1201-1217 Illinois Ave Ottawa, IL 61350

Property Details for 1201-1217 Illinois Ave

Year built

1966

Property size

6,724 SF

Property type

Apartment buildings

Description

This exceptional 7-unit apartment building presents a compelling investment opportunity in Ottawa, Illinois. Located at the corner of Illinois and Leland Avenues, this historic brick structure boasts a prime location and strong tenant base, ensuring stable rental income. The property features a mix of three two-bedroom and four one-bedroom units, each with private front and back entrances, dedicated covered parking, and access to additional off-street parking. Original hardwood floors, natural woodwork, and vintage chandeliers (in select units) add to the charm. A new rubber roof was installed in 2017, reflecting the meticulous maintenance and pride of ownership. Tenants enjoy individual storage bays and shared laundry facilities in the partial basement. Enhanced security is provided by dusk-to-dawn and motion-sensor lighting in the back courtyard. The building's efficient hot water heating system contributes to cost-effectiveness. With a total square footage of 6,724, a lot size of 22,500 square feet, and 100% occupancy, this property offers a 6.95% cap rate and a net operating income (NOI) of $59,076. The asking price is $850,000, representing $121,429 per unit and $126.41 per square foot. This is a rare chance to acquire a well-maintained, income-producing asset in a desirable location. The property's features, including its strong tenant history and recent roof replacement, make it an attractive investment for discerning buyers. The APN is 21-10-427-011. The building was constructed in 1966 and is a single-story structure. Ownership is fee simple.

Location Insight

City

Ottawa

County

LaSalle

State

Illinois

Longitude

-88.8564

Latitude

41.3437