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1220 51st Ave
Rock Island, IL 61201
Cotton Mill Apartments · Multifamily Property For Sale
·
31 Units
PROPERTY FACTS
| No. Units | 31 | Building Size | 26,223 SF |
| Property Type | Multifamily | Average Occupancy | 87% |
| Property Subtype | Apartment | No. Stories | 3 |
| Apartment Style | Low-Rise | Year Built | 1999 |
| Building Class | C | Parking Ratio | 1.53/1,000 SF |
| Lot Size | 1.55 AC | ||
| Zoning | RI | ||
| No. Units | 31 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 1.55 AC |
| Building Size | 26,223 SF |
| Average Occupancy | 87% |
| No. Stories | 3 |
| Year Built | 1999 |
| Parking Ratio | 1.53/1,000 SF |
| Zoning | RI |
AMENITIES
UNIT AMENITIES
- Air Conditioning
- Dishwasher
- Heating
- Refrigerator
- Range
- Wheelchair Accessible (Rooms)
SITE AMENITIES
- Laundry Facilities
ABOUT 1220 51ST AVE , ROCK ISLAND, IL 61201
(Lies along with the Rock River which feeds into the MS River between IA and IL) It is currently run as a 40% sec 8 elderly governed by an Illinois LURA – and was originally syndicated with bond financing through QCREDA back in 2000 and converted in to multi-family from its original use as a cotton mill in the 1800s. It has an additional acre on the lot that can be used to build another building or two. The surrounding area is called ‘Quad-Cities’ comprised of Rock Island & Moline IL and Davenport & Bettendorf IA along the MS River border. The population is over 350,000 with a combined statistical area population of over 474,000. • Year Built: (Original Structure 1862) • Stories: 3 • Total Units: 31 (room to easily add one more unit to make it 32 units) • Units with Subsidy: 12 • Complex Type: Elderly (55+) (only 12 units need to fit this type) • Bedrooms: Studio • 1 Bdr: 31 • 40% subsidized (tenant based sec-8) • 60% market rate • 50% occupied (by choice for potential cosmetic rehab purposes) • Lot size of 73,440sf (current building footprint is only 22k sf so there’s ample room for future development) • It may also have historic value that could translate into historic tax credits or some other subsidy. • The county assessments customarily very low and only reflect a percentage of the actual market value – not sure why they do this • Could be a great condo conversion in the future
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| 1+1 | 31 | $562.50 | 700 |
PROPERTY TAXES
| Parcel Number | 16-14-308-001 | Improvements Assessment | $225,324 |
| Land Assessment | $26,462 | Total Assessment | $251,786 |
PROPERTY TAXES
