400 Illinois St, Unit 402 Lemont, IL 60439-3939

Property Details for 400 Illinois St

Year built

1883

Construction

FRAME

Lot size

0.05 lot acres

Property size

3,636 SF

Property type

Residential income homes

Property subtype

Small apartment buildings

APN

22-20-428-001

APU

2220428001

Description

This exceptional Lemont, IL investment property presents a compelling opportunity for savvy investors. Located at 400 E Illinois, this completely renovated mixed-use building boasts 4,200 square feet on a sizable 2,250-acre lot (50x45 feet). The ground floor comprises two renovated storefronts: a 1,000 sq ft office and a 1,200 sq ft retail space. A lower-level basement provides ample storage. Upstairs, two fully renovated 2-bedroom apartments, each approximately 1,050 square feet, offer significant rental income potential. Currently at 100% occupancy, the property generates a strong NOI of $70,703, yielding a 7.11% cap rate. Recent upgrades include a new roof, interior finishes, and all mechanical systems. The property benefits from its prime corner location, just one block from Main Street, with easy access to public transportation and major highways (I-55, I-294, and I-355). The asking price is $995,000. The current rents are below market value, presenting a clear path to increased profitability. New sidewalks and curbs enhance the property's curb appeal. This turnkey investment is ready for immediate income generation and future appreciation in a thriving community.

Location Insight

City

Lemont

County

Cook

State

Illinois

Longitude

-87.998

Latitude

41.6739

CBSA code

16980

CBSA name

CHICAGO-NAPERVILLE-JOLIET, IL-IN-WI METROPOLITAN STATISTICAL AREA

Property Tax & Assessments