602 Wood Riv Ave Wood River, IL 62095-1226

Property Details for 602 Wood Riv Ave

Year built

1920

Lot size

0.14 lot acres

Property size

3,214 SF

Property type

Commercial real estate

APN

19-2-08-21-16-404-016

APU

192082116404016

Description

This 2-story, 2,555 square foot apartment building located at 602 N Wood River Ave, Wood River, IL 62095 presents a unique investment opportunity. Built in 1920, the property currently operates as a four-unit apartment complex, each unit priced at $23,500. The asking price for the entire property is $94,000, translating to a price per square foot of $36.79. The property is zoned for commercial use, however, its current use as an apartment building is non-conforming. Potential buyers should be aware that obtaining a variance from Wood River Township is required for continued operation as a multifamily dwelling, or the property will need to be converted back to a commercially zoned use. The property consists of one building with four units, offering a potential for strong rental income with appropriate zoning compliance. This presents a chance to capitalize on a solid investment in a desirable location, contingent on navigating the necessary zoning adjustments. Serious inquiries are encouraged to explore the potential of this property and its future development possibilities. Further due diligence is recommended to fully understand the zoning requirements and potential costs associated with achieving compliance.

Location Insight

City

Wood River

County

Madison

State

Illinois

Longitude

-90.0989

Latitude

38.868

CBSA code

41180

CBSA name

ST. LOUIS, MO-IL METROPOLITAN STATISTICAL AREA

Property Tax & Assessments