551-564 Clarence Ave Watseka, IL 60970
- Commercial real estate
- 4.94 lot acres
Current Use by Public Records
- Commercial real estate
Property Details for 551-564 Clarence Ave
- Year built
- 1990
- Lot size
- 4.94 lot acres
- Property type
- Commercial real estate
Description
This exceptional investment opportunity encompasses a portfolio of 54 subsidized senior housing units situated on a substantial 4.94-acre lot in Watseka and Gilman, Illinois. The property consists of 27 two-unit buildings, plus a dedicated office/recreational building, totaling 54 units. The unit breakdown includes 48 one-bedroom units and 6 two-bedroom units. All buildings are currently in good condition. This portfolio presents a unique chance to acquire a well-maintained, income-producing asset. The property is currently financed through Rural Development/USDA loans and benefits from subsidies provided by USDA/RD/HUD. It's crucial for prospective buyers to be pre-qualified to acquire USDA/RD properties and understand the implications of continuing with the existing subsidy structured payments. The current owners, based out of state, are motivated to liquidate their Illinois holdings, making this a compelling opportunity for a qualified investor seeking a stable, income-generating property in a strong market. Detailed financial information is available upon request to qualified buyers. This is a turnkey operation with significant potential for long-term growth and return on investment.
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
- Watseka
- County
- Iroquois
- State
- Illinois
- Longitude
- -87.7213
- Latitude
- 40.7825