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HIGH-YIELD 24-UNIT APARTMENT BUILDING 111 Bannon Dr 24 Unit Apartment Building $1,248,000 ($52,000/Unit) 11.74% Cap Rate Dwight, IL 60420
Investment Highlights
- HIGH-YIELD INVESTMENT | 11.74% PRO-FORMA CAP RATE This property offers an exceptionally strong in-place return. Based on the 2024 full-year financials
Executive Summary
PROPERTY HEADLINE: HIGH-YIELD 24-UNIT APARTMENT BUILDING | 11.74% PRO-FORMA CAP RATE | HUD SUBSIDIZED
PROPERTY DESCRIPTION: Presenting a rare opportunity to acquire a high-yield, 24-unit apartment building with a stable and guaranteed income stream. This property is a high-performing asset, buoyed by a significant HUD subsidy that ensures consistent occupancy and reliable cash flow, making it a recession-resistant investment.
The property generated a 2024 Net Operating Income of over $146,000, demonstrating strong in-place financial performance. With a pro-forma capitalization rate of 11.74% at the asking price, this offering represents one of the most compelling investment opportunities in the market for an investor seeking immediate and substantial returns. The property offers a desirable mix of units and has been well-maintained. This is a perfect turnkey asset for an investor looking to add a reliable, cash-flowing property to their portfolio.
### INVESTMENT HIGHLIGHTS:
* HIGH-YIELD INVESTMENT | 11.74% PRO-FORMA CAP RATE This property offers an exceptionally strong in-place return. Based on the 2024 full-year financials, the pro-forma cap rate is 11.74%, providing an immediate and significant return on investment.
* STABLE & GUARANTEED INCOME STREAM A significant portion of the rent roll is subsidized by a HUD contract, drastically reducing vacancy and collection loss. This government backing provides a reliable income stream that is insulated from market fluctuations.
* PROVEN FINANCIAL PERFORMANCE The property boasts a strong history of income generation. The full-year 2024 Net Operating Income was $146,467 (pro-forma). The year-to-date 2025 financials show continued strong performance .
* VALUE-ADD POTENTIAL While the property is already a strong performer, there is potential to increase returns by raising rents on non-subsidized units to full market rate and implementing minor operational efficiencies.
* DESIRABLE 24-UNIT SCALE This property is the ideal size for a private investor, offering economies of scale that are easy to manage without the need for a large, institutional-level management team.
### FINANCIAL SNAPSHOT:
* Asking Price: $1,248,000
* Price Per Unit: $52,000
* 2024 Pro-Forma NOI: $146,467
* Pro-Forma Cap Rate: 11.74%
A full due diligence package, including detailed financials, is available upon request.
PROPERTY DESCRIPTION: Presenting a rare opportunity to acquire a high-yield, 24-unit apartment building with a stable and guaranteed income stream. This property is a high-performing asset, buoyed by a significant HUD subsidy that ensures consistent occupancy and reliable cash flow, making it a recession-resistant investment.
The property generated a 2024 Net Operating Income of over $146,000, demonstrating strong in-place financial performance. With a pro-forma capitalization rate of 11.74% at the asking price, this offering represents one of the most compelling investment opportunities in the market for an investor seeking immediate and substantial returns. The property offers a desirable mix of units and has been well-maintained. This is a perfect turnkey asset for an investor looking to add a reliable, cash-flowing property to their portfolio.
### INVESTMENT HIGHLIGHTS:
* HIGH-YIELD INVESTMENT | 11.74% PRO-FORMA CAP RATE This property offers an exceptionally strong in-place return. Based on the 2024 full-year financials, the pro-forma cap rate is 11.74%, providing an immediate and significant return on investment.
* STABLE & GUARANTEED INCOME STREAM A significant portion of the rent roll is subsidized by a HUD contract, drastically reducing vacancy and collection loss. This government backing provides a reliable income stream that is insulated from market fluctuations.
* PROVEN FINANCIAL PERFORMANCE The property boasts a strong history of income generation. The full-year 2024 Net Operating Income was $146,467 (pro-forma). The year-to-date 2025 financials show continued strong performance .
* VALUE-ADD POTENTIAL While the property is already a strong performer, there is potential to increase returns by raising rents on non-subsidized units to full market rate and implementing minor operational efficiencies.
* DESIRABLE 24-UNIT SCALE This property is the ideal size for a private investor, offering economies of scale that are easy to manage without the need for a large, institutional-level management team.
### FINANCIAL SNAPSHOT:
* Asking Price: $1,248,000
* Price Per Unit: $52,000
* 2024 Pro-Forma NOI: $146,467
* Pro-Forma Cap Rate: 11.74%
A full due diligence package, including detailed financials, is available upon request.
Financial Summary (Actual - 2024) Click Here to Access |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$99,999
|
$9.99
|
| Other Income |
-
|
-
|
| Vacancy Loss |
-
|
-
|
| Effective Gross Income |
$99,999
|
$9.99
|
| Taxes |
$99,999
|
$9.99
|
| Operating Expenses |
$99,999
|
$9.99
|
| Total Expenses |
$99,999
|
$9.99
|
| Net Operating Income |
$99,999
|
$9.99
|
Financial Summary (Actual - 2024) Click Here to Access
| Gross Rental Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Other Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Effective Gross Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Taxes | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Operating Expenses | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Total Expenses | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Net Operating Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
Property Facts
| Price | $1,248,000 | Apartment Style | Townhome |
| Price Per Unit | $52,000 | Building Class | C |
| Sale Type | Investment | Lot Size | 2.60 AC |
| Cap Rate | 11.74% | Building Size | 16,160 SF |
| Gross Rent Multiplier | 5.36 | Average Occupancy | 100% |
| No. Units | 24 | No. Stories | 1 |
| Property Type | Multifamily | Year Built/Renovated | 1961/2023 |
| Property Subtype | Apartment | ||
| Zoning | commercial - commercial | ||
| Price | $1,248,000 |
| Price Per Unit | $52,000 |
| Sale Type | Investment |
| Cap Rate | 11.74% |
| Gross Rent Multiplier | 5.36 |
| No. Units | 24 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Townhome |
| Building Class | C |
| Lot Size | 2.60 AC |
| Building Size | 16,160 SF |
| Average Occupancy | 100% |
| No. Stories | 1 |
| Year Built/Renovated | 1961/2023 |
| Zoning | commercial - commercial |
Amenities
Site Amenities
- 24 Hour Access
- Tenant Controlled HVAC
- Smoke Free
- Smoke Detector
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 24 | - | - |
1 1
Property Taxes
| Parcel Number | 05-05-10-103-028 | Total Assessment | $329,155 |
| Land Assessment | $41,606 | Annual Taxes | ($1) ($0.00/SF) |
| Improvements Assessment | $287,549 | Tax Year | 2024 |
Property Taxes
Parcel Number
05-05-10-103-028
Land Assessment
$41,606
Improvements Assessment
$287,549
Total Assessment
$329,155
Annual Taxes
($1) ($0.00/SF)
Tax Year
2024
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HIGH-YIELD 24-UNIT APARTMENT BUILDING | 111 Bannon Dr
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