Turnkey HUD Senior Apartment
For Sale
$1,999,999
603 Prospect Street, Cambridge, IL 61238
Two HUD-regulated apartment properties total 41 units with community rooms and coin-operated laundry facilities.
Property SizeContact for details
Days on Market425
Property Features for 603 Prospect Street
General Information
Standard status
Active
Property subtype
General Commercial
Additional Details
Business Included
Yes
Multifamily Units
41
Taxes and HOA fees
Annual Taxes
$21,294
Amenities
3
152 X 304
Building Details
Tenancy
Multi
Listing Agency:
Lori Bonarek Realty
(815) 325-4760
Listed By:
Lori Bonarek · License #471022278
(815) 325-4760
Source:
Xome
Added: Jun 14, 2025
Changed: Aug 8
Last Checked: Aug 12 at 3:54AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Lori Bonarek Realty
Investment Insights
Based on property information with market context.
This turnkey portfolio includes two multi-family properties operating under HUD housing requirements. Together, the buildings provide 41 residential units: 24 studio apartments, ten one-bedroom units, four handicap-accessible one-bedroom units, and two two-bedroom units.
Both properties are designed for residents who are 62 years of age or older or individuals with qualifying disabilities. The buildings are described as well-maintained and include shared amenities such as a community room and coin-operated laundry facilities.
The offering is presented with a strong history of occupancy and consistent rental income, with both buildings positioned to support affordable housing operations under HUD guidelines.
Both properties are designed for residents who are 62 years of age or older or individuals with qualifying disabilities. The buildings are described as well-maintained and include shared amenities such as a community room and coin-operated laundry facilities.
The offering is presented with a strong history of occupancy and consistent rental income, with both buildings positioned to support affordable housing operations under HUD guidelines.
Key Highlights
- Two multi‑family properties: 603 N. Prospect Street, Cambridge and 503 10th Avenue, Orion
- Total of 41 residential units: 24 studios, 10 one‑bedroom units, 4 handicap‑accessible one‑bedroom units, and 2 two‑bedroom units
- HUD housing requirements: residents are 62+ or have qualifying disabilities
Property Analytics
Property Profile
Current Use
Lease Details
41
Residential units
Multi-tenant
Tenancy
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
178
Businesses Nearby
Explore this area
Business Placement
Demographics for 61238, IL
3,028
Population
1,158
Households
2.6
Avg Household Size
44
Median Age
19%
College-Educated
94%
High-School Grad
101.3 sq mi
ZIP Area
30
Density / Sq Mi
$75,294
Median Household Income
$33,500
Median Earnings
$1,044
Median Rent
$129,700
Median Home Value
Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - Two HUD-regulated apartment properties total 41 units with community rooms and coin-operated laundry facilities.
Where is this apartment building located?
The property is located at 603 Prospect Street Cambridge, IL.
What is the asking price?
The asking price for this property is $1,999,999.
What are key features of this property?
This property features: Two multi‑family properties: 603 N. Prospect Street, Cambridge and 503 10th Avenue, Orion; Total of 41 residential units: 24 studios, 10 one‑bedroom units, 4 handicap‑accessible one‑bedroom units, and 2 two‑bedroom units; HUD housing requirements: residents are 62+ or have qualifying disabilities
