604-620 Grant Hwy Marengo, IL 60152
- Commercial real estate
- 49,680 SF
- 2.42 lot acres
Current Use by Public Records
- Commercial real estate
Property Details for 604-620 Grant Hwy
- Year built
- 1978
- Lot size
- 2.42 lot acres
- Property size
- 49,680 SF
- Property type
- Commercial real estate
Description
This exceptional investment opportunity presents a fully occupied, 48-unit apartment complex situated on a 2.42-acre lot at 604-620 E Grant Highway, Marengo, IL. The property boasts a total of 49,680 square feet and comprises two two-story garden-style buildings, each offering a mix of one and two-bedroom apartments. Specifically, there are 36 two-bedroom units and 12 one-bedroom units, all with separate utilities. Building 620 features the added convenience of in-closet washers and dryers in its two-bedroom apartments. A separate one-story structure provides valuable office and storage space. Ample parking is ensured with 85 paved spaces. The property benefits from recent significant upgrades, including a new roof installed in 2019 and brand-new windows and patio doors installed in 2023. Current tenants are long-term, and existing rental rates are considerably below market value, presenting a substantial opportunity for immediate and significant income growth. Beyond its strong rental income potential, this property also offers compelling potential for conversion into condominiums. Priced at $6,999,970, this is a rare chance to acquire a high-performing asset with considerable upside.
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
- Marengo
- County
- McHenry
- State
- Illinois
- Longitude
- -88.6005
- Latitude
- 42.2464
