Triton Realty Group is pleased to present 1940 Mark Avenue, a 19 unit studio apartment building located on the northwest side of Elgin. The property is fully occupied with longer term tenants and allows a new investor an add-value opportunity by raising rents from $616 on average to a pro-forma $695. Cosmetic unit improvements would improve a currently yielding 6.90% CAP rate to a 8.58% CAP rate. The property neighbors the Big Timber Metra track which provides easy access for tenants using the train to commute and is within close proximity of I-90. The building sits on a large, 24,000+ square foot lot which provides 31 parking spaces and two exterior storage units. It also sits at the end of a dead-end street providing more privacy than other properties on the block. Two washers and two dryers for additional income. Property ready to be improved by new owner to market rents!
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For more information about 1940 Mark, Elgin, IL 60123 contact Corcoran Urban Real Estate.
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