SOLD
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631 E Lincolnway | Morrison, IL 61270
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Property Details
[/ux_text] [row_inner style=”collapse” width=”full-width” padding=”0px 0px 0px 0px”] [col_inner span=”3″ span__sm=”6″]Price
Total SF
Total Lot Size
# of Buildings
[/col_inner] [col_inner span=”3″ span__sm=”6″]$425,000
34,714
0.8 Acres
1
[/col_inner] [col_inner span=”3″ span__sm=”6″ padding=”0px 0px 0px 0px” margin=”0px 0px 0px 0px”]Units
Occupancy
Proforma Cap Rate
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23
39%
21%
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Description
[/ux_text]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
[/ux_text] [row_inner] [col_inner span=”6″ span__sm=”12″]-
Value-Add Multifamily Property
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23 Units (Incl. 2 Framed Only)
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Substantial Upside
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New Roof
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Laundry Room
- Low-Maintenance Baseboard Heat
Map
[/ux_text] [map lat=”41.8060542253″ long=”-89.9523634771″ zoom=”16″ content_enable=”0″ content_width__sm=”100″ content_width__md=”40″ position_x__sm=”100″ position_y__sm=”100″ controls=”true”]924 E Willow St Kankakee, IL 60901
[/map] [/col] [col span=”4″ span__sm=”12″ divider=”0″ padding=”0px 0px 0px 0px” margin=”0px 0px 0px 0px” border=”0px 0px 0px 0px”] [divider align=”center” width=”300px” height=”1px”] [button text=”OM-Rent Roll-T12″ padding=”0px 10px 0px 10px” expand=”true” link=”https://creconsult.net/631-east-lincolnway-offering-memo/” target=”_blank”] [ux_text line_height=”0.75″ text_color=”rgb(0,0,0)”]Broker
Randolph Taylor
Senior Associate
eXp Commercial
C: 630.474.6441
E: rtaylor@creconsult.net
