292 Villa Street is a rare gem in the heart of Elgin's Historic District-offering both character and cash flow. In 2024, the building underwent a full facade restoration under the direction of a historical preservation expert, ensuring long-term curb appeal. In addition to the facade, the asphalt portion of the roof has been recently replaced. This fully occupied 6-unit building provides immediate income and built-in upside. Three of the six leases are set to expire within the next 18 months, creating a near-term opportunity to raise rents to market rates. Projected rental income has the potential to reach $91,200 by 2027, with rents increasing alongside the market. Each unit includes an assigned off-street parking space in the resurfaced and re-striped lot. 4 new water heaters have been installed this past year, along with new stoves and a refrigerator for select units. In addition to that, the front porch was recently replaced in 2023 to meet historic standards. Tenants pay their own gas and electric, and there is an additional shared space in the basement available for both tenant and landlord storage. There is also an opportunity to put in a coin-operated laundry for additional income. Location is a key asset: the property is walkable to downtown Elgin, the Metra commuter train, and the Grand Victoria Casino. Demand in this area remains consistently strong, resulting in low tenant turnover and rapid lease-up when vacancies occur.
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Listing provided by Century 21 New Heritage - Hampshire
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