604-620 E Grant HighwayMarengo, IL 60152

Description

**Exceptional Investment Opportunity!** This 100% occupied apartment complex offers stable performance, a strong base of long-term tenants, and substantial upside for future income growth. The property consists of two garden-style, two-story buildings totaling 48 units, including 36 two-bedroom apartments and 12 one-bedroom apartments, each with separate utilities. Major capital improvements include a newer roof (2019), new windows, patio doors, siding, gutters, and fascia (2023), along with new front entrance doors (2026). The laundry room has also been completely remodeled and offers the capacity to install six new washers and dryers. Current income does not include any laundry revenue, creating an immediate opportunity to generate an additional income stream once the machines become operational. Additional features include 85 paved parking spaces and excellent potential for a future condominium conversion. With full occupancy, valuable recent improvements, multiple opportunities to increase revenue, and returns that stand out in today's market, this exceptional income-producing asset is truly an investor's dream. Don't miss this rare opportunity to acquire a well-positioned multifamily property with significant growth potential!

Property Information

Property type

Commercial Sale

Sub-type

Multi Family

Year built

1978

Stories

2

Building area

49,680 Sq Ft

Lot size

2.42 acres

Lot dimensions

217.6X33X90.2X6X88.4X384.3X281.8X383.9

Zoning

MULTI

Days on market

101

MLS^® Listing#

12443014

Property Features

Cooling

Window Unit(s)

Basement

None

Construction

Brick · Block

Foundation

Concrete Perimeter

Roof

Composition

Financial Details

Annual taxes

$56,793Tax year 2022

Parcel number

1136327042

Directions

RT. 23 TO RT. 20