234 Main St Woodstock, IL 60098

Property Details for 234 Main St

Year built

1920

Lot size

0.06 lot acres

Property size

1,846 SF

Property type

Commercial real estate

APN

13-05-376-002

APU

1305376002

Description

This exceptional investment opportunity presents a unique 3,430 square foot mixed-use property ideally situated in the heart of downtown Woodstock, Illinois. The building boasts a prime location with frontage on both Main Street and North Benton Street, placing it just one block from the renowned Woodstock Square. This four-unit property comprises two ground-floor retail spaces, totaling 1,098 and 792 square feet respectively, and two upper-level apartments, each measuring 748 and 792 square feet. Each apartment features its own separate street entrance and includes in-unit washer and dryer hookups. Currently, all four units are occupied under month-to-month leases, offering immediate cash flow. The property benefits from separately metered utilities, with tenants responsible for gas and electric. The current monthly rental income stands at $3,200, translating to $38,400 annually. However, a significant increase in rental income is achievable by adjusting lease rates to reflect current market values. A pro forma analysis, based on market-rate rents, demonstrates a strong 8.71% capitalization rate, justifying the asking price of $359,000. This property represents a compelling opportunity for investors seeking a stable, high-yield investment in a vibrant and desirable location. The existing leases provide immediate return, while the potential for rental increases offers significant future growth.