5109 Illinois St Fairview Heights, IL 62208
- Apartment buildings
- 1 SF
- 1.00 lot acres
Current Use by Public Records
- Apartment buildings
Property Details for 5109 Illinois St
- Year built
- 1973
- Lot size
- 1.00 lot acres
- Property size
- 1 SF
- Property type
- Apartment buildings
Description
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.
Value Estimation
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CAP approach
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Comparable approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Fairview Heights
- County
- St. Clair
- State
- Illinois
- Longitude
- -89.9852
- Latitude
- 38.5775
