5101 25th Ave Ct, Moline, IL 61265-5076

This exceptional 12-unit apartment building presents a compelling value-add investment opportunity in a prime Moline, Illinois location. Situated at 5101 25th Ave Ct, 61265, this property boasts a low-maintenance brick exterior and is conveniently located at the end of a cul-de-sac, bordering single-family homes. The building, constructed in 1981, sits on a substantial 35,174 square foot lot (APN: 17-02-310-001) and offers off-street parking for residents. All twelve units are two-bedroom apartments, currently commanding rents of $775 and $800 per month, resulting in a 92% occupancy rate as of July 15, 2024. The property features on-site laundry facilities recently updated with new coin-operated washers and dryers. Hallway carpeting is new, and the property benefits from a tenant-pay utility structure (gas, electric, and heat). Appliances and flooring are replaced on a turnover basis, providing an ongoing opportunity for value enhancement. The asking price is $840,000, representing a price per unit of $70,000 and a pro-forma cap rate of 9.11%, with a pro-forma NOI of $76,531. This property is offered as an LLC ownership and is not subject to a ground lease. This is a rare opportunity to acquire a well-located, twelve-plex in a desirable Moline neighborhood.