Latham Apartments

210 Kiick Street, Latham, IL

18.83% return

SP: $599,900

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Property Description

CASH COW!!!

Awesome 19 unit complex. 17 units in the main building and 2 units in the second building. New roof on the main building. All brick, high quality solid construction. Separate electric meters, city water and sewer. Low maintenance expenses. WILL GENERATE AN 18%+ NET RETURN ON INVESTMENT!!! $200K IN VALUE ADD!!! Do not miss out on this amazing opportunity.

Property management and financing is available.

Property Information

Listing statusActive
Property typeMulti Family
Total units19
Total bedrooms29
Total bathrooms21
Building size13756 sq. ft.
Lot size2.7 acres
Year built1970

CountyLogan County
Subdivision
ConstructionBrick
RoofFlat
Water sourceCity water
Water disposalSewer
HeatingBaseboards
CoolingWindow A/C

Property Financial Summary

Sale price$599,900
Estimated rehab¹$50,000
Total investment$649,900

TypeProforma
After repair value$849,900
Potential profit$200,000

Gross income (annually)$151,200
Operating expenses (annually)$28,833
Net income (annually)$122,367
Gross return23.27%

Gross income (monthly)$12,600
Operating expenses (monthly)$2,403
Net income (monthly)$10,197
Net return18.83%

Property Income & ExpensesMonthlyAnnual

Income

Unit 1: 1 bed / 1 bath$600/month$7,200/year
Unit 2: 2 bed / 1 bath$700/month$8,400/year
Unit 3: 2 bed / 1 bath$700/month$8,400/year
Unit 4: 1 bed / 1 bath$600/month$7,200/year
Unit 5: 1 bed / 1 bath$600/month$7,200/year
Unit 6: 1 bed / 1 bath$600/month$7,200/year
Unit 7: 2 bed / 1 bath$700/month$8,400/year
Unit 8: 2 bed / 1 bath$700/month$8,400/year
Unit 9: 1 bed / 1 bath$600/month$7,200/year
Unit 10: 1 bed / 1 bath$600/month$7,200/year
Unit 11: 3 bed / 2 bath$900/month$10,800/year
Unit 13: 3 bed / 2 bath$900/month$10,800/year
Unit 15: 1 bed / 1 bath$600/month$7,200/year
Unit 16: 1 bed / 1 bath$600/month$7,200/year
Unit 17: 1 bed / 1 bath$600/month$7,200/year
Unit 18: 1 bed / 1 bath$600/month$7,200/year
Unit 19: 1 bed / 1 bath$600/month$7,200/year
Unit 20: 2 bed / 1 bath$700/month$8,400/year
Unit 21: 2 bed / 1 bath$700/month$8,400/year
Total$12,600/month$151,200/year

Expenses

Property Taxes$300/month$3,600/year
Insurance (estimated)$417/month$5,000/year
Electric bill$250/month$3,000/year
Water and Sewer$160/month$1,920/year
Waste Collection$243/month$2,913/year
Maintenance reserve$833/month$10,000/year
Lawn care$200/month$2,400/year
Total$2,403/month$28,833/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.