12 Unit Court Yard Apartment Complex

Multi-Family for Sale
Catylist Listing ID: 30591682
Property Subtypes: Low-Rise/Garden
Number of Units: 12 Units
Building Size (RSF): 6,462 SF
Gross Land Area: 24,831 SF
Sale Price: $580,000
Unit Price: $48,333.33 Per Unit
Property Use Type: Investment
Building Name: 12 Unit Court Yard Apartment Complex Rockton IL
Sale Terms: Cash to Seller
Cap Rate: 8.75%
Gross Rent Multiplier: 8.30
Last Updated: 9/27/2020

Overview / Comments

12 Unit Ranch style apartment building with 1 & 2 bedrooms in Rockton a cross the street from River. Great location-great cash flow @$69,600 annual income with room to increase to market rate. New Roof completed in 2013, All of the windows replaced with Jeld-wen windows, 22 exterior doors replaced, cement board siding, lights, soffits fascia & gutters have been updated. Most of the kitchens baths & flooring have also been updated. Expenses $18,835 current net income of $50,765. Cap Rate 8.75
Also available Commercial property across the river in Downtown with plenty of parking. Contact agent for details.

Additional Details

Nearest MSA: Rockford
County: Winnebago
Tax ID/APN: 0324401004
Zoning: R!
Percent Occupied: 100%
Property Located Between: Across the street from River
Highway Access: I-90
Airports: Chicago Rockford International Airport, 2 Airport Cir, Rockford, IL 61109 & Poplar Grorve Air Port
Site Description: L shaped lot with Plenty of Parking in front and side lots. Lot is high and dry across the street from the River. Nice view. Walk to Downtown and Park.
Area Description: In the heart of Rockton several blocks to historic downtown Rockton, Illinois. Across the street from the Rock River and Settler's Park, wichis home to year round attractions and regional events, and is only 4 miles from the Illinois Tollway.
Total Number of Buildings: 1
Property Condition: Excellent
Number of Stories: 1
Year Built: 1951
Roof Type: Flat
Construction/Siding: Concrete
Exterior Description: Exterior has all been updated with complete roof system TPO Roof Membrane, Roof overhang supports around inner and outer perimeter, Soffits and Overhang, Enhanced gutter system, 22 exterior doors, Jeld-wen windows in every unit, Exterior painted, Cement board siding on entire exterior.
Parking Type: Surface
Parking Description: 24 parking spaces. Parking in front and a 2nd parking lot to the side.
Total Parking Spaces: 24
Heat Type: Natural Gas
Fuel: Gas
Air Conditioning: Window Unit
Interior Description: Updated kitchen and baths in most units. Interior painted. 10 - 1 bed room units and 2 - 2 bedroom units. Possible convert some other units to 2 bedroom units. There is an area that could be converted into laundry on facility to generate more income. Rents are low and can be raised to market rent for even a better cash flow and higher cap rate.
Water Service: Municipal
Sewer Type: Municipal

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 2,653 23,604 65,368
Median Age: 44.23 38.4 35.54
Households: 1,157 8,787 23,769

Contact

Photograph of Listing Agent

Gerard F Du Melle

Weichert Realtors Tovar Properties
CMCPEX Member
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