Marcus & Millichap is pleased to present Bally Vaughn, a 72-unit apartment complex located in Springfield, Illinois. It is comprised of 60 two-bedroom (ranging from 730 - 769 Square feet) and 12 three-bedroom (877 Square feet) units between its four buildings. The property is minutes from historic downtown Springfield, the Lincoln Library and Museum, and the State Capitol building. Bally Vaughn Apartments is an extremely well-located asset with substantial value-add potential. The property is 100 percent vacant and in need of a gut rehab. Available contractor bids estimate a total rehab budget of approximately $1.2 million, or about $16,675 per unit. Bally Vaughn offers an incredible opportunity to add significant value once rehabbed. Using conservative post rehab average rents of approximately $0.79 per square foot, a new owner will cash flow over $100,000 annually in year two.
Bally Vaughn is located in one of the state's best school districts. The property is 2.5 miles from Lincoln Magnet School, a National Blue-Ribbon award-winning technology -themed middle school, under five miles from Blue-Ribbon award-winning Lindsay Elementary school, and 3.5 miles from Iles School, an international Baccalaureate program that is regularly among the state's top academic performers. Bally Vaughn is across the street from Sacred Heart-Griffin High School, St. Agnes School, and Dubois Elementary School.
