Remarks

Seize this rare chance to acquire three apartment buildings in the highly sought-after Fairview market, boasting a 10% cap rate and solid cash flow with immense upside potential. The 14 units currently generate an average rent of $630, while similar units in the area command $775 to $850, leaving room for substantial revenue growth by adjusting to market rates. Located in a prime area, these properties offer strong demand and long-term value. Sold strictly as-is, with deferred maintenance to address, they provide an excellent opportunity to add value through updates and improvements. Operating expenses for 2024 include 5% vacancy at $5,313, local management at $7,438 (7%), and utilities such as water, sewer, and trash totaling $10,542. Taxes are $10,530 for the 3 parcels, and insurance will vary depending on carrier. Current insurance is $870.66 per month. Don’t miss this rare opportunity to expand your portfolio in a thriving market! Viewings contingent on accepted purchase agreement.

Details

MLS#: 25003046
Price: $630,000

Style: Multi-Family 5+
Year Built: 1972

County: St Clair-IL
Subdivision: Hollandia
Lot Size: 0.94 acres total
Tax Fee: 10530

School Elementary: PONTIAC-W HOLLIDAY DIST 105
School Middle: PONTIAC-W HOLLIDAY DIST 105
School High: Belleville High School-East
School District: Pontiac-W Holliday DIST 105