7.5 Cap - 4 Plex Fully Occupied in Springfield IL

Awesome opportunity to own this income property! The building is fully occupied. Tenants in Apt 2 and 4 are long term tenants for over 10 years. New roof in 2020 and new AC in unit 1 in 2022. Owner pays water/sewer and trash. Most of the maintenance cost last year went toward converting unit 3 into a 2 bedroom. Owner paid electric, and water/sewer- total for 2021 was $1,320. As tenants have moved out units are being converted into a 2 bed 1 bath unit from a 1 bed 1 bath unit. Units 2 and 4 have yet to be converted. Current rents on the converted units are $675 and $700 and rent on units that are 1 bed 1 bath are $500 and $550. Potential additions for increasing rents could include converting last 2 units to a 2 bed 1 bath and creating income from washer / dryers hookups basement.

Gross Revenue: $29,100
Owner Expenses:
Insurance - $937
Management - $2,182
Maintenance - $3,400 (Most of this cost was converting unit 3 into a 2 bedroom)
Garbage - $1,080
Electric / Water / Sewer - $1,320
Lawn / Snow - $500
Taxes - $3,583.
Total Expenses = $13,003

Net Income = $16,097

To see the full listing with pictures click here: https://www.zillow.com/b/417-w-capitol-ave-springfield-il-9SFm7r/

Units are full so only unit available for showings is unit 3 with 24 hour notice. To be respectful of other tenants, upon accepted contract, other units can be viewed during inspection period. Broker owned. Sq ft believed accurate, not warranted. For any questions please contact Tim Zinselmeier at 217-741-3830 and send offers to [email protected]

Location:

417 W Capitol, Springfield, IL 62704