503 Park St Waterloo, IL 62298

Property Details for 503 Park St

Property size

16,210 SF

Property type

Commercial real estate

Description

This exceptional investment opportunity presents an 18-unit apartment building located at 503 Park St, Waterloo, IL 62298. The property, totaling 16,210 square feet, consists of two buildings, each two stories high, built in 1922 and 2008, with extensive renovations completed in 2014 and 2022. The unit mix includes seven one-bedroom and eleven two-bedroom apartments, each featuring updated kitchens, appliances, HVAC systems, plumbing, electrical, windows, and insulation. Many units boast unique features such as exposed brick, loft areas, and reclaimed wood. Second-floor units offer private decks. Individual electric water heaters and separately metered utilities (water, sewer, and trash) minimize owner expenses. The property benefits from a high-traffic location at the intersection of Route 3 and Park Street, with over 7,000 daily cars passing on Park Street and 14,500 on Highway 3. An adjacent parcel (507 Park St) is included, offering potential for the construction of 8-12 additional units. The current NOI is $106,417, with a pro-forma NOI of $113,948, resulting in a 7.34% cap rate and a pro-forma cap rate of 7.86%. The asking price is $1,500,000, or $80,556 per unit. A Fannie Mae loan, fixed at 3.75% until December 1, 2032, is assumable. This stabilized, value-add investment presents a compelling opportunity in a desirable community with strong economic indicators, including a median income exceeding $88,000 and a median home price of $227,600. High-efficiency systems contribute to tenant retention and higher rents. This property offers a low-maintenance, high-quality complex with significant upside potential.