4260 Heritage Ave Mount Vernon, IL 62864
- Commercial real estate
- 2.18 lot acres
Current Use by Public Records
- Commercial real estate
Property Details for 4260 Heritage Ave
- Lot size
- 2.18 lot acres
- Property type
- Commercial real estate
- APN
- 06-35-477-009
- APU
- 635477009
Description
Heritage Landing, located at 4260 Heritage Ave, Mount Vernon, IL 62864, presents a compelling value-add investment opportunity. This 50-unit, three-story apartment building, constructed in 2008, totals 28,151 net rentable square feet and boasts a 97% occupancy rate. Currently operating as a 55+ low-income community under the LIHTC program, the property offers significant upside potential. The property is in excellent condition, having been well-maintained by long-term ownership, minimizing immediate capital expenditure needs. The current average rent is $736 per unit, while market-rate rents for comparable units average $920, representing a substantial 25%+ organic rent growth opportunity upon removal of LIHTC restrictions. The property is immediately eligible for the Qualified Contract process, allowing for the swift removal of these restrictions. Offered at approximately 25% of replacement cost, this asset presents an attractive basis for investors seeking immediate value creation through light unit modernizations and market-rate repositioning. The property is free and clear of existing debt, and the pro-forma cap rate is 12%. This is a rare opportunity to acquire a well-located, high-performing asset in a stable market. The price per unit is $55,000.
Value Estimation
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CAP approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Mount Vernon
- County
- Jefferson
- State
- Illinois
- Longitude
- -88.9445
- Latitude
- 38.3026
- CBSA code
- 34500
- CBSA name
- MOUNT VERNON, IL MICROPOLITAN STATISTICAL AREA
