909 21St St Mattoon, IL 61938

Property Details for 909 21St St

Property size

17,632 SF

Property type

Residential income homes

Description

This exceptional 19-unit single-family rental portfolio in Mattoon, Illinois, presents a compelling value-add investment opportunity. The portfolio comprises 17 single-family homes and 1 duplex, totaling 17,632 square feet, with a current occupancy rate of 100% as of August 1, 2024. The properties are meticulously maintained, with many undergoing complete renovations within the past five years, ensuring modern amenities and appealing interiors. No major deferred maintenance is needed; windows, siding, and roofs are in good condition. Thirteen units feature central air conditioning, while five utilize window units. Remarkably, 17 of the 19 tenants have resided in their units for over a year, some for 4-6 years, demonstrating strong tenant retention and a stable income stream. Significantly, there's immediate potential for substantial rent increases across most units, boosting the already impressive net operating income (NOI) of $135,375 to a pro-forma NOI of $159,126. The portfolio offers 36 parking spaces (an average of nearly two per unit). Located at 909 N 21st St, Mattoon, IL 61938, this fee-simple ownership opportunity boasts a current cap rate of 10.41% and a pro-forma cap rate of 12.24%. The asking price is $1,300,000, translating to $73.73 per square foot and $68,421.05 per unit. Mattoon's robust economy, fueled by major employers like Rural King, Consolidated Communications, First Mid Bank & Trust, and significant healthcare providers, along with the upcoming $70 million sports complex projected to attract 250,000 out-of-area visitors annually, further enhances the long-term investment potential. The city's low unemployment rate (5.6%) and positive future job growth projections (33.3% over the next ten years) contribute to a favorable market outlook. This turnkey portfolio offers a rare combination of strong cash flow, significant upside potential, and a stable, well-managed asset base in a growing community.