109 Essex St, Glasford, IL 61533

Property Details for 109 Essex St

Year built

1992

Lot size

0.29 lot acres

Property type

Apartment buildings

Description

This stabilized six-unit apartment building in Glasford, Illinois presents a compelling investment opportunity. Priced at $370,000, this property boasts a 9.60% current cap rate and a pro-forma cap rate of 11.93%, indicating significant potential for increased profitability. The property comprises three buildings on a 0.29-acre lot: a four-unit building and a duplex, all constructed in 1992 and 2002, with extensive renovations completed in 2022, including new roofs in 2021. The 2,688 square feet of net rentable space is currently 100% occupied, generating a net operating income (NOI) of $35,527, with a pro-forma NOI of $44,135. The property features ten parking spaces and an additional garage currently used as a shop. All six units (four two-bedroom and two one-bedroom) have individual utility meters, simplifying management and reducing operational complexities. The property is zoned for residential use and allows for the construction of an additional duplex, offering future expansion possibilities. Located at 109 E Essex St, Glasford, IL 61533 (APN: 19-22-162-004), this low-maintenance property is ideal for both seasoned and beginner investors seeking a strong return on investment. The price per unit is $61,666.67, and the price per square foot is $137.65. The property is owned by an LLC.

Location Insight

City

Glasford

County

Peoria

State

Illinois

Longitude

-89.8128

Latitude

40.5729