700 3Rd St Carmi, IL 62821

Property Details for 700 3Rd St

Year built

1929

Property size

12,600 SF

Property type

Commercial real estate

Description

This exceptional 14-unit apartment building in Carmi, Illinois, presents a compelling value-add investment opportunity. Located at 700 3rd St, this three-story, 12,600 square foot brick complex boasts a 7.91% cap rate and a current NOI of $33,600. The property, built in 1929 and renovated in 2023, offers a mix of unit sizes: one 3-bedroom, two 2-bedroom, three studio, and eight 1-bedroom apartments. Five units are brand new, featuring new framing, insulation, plumbing, electrical, drywall, flooring, and paint, requiring only minor finishing touches. Four pre-existing units are currently leased or available for lease. The remaining five units are in various stages of construction, with two framed and two needing plumbing completion. The property includes a substantial 60-space parking lot, offering potential for expansion or additional income streams. The building features a well-maintained rubber roof and five HVAC systems, four of which are brand new. The property is zoned commercial and offers significant potential for increased income, with projections exceeding $10,000 in monthly revenue. This is a rare chance to acquire a multifamily property with a blend of completed and nearly completed units, offering immediate cash flow and significant upside potential. The asking price is $425,000, or $30,357 per unit. The current occupancy rate is 15%.

Location Insight

City

Carmi

County

White

State

Illinois

Longitude

-88.148657

Latitude

38.0697776