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211 N Kennedy blvd 49 Unit Apartment Building Offered at $1,100,000 Vandalia, IL 62471
Investment Highlights
- Deep value-add spread — distressed acquisition at $600K stabilizing to $3.82M (6% cap), a 6.4x value creation arc
- Opportunity Zone asset — federally designated OZ property; 10-year hold eliminates capital gains tax on all appreciation
- Below-market renovation execution — in-house construction crew delivers the 49-unit rehab at a significant discount to market cost
- Government-backed permanent exit — USDA Section 538 non-recourse financing returns 100% of investor capital at stabilization
- Illinois Enterprise Zone — zero sales tax on all renovation materials, directly lowering the rehab budget
Executive Summary
A 49-unit, 3-story former high school converted to apartments in Vandalia, IL, a federally designated Opportunity Zone asset acquired at a significant discount to stabilized value.
March 2025 tornado damaged 21 units. The sponsor's in-house crew delivers renovation at below-market cost. Current occupancy is 31%, with a target tenant base of regional workforce and senior residents providing reliable occupancy. Members of current ownership's in-house crew make up the current tenant base. The building received a Bowery appraisal at $900k in 2025. In 2026, since the appraisal, the property was equipped with a brand-new roof at the cost of $200k.
March 2025 tornado damaged 21 units. The sponsor's in-house crew delivers renovation at below-market cost. Current occupancy is 31%, with a target tenant base of regional workforce and senior residents providing reliable occupancy. Members of current ownership's in-house crew make up the current tenant base. The building received a Bowery appraisal at $900k in 2025. In 2026, since the appraisal, the property was equipped with a brand-new roof at the cost of $200k.
Property Facts
| Price | $1,100,000 | Building Size | 48,787 SF |
| Price Per Unit | $22,449 | No. Stories | 3 |
| Sale Type | Investment | Year Built | 1935 |
| No. Units | 49 | Opportunity Zone |
Yes
|
| Property Type | Multifamily |
| Price | $1,100,000 |
| Price Per Unit | $22,449 |
| Sale Type | Investment |
| No. Units | 49 |
| Property Type | Multifamily |
| Building Size | 48,787 SF |
| No. Stories | 3 |
| Year Built | 1935 |
| Opportunity Zone |
Yes |
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Somewhat walkable
30/100
Exceptionally drivable
100/100
Somewhat bikeable
30/100
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211 N Kennedy blvd
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