505 Cleveland Ave Belleville, IL 62221

Property Details for 505 Cleveland Ave

Year built

1969

Lot size

0.55 lot acres

Property size

4,722 SF

Property type

Commercial real estate

APN

08-28-0-035-024

Description

This exceptional multifamily investment opportunity presents a 9-unit apartment building situated on a 0.55-acre lot in Belleville, Illinois. Boasting 4,722 square feet, the property features a mix of apartment units and a single-family home, all situated on a single parcel. The building, constructed in 1969 and extensively renovated in 2024, includes a new roof and significant tenant improvements. These upgrades encompass new stoves and refrigerators in unit 505B, central air repair in unit 509A, and furniture replacement in most units. The single-family home also benefited from recent updates, including a new AC unit, furniture, and hot water heater in 2022. The property offers 14 parking spaces and is zoned for multi-family use. With a strong net operating income (NOI) of $30,672.21 and an attractive 8.80% cap rate, this property represents a compelling investment opportunity. The property's location in Belleville provides convenient access to major highways and amenities, and is within close proximity to numerous schools. The asking price is $350,000, translating to $74.12 per square foot. This well-maintained property, with its recent renovations and strong financial performance, is poised for continued success. The property's address is 505 West Cleveland Avenue, Belleville, IL 62221, and its APN is 08-28-0-035-024. The asphalt was last replaced in 2014. The building is two stories.