102 W 1st ST Lindenwood, IL 61049

$10,000 PRICE DROP...at this price BUYER must CLOSE by Dec. 18th, 2019. This 5-unit apartment building is located in a small town north of Rochelle. The community is quiet, but there are two major employers in the town and traditionally tenants work there. The two bedroom apartments (3) are very large, have good soundproofing, nice kitchens, and the two on the lower level have washer and dryer. All units draw good tenants and good rent and are rarely vacant; so much so that the landlord is able to command first, last, and damage deposits. The one bedroom units are simple but one of them has been rented by the same tenant for 10 years. Updates to the building interior have been significant over the past 15 years while the outside remains modest if not basic (and thus is not called to the attention of the tax assessor). The boiler is a well maintained Weil Mclain (Bullet proof). Both hot water heaters are new in the last 3 years. Considering the asking price, the capitalization rate on this apartment building is the best you are going to find.