109 W Madison StreetPhilo, IL 61864

Description

Excellent investment opportunity in the heart of Philo! This income-producing property offers over 2,000 square feet and has been successfully operated as a duplex for many years. Currently configured as two 2-bedroom, 1-bath units, the home also offers the potential to be converted back into a single-family residence by reopening the interior staircase to the second floor. The upper unit, accessed by a private exterior staircase, features updated paint, an updated bathroom, and an updated kitchen area, while the spacious main-level unit is occupied by long-term tenants. A shared laundry area is located in the basement, and both residential leases extend through April 2027, providing immediate rental income. Additional income is generated by a detached 3-car garage and a separate 1-car garage, both currently leased as storage units. The property features an updated septic system with city water service, a roof replaced by the current owner, separately metered electric service, shared water and gas that are billed back to the tenants, a large welcoming front porch, rear tenant parking, and a common outdoor area perfect for relaxing or grilling. Being sold as is, this handyman special offers outstanding investment potential with multiple possibilities in a desirable small-town community.

Property Information

Property type

Residential Income

Sub-type

Multi Family

Style

Farmhouse

Year built

1880

Lot size

0.28 acres

Lot dimensions

80X150

Garage spaces

4

Parking spaces

4

Ownership

Fee Simple

Days on market

3

MLS^® Listing#

12775415

Property Features

Heating

Natural Gas · Forced Air

Basement

Unfinished · Partial

Parking

Garage · Detached

Patio

Porch

Construction

Aluminum Siding

Sewer

Septic Tank

Water source

Public

Schools

Elementary

Unity East Elementary School

Middle

Unity Junior High School

High

Unity High School

District

Unity High School

Financial Details

Annual taxes

$2,931Tax year 2025

Parcel number

192723158002

Directions

Take RT 130 to Madison St and house is on the right.