SF

# OF UNITS

48

PRICE/UNIT

$145,833

CAP RATE

8.01%

% LEASED

99%

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

Sunnyside Garden Apartments

PROPERTY TYPE

Multi-Family

APARTMENT STYLE

Low-Rise

PROPERTY SUBTYPE

Apartments

TOTAL BUILDING SIZE

-

STORIES

2

YEAR BUILT

1978

PARKING SPACES

85

LAND DETAILS

LAND ACRES

2.42 AC

LAND SF

105,415 SF

ZONING

R

APN/PARCEL ID

11-36-327-042

ASK ABOUT THIS PROPERTY

Basel TarabeinRE/MAX AT HOMEMore Info
847-255-1000

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Basel TarabeinRE/MAX AT HOMEMore Info
847-255-1000

By clicking the button, you agree to Showcase's Terms of Use and Privacy Policy.