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    5109 Illinois St Fairview Heights, IL 62208

    Sponsored
    For Sale
    $2,120,400

    22-Unit Multifamily, High Occupancy, Strong NOI

    Property size:
    1 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    398
    This exceptional 22-unit apartment building, located at 5109 N Illinois St in Fairview Heights, IL 62208, presents a compelling investment opportunity. Built in 1973 and renovated in 2008, the property boasts 100% occupancy and a strong net operating income (NOI) of $190,836, translating to a 9.00% cap rate. The asking price is $2,120,400, or $96,381 per unit. Each unit is a 1-bedroom, 1-bathroom apartment. The property also includes additional office space currently leased by Chestnut Health, which also leases 100% of the residential units. This arrangement significantly simplifies management, as Chestnut Health handles all unit maintenance. The landlord's responsibilities are limited to roof, structure, mechanical systems, and snow removal. Further enhancing the property's value, 24 HVAC units were replaced in 2020. Situated on a one-acre lot, this multifamily property offers a stable income stream and significant potential for future growth. The property's location in Fairview Heights, St. Clair County, Illinois provides easy access to major transportation routes and amenities. This is a turnkey investment ideal for a passive investor seeking a reliable and profitable asset.

    Property Features for 5109 Illinois St

    General Information

    Property type
    Multifamily properties
    Square Feet
    1 SF
    Lot Size
    43,560 SF

    Building Details

    Year Built/Renovated
    1973/2008
    Units
    22

    HighLights

    • 22 Units: 1‑Bedroom, 1‑Bathroom apartments.
    • Separate office space leased to Chestnut Health.
    • 100% occupancy with Chestnut Health as the sole tenant.
    • 24 HVAC units replaced in 2020.
    • Tenant (Chestnut Health) responsible for unit maintenance.
    • Landlord responsible for roof, building structure, mechanical systems, and snow removal.
    Property Profile Location Intelligence

    Current Use by Public Records

    Commercial real estate

    Suggested Use

    Restaurant Realty agency Law Firm Spa & Massage Dental Office Hair Salon Clothing Store Nail Salon Hotel & Motel Department Store

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Fairview Heights
    County
    St. Clair
    State
    Illinois
    Longitude
    -89.9851783
    Latitude
    38.5774551

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    FAQs

    What type of property is this?
    Multifamily property - 22-Unit Multifamily, High Occupancy, Strong NOI
    Where is this multifamily property located?
    The property is located at 5109 Illinois St Fairview Heights, IL.
    What is the asking price?
    The asking price for this property is $2,120,400.
    What are key features of this property?
    This property features: 22 Units: 1-Bedroom, 1-Bathroom apartments.; Separate office space leased to Chestnut Health.; 100% occupancy with Chestnut Health as the sole tenant.
    Request Owner's contact information
    5109 Illinois St Fairview Heights, IL 62208
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    Fairview Heights, IL 62208
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    Realmo Value Estimation

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.

    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.

    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    5109 Illinois St Fairview Heights, IL 62208
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