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2002-2004 Rainbow 2004 Rainbow Ave 24 Unit Apartment Building $1,575,000 ($65,625/Unit) 7.11% Cap Rate Bloomington, IL 61704
EXECUTIVE SUMMARY
Discover a rare opportunity to acquire a well-positioned 24-unit multifamily property located at 2002-2004 Rainbow Avenue in the heart of Bloomington, IL. Centrally located and just minutes from major employers, shopping centers, universities, and local attractions, this property offers both strong current cash flow and significant upside potential.
The unit mix includes a combination of renovated apartments currently achieving premium rental rates, alongside non-renovated units renting at $100–$300 below market, creating a clear and immediate value-add opportunity for investors. Renovated units feature modern finishes, updated kitchens and baths, and upgraded flooring, setting the standard for future renovations and rent increases.
With strong rental demand in the area and continued growth in Bloomington’s housing market, this property represents an ideal investment for multifamily investors seeking a mix of stability and potential.
For further financial information, please reach out to the list broker.
The unit mix includes a combination of renovated apartments currently achieving premium rental rates, alongside non-renovated units renting at $100–$300 below market, creating a clear and immediate value-add opportunity for investors. Renovated units feature modern finishes, updated kitchens and baths, and upgraded flooring, setting the standard for future renovations and rent increases.
With strong rental demand in the area and continued growth in Bloomington’s housing market, this property represents an ideal investment for multifamily investors seeking a mix of stability and potential.
For further financial information, please reach out to the list broker.
FINANCIAL SUMMARY (ACTUAL - 2025) 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 |
-
|
-
|
| Operating Expenses |
-
|
-
|
| Total Expenses |
$99,999
|
$9.99
|
| Net Operating Income |
$99,999
|
$9.99
|
FINANCIAL SUMMARY (ACTUAL - 2025) 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 | - |
| Annual Per SF | - |
| Operating Expenses | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Total Expenses | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Net Operating Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
PROPERTY FACTS Under Contract
| Price | $1,575,000 | Apartment Style | Low-Rise |
| Price Per Unit | $65,625 | Building Class | B |
| Sale Type | Investment | Lot Size | 0.83 AC |
| Cap Rate | 7.11% | Building Size | 20,250 SF |
| No. Units | 24 | Average Occupancy | 96% |
| Property Type | Multifamily | No. Stories | 3 |
| Property Subtype | Apartment | Year Built | 1980 |
| Price | $1,575,000 |
| Price Per Unit | $65,625 |
| Sale Type | Investment |
| Cap Rate | 7.11% |
| No. Units | 24 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | B |
| Lot Size | 0.83 AC |
| Building Size | 20,250 SF |
| Average Occupancy | 96% |
| No. Stories | 3 |
| Year Built | 1980 |
AMENITIES
UNIT AMENITIES
- Air Conditioning
- Washer/Dryer
- Heating
- Kitchen
- Refrigerator
- Oven
- Tub/Shower
SITE AMENITIES
- 24 Hour Access
- Recycling
- Trash Pickup - Curbside
- Walking/Biking Trails
- Smoke Detector
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| 2+1 | 24 | $922.50 | 700 |
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PROPERTY TAXES
| Parcel Number | 14-35-227-038 | Improvements Assessment | $266,592 (2024) |
| Land Assessment | $74,979 (2024) | Total Assessment | $341,571 (2024) |
PROPERTY TAXES
Parcel Number
14-35-227-038
Land Assessment
$74,979 (2024)
Improvements Assessment
$266,592 (2024)
Total Assessment
$341,571 (2024)
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2002-2004 Rainbow | 2004 Rainbow Ave
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