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Sunnyside Garden Apartments 604-620 E Grant Hwy

48 Unit Block of Flats £5,477,127 (£114,107/Unit) 8.01% Net Initial Yield Marengo, IL 60152

Investment Highlights

  • ACTUAL CAP RATE OVER 8%
  • 100% OCCUPANCY & RENT COLLECTED
  • EXTREMELY WELL MANAGED PROPERTY
  • NEWER ROOF, SIDING, WINDOWS AND PATIO DOORS.
  • OPPORTUNITY TO INCREASE INCOME AND RAISE PROFITS.

Executive Summary

**Incredible Investment Opportunity!** This fully occupied apartment complex features long-term tenants with current rents significantly below market value, offering substantial potential for income growth. Recent updates include a newer roof (2019) and brand-new windows and patio doors (2023). The property consists of two garden-style, two-story buildings totaling 48 units: 36 two-bedroom and 12 one-bedroom apartments, each with separate utilities. The two-bedroom units in Building 620 include in-closet washers and dryers. Additionally, there is a one-story structure between the buildings that serves as an office and storage space. With 85 paved parking spaces, this property is not only a strong rental investment but also presents an excellent condo conversion opportunity. Don't miss this chance to capitalize on a fantastic income-producing asset with significant growth potential!

Attachments

604–620 OM - 2024

Data Room Click Here to Access

  • Operating and Financials

Financial Summary (Actual - 2023) Click Here to Access

Annual Annual Per SF
Gross Rental Income $99,999 $9.99
Other Income - -
Vacancy Loss - -
Effective Gross Income $99,999 $9.99
Taxes $99,999 $9.99
Operating Expenses $99,999 $9.99
Total Expenses $99,999 $9.99
Net Operating Income $99,999 $9.99

Financial Summary (Actual - 2023) Click Here to Access

Gross Rental Income
Annual $99,999
Annual Per SF $9.99
Other Income
Annual -
Annual Per SF -
Vacancy Loss
Annual -
Annual Per SF -
Effective Gross Income
Annual $99,999
Annual Per SF $9.99
Taxes
Annual $99,999
Annual Per SF $9.99
Operating Expenses
Annual $99,999
Annual Per SF $9.99
Total Expenses
Annual $99,999
Annual Per SF $9.99
Net Operating Income
Annual $99,999
Annual Per SF $9.99

Property Facts

Price £5,477,127 Apartment Style Low Rise
Price Per Unit £114,107 Building Class B
Sale Type Investment Lot Size 2.42 AC
Net Initial Yield 8.01% Building Size 54,840 SF
Gross Rent Multiplier 9.4 Average Occupancy 99%
No. Units 48 Number of Floors 2
Property Type Residential Year Built/Renovated 1978/1999
Property Subtype Apartment Parking Ratio 1.55/1,000 SF
Price £5,477,127
Price Per Unit £114,107
Sale Type Investment
Net Initial Yield 8.01%
Gross Rent Multiplier 9.4
No. Units 48
Property Type Residential
Property Subtype Apartment
Apartment Style Low Rise
Building Class B
Lot Size 2.42 AC
Building Size 54,840 SF
Average Occupancy 99%
Number of Floors 2
Year Built/Renovated 1978/1999
Parking Ratio 1.55/1,000 SF

Unit Amenities

  • Air Conditioning
  • Washer/Dryer
  • Heating
  • Kitchen
  • Refrigerator
  • Sprinkler System
  • Range
  • Tub/Shower
  • Yard
  • Patio
  • Wheelchair Accessible (Rooms)

Site Amenities

  • 24 Hour Access
  • Laundry Facilities
  • Pet Play Area

Unit Mix Information

Description No. Units Avg. Rent.Mo SF
1+1 12 £948.72 595
2+1 36 £1,115 895 - 1,100

Links

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604-620 E Grant Hwy, Marengo, IL - aerial map view - Image1
604-620 E Grant Hwy, Marengo, IL - aerial map view - Image2

PROPERTY TAXES

Parcel Number 11-36-327-042 Total Assessment £525,477
Land Assessment £48,783 Annual Taxes -£1 (£0.00/sf)
Improvements Assessment £476,694 Tax Year 2023

PROPERTY TAXES

Parcel Number
11-36-327-042
Land Assessment
£48,783
Improvements Assessment
£476,694
Total Assessment
£525,477
Annual Taxes
-£1 (£0.00/sf)
Tax Year
2023

zoning

Zoning Code R (RESIDENTIAL MULTI-UNIT)
R (RESIDENTIAL MULTI-UNIT)
(847) 255-1000

Contact

  • Listing ID: 33272358

  • Date on Market: 23/09/2024

  • Last Updated:

  • Address: 604-620 E Grant Hwy, Marengo, IL 60152

The Residential Property at 604-620 E Grant Hwy, Marengo, IL 60152 is currently available for sale. Contact RE/MAX AT HOME for more information.

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Sunnyside Garden Apartments | 604-620 E Grant Hwy
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(847) 255-1000

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