1631 Hamilton Ave Rockford, IL 61109

This exceptional investment opportunity presents a 31-unit apartment building located at 1631 Hamilton Ave, Rockford, IL, 61109, within Winnebago County. The property, built in 1987, encompasses 23,994 square feet on a 0.99-acre lot and is zoned R4. The two-story building features an elevator and is currently 100% occupied with a waiting list. This is a project-based Section 8, age-restricted property governed by a HAP Agreement under Option 4, expiring in 2031. The asking price is $1,700,000, representing a price per unit of $54,839 and a price per square foot of $70.85. The property boasts a pro-forma NOI of $117,678 and a pro-forma cap rate of 6.92%. Importantly, this property must be purchased by a qualified non-profit entity under a 91a REAC structure. The property's consistent occupancy and strong financial performance make it an attractive investment for the right buyer. This is a tax-exempt entity structure and the property is 100% HAP. This is the first time this property has been offered for sale.