Building Details

Year Renovated 2020

Tenancy Multi

Listing Agency: HomeSmart Connect k***@yahoo.com Show Phone

Listed By: Kevin Williams · License #475167087 Show Phone

Source: Birdrealtysells

Added: Jul 21 Changed: Aug 23 Last Checked: Aug 24 at 1:08PM

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Investment Insights

Based on property information with market context.

This remodeled duplex is a turnkey rental with two leased apartments and shared basement laundry. The 2020 remodel included two new eat-in kitchens with granite countertops and appliances, new bathrooms, and a new gas forced-air HVAC system with central air conditioning units, furnaces, and hot water heaters. The property also received a new roof on the house and garage, along with copper pipe replacements for old galvanized plumbing. A large detached two-story garage (currently used for owner's storage) can be rented for indoor parking or evaluated for potential coach house development. Utilities are separately metered for gas and electric.

A coin-operated washer and dryer operates in the basement and serves both units for additional income. Per the current arrangement, second-floor tenants maintain the lawn and bushes and are responsible for snow removal in exchange for a $60 per month reduction in rent, which is reflected in the stated adjusted Unit 2 lease amount.

Both apartments are currently leased, and photos provided were taken before tenant occupancy.

Key Highlights

• Remodeled duplex with both apartments currently leased for immediate cash flow
• Remodel in 2020: 2 eat‑in kitchens with granite countertops and new appliances
• 2020 upgrades include new bathrooms plus all‑new gas forced‑air HVAC, central A/C units, furnaces, and hot water heaters

Property Analytics

Current Use

Duplexes

Suggested Use

Top Pick Bakery Home Appliance Store (Bike/Boat/Book/etc) Store Acupuncture Grocery & Convenience Store Wine and Liquor Store

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

2

Residential units

100%

Occupancy

Multi-tenant

Tenancy

Location Intelligence

Trade Area within ½ mile

881

Businesses Nearby

Explore this area Business Placement

Demographics for 60120, IL

50,799

Population

17,112

Households

3

Avg Household Size

35

Median Age

19%

College-Educated

74%

High-School Grad

17.4 sq mi

ZIP Area

2,919

Density / Sq Mi

$80,305

Median Household Income

$37,495

Median Earnings

$1,250

Median Rent

$227,000

Median Home Value

Market

Vacancy Rate% for Multifamily in Midwest region

6.5% 2022

7.5% 2023

7.8% 2024

8% 2025

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Frequently Asked Questions

What type of property is this?

Duplex - Remodeled duplex with separately metered utilities, coin-operated laundry, and a large detached garage for storage or rental income.

Where is this duplex located?

The property is located at 472 N Spring Street Elgin, IL.

What is the asking price?

The asking price for this property is $420,000.

What are key features of this property?

This property features: Remodeled duplex with both apartments currently leased for immediate cash flow; Remodel in 2020: 2 eat‑in kitchens with granite countertops and new appliances; 2020 upgrades include new bathrooms plus all‑new gas forced‑air HVAC, central A/C units, furnaces, and hot water heaters