Opportunity to purchase a fully occupied, strong cash flowing 4 flat walk-able to downtown Elgin. The property features 1 two bedroom (plus den) unit on the top floor, 2 one bedroom units on the main floor, and 1 one bedroom unit on the garden level. Top floor and garden on individual GFA furnaces. Two long term MTM tenants are ~$150 per unit below market rent of comparable units in the building! Middle units on electric baseboard heaters. All units lightly remodeled (see photos). Tenants pay their own gas and electric. Individual electric meters and water heaters. Majority of water heaters are newer. Great return! Over 9.50% CAP Rate at list price (see additional info for underwriting). Stronger CAP raising all units to market! Building does not have parking but does have a side yard.
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Heating Gas, Electric, Forced Air, Baseboard
Water Lake Michigan
Listed at $225,000
Status changed to Under Contract
Status changed to Closed
Sold at $215,000
Last Modified 12/7/18 4:13 PM
< 0.1 mi
< 0.1 mi
Hwy 20 West
Hwy 20 East
I 90 East
I 90 West
For More Information
For more information about 311 E Chicago, Elgin, IL 60120 contact Urban Real Estate.
Listing provided by Triton Realty Group LLC
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