-Opportunity to purchase three 4 families that sit side by side on a quiet dead end street with cul de sac in St. Charles.
-These 4 families have 2 bedroom units that rent from $800-$850 a month with a gross monthly income of $9,800 a month and $118,800 annually.
-Renovation included all new updated kitchens and baths in each unit, refinished hardwood floors, new roofs, new siding, new gutters and downspouts, new windows, new doors, privacy fence, new lighting and hardware, paint, etc…
-Units feature large walk in closets in the bedroom with shelving.
-All units have a secure storage area and each building has a washer dryer hookups.
-Buildings are located on a large shaded park-like lot and there is ample parking.
-The buildings are located just one block from a large new development in St. Charles that has many new restaurants, shops a movie theater and apartments.
-Two bedroom apartments in the new development rent for $1,660-$2,050 a month. There is the ability to raise rents.
-Expenses are very low for the buildings, tenants pay for their own water and there is no sewer bill. Maintenance costs are low as the buildings were just renovated.
-Buildings are being sold as a package but could be financed individually as four families.
Rental Income (3 units rented at $850, 5 units rented at $825, 2 units rented at $800, 1 holdover unit rented at $700, 1 $800 apartment being left vacant to show)
Monthly Gross Total $9,800
Annual Gross Total $117,600
Monthly Total $1,262
Annual Total $15,151
-With a vacancy rate of 5% the building generates a net income after expenses of $8,042 a month and $96,509 a year. Property is priced at an 8.8% cap rate.
Asking price is $1,100,000
Paying buyers agents 2.0%
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