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For sale 9 days ago

$115,000

rooms 4+ ba 4200 sqft

405-409 Joan Dr, Marissa, IL 62257

Multiple Off MLS

Current Rent **

N/A

Projected Rent **

$7,128

Estimated Cap Rate *

Pro Only

Estimated Cash on Cash ROI *

Pro Only

🎪 (𝗠𝗮𝗿𝗶𝘀𝘀𝗮, 𝗜𝗟.) 𝟴 𝗨𝗻𝗶𝘁 - 𝟮 𝗤𝘂𝗮𝗱 𝗣𝗿𝗼𝗽𝗲𝗿𝘁𝘆 𝗣𝗮𝗰𝗸𝗮𝗴𝗲 𝗗𝗲𝗮𝗹! | $𝟳,𝟭𝟮𝟴/𝗠𝗼𝗻𝘁𝗵 𝗣𝗼𝘁𝗲𝗻𝘁𝗶𝗮𝗹 𝗥𝗲𝗻𝘁!

Two Side-by-side Quadplex Properties in Marissa, Illinois!

ARV: $198K

Potential Rent: $7,128/month

Unit Mix: Four 2 Bed/1 Bath Unit & Four 1 Bed/1 Bath Unit

Occupancy: 100% Vacant

Market Rents: $775-$1,007/Unit

Taxes: $3,793

Insurance: $1,900

Utilities: Tenants pay for all utilities except for water and sewer.

Building Square Footage: 2,100 Sq Ft (for each property)

Lot Size: 9,147 Sq Ft

Year Built: 1970

Management: Currently self-managed, but excellent local property management company ready to step in and manage this one for the next owner.

Cap Rate (Pro Forma): 42.32% (5% Vacancy, Taxes, Insurance, and 10% Prop Management included in Pro Forma Cap and Actuals)

Due Diligence: While we do our best to get all the relevant information to you, buyers are encouraged to do their own due diligence. (See Important Disclosures Below)

Location:

405-409 Joan Dr, Marissa, IL 62257

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* The cap rate and cash on cash return calculations found on BiggerPockets Listings are estimated and designed to be used for informational and educational purposes only, and when used alone, do not constitute investment advice. They assume 3 months worth of expenses and estimate taxes and insurance. BiggerPockets recommends that you seek the advice of a real estate professional before making any type of investment. The results presented may not reflect the actual return of your own investments. BiggerPockets is not responsible for the consequences of any decisions or actions taken in reliance upon or as a result of the information provided by these tools. Furthermore, BiggerPockets is not responsible for any human or mechanical errors or omissions.

** Current rent and projected rent are provided by the lister.

† Rental comps are pulled by looking at property characteristics (beds, baths, structure type), date the rent listing was captured, and proximity to the searched location.

‡ Confidence levels range from low to very high. Confidence is determined by the number of recent and relevant comparable properties for any given search. A very high confidence level indicates a high number of recent and similar rental listings.