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218 Carolyn Ln, Eureka, IL 218 Carolyn Ln 18 Unit Apartment Building $1,175,000 ($65,278/Unit) 8.01% Cap Rate Eureka, IL 61530
INVESTMENT HIGHLIGHTS
- Garages
- Updated Units
- 8.02% Cap Rate
- Newer Cap Ex
EXECUTIVE SUMMARY
Ideal for investors seeking stable income, reduced near-term capital risk, and long-term upside! Well-maintained 18-unit multifamily property consisting of three brick apartment buildings located at 108-218 Carolyn Lane in Eureka, Illinois. The property features an all two-bedroom unit mix and offers stable in-place income supported by documented unit and building improvements. A majority of the units have been remodeled or updated over time, with interior improvements completed between 2017 and 2025, including updated flooring, paint, trim, and interior finishes. Select units include garage parking, providing additional income. Current rents provide immediate cash flow with the opportunity for future rent growth through continued unit upgrades and lease turnover. Located in a supply-constrained Central Illinois market with limited multifamily inventory and consistent rental demand.
FINANCIAL SUMMARY (ACTUAL - 2024) |
ANNUAL | ANNUAL PER SF |
|---|---|---|
| Gross Rental Income |
$161,304
|
$3.01
|
| Other Income |
$1,411
|
$0.03
|
| Vacancy Loss |
-
|
-
|
| Effective Gross Income |
$162,715
|
$3.04
|
| Taxes |
$20,708
|
$0.39
|
| Operating Expenses |
$47,827
|
$0.89
|
| Total Expenses |
$68,535
|
$1.28
|
| Net Operating Income |
$94,180
|
$1.76
|
FINANCIAL SUMMARY (ACTUAL - 2024)
| Gross Rental Income | |
|---|---|
| Annual | $161,304 |
| Annual Per SF | $3.01 |
| Other Income | |
|---|---|
| Annual | $1,411 |
| Annual Per SF | $0.03 |
| Vacancy Loss | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Effective Gross Income | |
|---|---|
| Annual | $162,715 |
| Annual Per SF | $3.04 |
| Taxes | |
|---|---|
| Annual | $20,708 |
| Annual Per SF | $0.39 |
| Operating Expenses | |
|---|---|
| Annual | $47,827 |
| Annual Per SF | $0.89 |
| Total Expenses | |
|---|---|
| Annual | $68,535 |
| Annual Per SF | $1.28 |
| Net Operating Income | |
|---|---|
| Annual | $94,180 |
| Annual Per SF | $1.76 |
PROPERTY FACTS
| Price | $1,175,000 | Building Class | C |
| Price Per Unit | $65,278 | Lot Size | 1.22 AC |
| Sale Type | Investment | Building Size | 53,579 SF |
| Cap Rate | 8.01% | No. Stories | 3 |
| No. Units | 18 | Year Built | 1965 |
| Property Type | Multifamily | Parking Ratio | 0.34/1,000 SF |
| Property Subtype | Apartment |
| Price | $1,175,000 |
| Price Per Unit | $65,278 |
| Sale Type | Investment |
| Cap Rate | 8.01% |
| No. Units | 18 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Building Class | C |
| Lot Size | 1.22 AC |
| Building Size | 53,579 SF |
| No. Stories | 3 |
| Year Built | 1965 |
| Parking Ratio | 0.34/1,000 SF |
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| 2+1 | 18 | $802.50 | - |
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PROPERTY TAXES
| Parcel Number | 14-18-101-036 | Total Assessment | $257,460 |
| Land Assessment | $40,044 | Annual Taxes | $20,708 ($0.39/SF) |
| Improvements Assessment | $217,416 | Tax Year | 2024 |
PROPERTY TAXES
Parcel Number
14-18-101-036
Land Assessment
$40,044
Improvements Assessment
$217,416
Total Assessment
$257,460
Annual Taxes
$20,708 ($0.39/SF)
Tax Year
2024
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218 Carolyn Ln, Eureka, IL | 218 Carolyn Ln
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