260 North Broad Street, Galesburg, IL

19.38% return

SP: $119,900

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Property Description

AWESOME PROPERTY!!!! 6 units. 4 out of 6 currently occupied to great tenants. 2 units need to be completed. Good bones, very nice area, low maintenance. PROPERTY WILL GENERATE A 19.38% NET RETURN ON INVESTMENT!!! 45K IN VALUE ADD!!! Don’t miss this opportunity.

Property Information

Listing statusActive
Property typeMulti Family
Total units6
Total bedrooms6
Total bathrooms6
Building size2,936 sq. ft.
Lot size0.3 acres
Year built1900

CountyKnox County
SubdivisionCITY OF GALESBURG
ConstructionFrame
RoofAsphalt Shingle
Water sourceCity water
Water disposalSewer
HeatingBaseboards
CoolingWindow A/C

Property Financial Summary

Sale price$119,900
Estimated rehab¹$15,000
Total investment$134,900

TypeProforma
After repair value$179,900
Potential profit$45,000

Gross income (annually)$39,600
Operating expenses (annually)$13,456
Net income (annually)$26,144
Gross return29.36%

Gross income (monthly)$3,300
Operating expenses (monthly)$1,121
Net income (monthly)$2,179
Net return19.38%

Property Income & ExpensesMonthlyAnnual

Income

Unit 1: 1 bed / 1 bath$550/month$6,600/year
Unit 2: 1 bed / 1 bath$550/month$6,600/year
Unit 3: 1 bed / 1 bath$550/month$6,600/year
Unit 4: 1 bed / 1 bath$550/month$6,600/year
Unit 5: 1 bed / 1 bath$550/month$6,600/year
Unit 6: 1 bed / 1 bath$550/month$6,600/year
Total$3,300/month$39,600/year

Expenses

Property Taxes$133/month$1,596/year
Insurance (estimated)$250/month$3,000/year
Maintenance reserve$208/month$2,500/year
Electric bill$250/month$3,000/year
Water and Sewer$200/month$2,400/year
Gas Utility Bill$80/month$960/year
Total$1,121/month$13,456/year

Property Questions & Answers

Q: How do I make an offer on this property?
A: Placing an offer is a simple process. All offers must be presented in writing with an escrow deposit of 10% or $5,000, whichever is larger. Escrow has to be sent to the attorney or title company who is handling the file for this property. Please send us an inquiry and one of our team members will get in touch with you to further assist you. You can also give us a call.

Q: Does this property come with clear title?
A: All our properties come with clear title. We highly recommend you purchase title insurance as well.