1209 N North St 1209 North St 17 Unit Apartment Building $420,000 ($24,706/Unit) 11.65% Cap Rate Peoria, IL 61606

Positioned in the heart of Peoria, this 17-unit multi-family property at 1209 N North Street offers a compelling investment opportunity with strong cash flow and significant upside potential. The building currently features 13 income-producing units, including a mix of one-bedroom, studio, and a spacious two-bedroom configuration created by combining smaller units. Two additional one-bedroom units are stripped down and plumbed, ready for renovation to further boost rental income.
The property benefits from a legal nonconforming zoning certificate for 17 units, ensuring compliance and flexibility for future operations. All utilities are owner-paid, while tenants contribute flat rental rates, with eligibility for Section 8/PHA programs to diversify income streams. With an NOI of $48,920 and room for growth through rent adjustments and unit completion, this asset is ideal for investors seeking value-add potential.
Located within minutes of downtown Peoria, residents enjoy proximity to employment hubs, retail, and cultural attractions. The surrounding area boasts an average household income exceeding $80,000 within a one-mile radius, supporting strong rental demand. Seller financing is available with $150,000 down, making this an accessible entry point into a thriving market.