601 Pearl Street Rd Belvidere, IL 61008

Property Details for 601 Pearl Street Rd

Property type

Land

Property subtype

Apartment buildings

Description

This exceptional investment opportunity presents a beautifully maintained Victorian-era six-unit multifamily property situated on a sizable 0.7-acre lot in Belvidere, Illinois. The property boasts a desirable mix of apartment sizes, including two one-bedroom units and four studio apartments, ensuring consistent rental income. A significant feature is a spacious four-car garage with an attached workshop, providing ample storage and potential for additional income generation. The extensive lot offers abundant parking for residents and guests. A striking architectural detail is the front spiral staircase leading to a third-floor tower offering breathtaking views and a tranquil atmosphere. The basement provides valuable tenant storage closets, a workshop/supply area, and a coin-operated washer/dryer. There's even the potential to develop a seventh apartment unit in the basement through rehabilitation. The property benefits from updated electrical systems and remodeled bathrooms, enhancing its appeal and functionality. A gas hot water (GHW) system is in place, and each unit has its own electric meter for efficient utility management. While tenants currently own their window air conditioning units, the property is well-maintained and ready for a new owner. The property is being sold "as is," and is not eligible for VA or FHA financing. Located at 601 Pearl Street, Belvidere, IL 61008, this property presents a rare chance to acquire a well-established multifamily investment in a desirable location.

Location Insight

City

Belvidere

County

Boone

State

Illinois

Longitude

-88.8421

Latitude

42.2545