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    4260 Heritage Ave Mount Vernon, IL 62864

    Sponsored
    For Sale
    Contact for pricing

    50-unit, 55+ apartment building, value-add opportunity.

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    392
    Heritage Landing, located at 4260 Heritage Ave, Mount Vernon, IL 62864, presents a compelling value-add investment opportunity. This 50-unit, three-story apartment building, constructed in 2008, totals 28,151 net rentable square feet and boasts a 97% occupancy rate. Currently operating as a 55+ low-income community under the LIHTC program, the property offers significant upside potential. The property is in excellent condition, having been well-maintained by long-term ownership, minimizing immediate capital expenditure needs. The current average rent is $736 per unit, while market-rate rents for comparable units average $920, representing a substantial 25%+ organic rent growth opportunity upon removal of LIHTC restrictions. The property is immediately eligible for the Qualified Contract process, allowing for the swift removal of these restrictions. Offered at approximately 25% of replacement cost, this asset presents an attractive basis for investors seeking immediate value creation through light unit modernizations and market-rate repositioning. The property is free and clear of existing debt, and the pro-forma cap rate is 12%. This is a rare opportunity to acquire a well-located, high-performing asset in a stable market. The price per unit is $55,000.

    Property Features for 4260 Heritage Ave

    General Information

    Property type
    Retirement homes
    Class
    B

    Building Details

    Year Built
    2008
    Buildings
    1
    Stories
    3
    Units
    50

    HighLights

    • Offered at 25% of replacement cost.
    • Newer building ready for light renovations.
    • Excellent condition, well‑maintained by long‑term owner.
    • Immediately eligible for Qualified Contract (QC) to remove LIHTC restrictions.
    • Significant rental upside potential.
    • Excellent Mount Vernon location with easy market access.
    Property Profile Location Intelligence

    Current Use by Public Records

    Retirement homes

    Suggested Use

    Realty agency Law Firm Restaurant Spa & Massage Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Clothing Store

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

    Location Insight

    • Map
    • Local Demand
    City
    Mount Vernon
    County
    Jefferson
    State
    Illinois
    Longitude
    -88.944579950897
    Latitude
    38.302637980156

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    FAQs

    What type of property is this?
    Retirement home - 50-unit, 55+ apartment building, value-add opportunity.
    Where is this retirement home located?
    The property is located at 4260 Heritage Ave Mount Vernon, IL.
    What are key features of this property?
    This property features: Offered at 25% of replacement cost.; Newer building ready for light renovations.; Excellent condition, well-maintained by long-term owner.
    Request Owner's contact information
    4260 Heritage Ave Mount Vernon, IL 62864
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    Mount Vernon, IL 62864
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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
    4260 Heritage Ave Mount Vernon, IL 62864
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