Units – 19, Elgin
Triton Realty Group is pleased to present 1940 Mark Avenue, a 19 unit studio apartment building located on the northwest side of Elgin. The property is fully occupied and allows a new investor an add-value opportunity by raising rents from $654 on average to a pro-forma $725. Landlord has raised 1/2 of units to $695-$700 level and increased the overall rent roll $70/month from 1 year ago. Cosmetic unit improvements would improve a currently yielding 7.88% CAP rate to a 9% CAP rate. Property has all new balconies and railings (2019). The property neighbors the Big Timber Metra track which provides easy access for tenants using the train to commute and is within close proximity of I-90. The building sits on a large, 24,000+ square foot lot which provides over 30 parking spaces and two exterior storage units. It also sits at the end of a dead-end street providing more privacy than other properties on the block. Two washers and two dryers for additional income. Property ready to be improved by new owner to market rents!
CONTACT AGENT: Edward Liss