For Sale Heavy Value Add 23 Unit Multifamily Property Morrison IL

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SOLD

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For Sale Multifamily

631 E Lincolnway | Morrison, IL 61270

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Property Details

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Price

Total SF

Total Lot Size

# of Buildings

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$425,000

34,714

0.8 Acres

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Units

Occupancy

Proforma Cap Rate

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39%

21%

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Description

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eXp Commercial is pleased to present to the market a heavy value-add 23-unit multifamily property in Northwestern Morrison, IL, offering considerable upside through continued unit renovations and leasing. The unit mix is 10 studio apartments, 11 one-bedroom units, and 2 two-bedroom units.

Nine units are currently occupied; four additional units noted are market-ready; eight units require completion, costing approximately $2000 to finish; and two units are unfinished, requiring framing, drywall, electrical, plumbing, and framing. The estimated cost for these two units is in the $8-$10K range to complete two additional one-bedroom units or other configurations if desired. There is no building department or inspection required other than the annual fire marshal inspection in Morrison, IL.

The property had its roof replaced in 2021. The units are heated by low-maintenance electric baseboard heating. There is a currently un-used laundry room, offering an additional opportunity for added income from coin-operated washers and dryers.

Morrison, IL, the county seat of Whiteside County, IL, in Northwest Illinois, is approximately 12 miles west of Sterling/Rock Falls, IL. 12 miles east of Clinton, IA, along the Mississippi, 35 miles northeast of Davenport, IA, and 115 miles west of Chicago, IL. Current major employers within the community include Whiteside County government, Morrison Community School District #6, Morrison Community Hospital, Climco Coils, and Resthave Home. Because Morrison is the county seat, professional services such as attorneys, title and survey services, and financial and accounting services are well represented. The agricultural sector remains a primary source of economic output.

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Highlights

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Value-Add Multifamily Property
23 Units (Incl. 2 Framed Only)
Substantial Upside

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New Roof
Laundry Room
Low-Maintenance Baseboard Heat

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Map

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924 E Willow St Kankakee, IL 60901

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Broker

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