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Sunnyside Garden Apartments 604-620 E Grant Hwy 48 Unit Apartment Building $6,999,970 ($145,833/Unit) 8.01% Cap Rate Marengo, IL 60152
Investment Highlights
- ACTUAL CAP RATE OVER 8%
- 100% OCCUPANCY & RENT COLLECTED
- EXTREMELY WELL MANAGED PROPERTY
- NEWER ROOF, SIDING, WINDOWS AND PATIO DOORS.
- OPPORTUNITY TO INCREASE INCOME AND RAISE PROFITS.
Executive Summary
**Incredible Investment Opportunity!** This fully occupied apartment complex features long-term tenants with current rents significantly below market value, offering substantial potential for income growth. Recent updates include a newer roof (2019) and brand-new windows and patio doors (2023). The property consists of two garden-style, two-story buildings totaling 48 units: 36 two-bedroom and 12 one-bedroom apartments, each with separate utilities. The two-bedroom units in Building 620 include in-closet washers and dryers. Additionally, there is a one-story structure between the buildings that serves as an office and storage space. With 85 paved parking spaces, this property is not only a strong rental investment but also presents an excellent condo conversion opportunity. Don't miss this chance to capitalize on a fantastic income-producing asset with significant growth potential!
Data Room Click Here to Access
- Market Information
- Operating and Financials
Financial Summary (Actual - 2023) 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 |
$99,999
|
$9.99
|
| Operating Expenses |
$99,999
|
$9.99
|
| Total Expenses |
$99,999
|
$9.99
|
| Net Operating Income |
$99,999
|
$9.99
|
Financial Summary (Actual - 2023) 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 | $99,999 |
| Annual Per SF | $9.99 |
| Operating Expenses | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Total Expenses | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Net Operating Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
Property Facts
| Price | $6,999,970 | Apartment Style | Low-Rise |
| Price Per Unit | $145,833 | Building Class | B |
| Sale Type | Investment | Lot Size | 2.42 AC |
| Cap Rate | 8.01% | Building Size | 54,840 SF |
| Gross Rent Multiplier | 9.4 | Average Occupancy | 99% |
| No. Units | 48 | No. Stories | 2 |
| Property Type | Multifamily | Year Built/Renovated | 1978/1999 |
| Property Subtype | Apartment | Parking Ratio | 1.55/1,000 SF |
| Zoning | R - RESIDENTIAL MULTI-UNIT | ||
| Price | $6,999,970 |
| Price Per Unit | $145,833 |
| Sale Type | Investment |
| Cap Rate | 8.01% |
| Gross Rent Multiplier | 9.4 |
| No. Units | 48 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | B |
| Lot Size | 2.42 AC |
| Building Size | 54,840 SF |
| Average Occupancy | 99% |
| No. Stories | 2 |
| Year Built/Renovated | 1978/1999 |
| Parking Ratio | 1.55/1,000 SF |
| Zoning | R - RESIDENTIAL MULTI-UNIT |
Amenities
Unit Amenities
- Air Conditioning
- Washer/Dryer
- Heating
- Kitchen
- Refrigerator
- Sprinkler System
- Range
- Tub/Shower
- Yard
- Patio
- Wheelchair Accessible (Rooms)
Site Amenities
- 24 Hour Access
- Laundry Facilities
- Pet Play Area
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 12 | $1,213 | 595 |
| 2+1 | 36 | $1,425 | 895 - 1,100 |
Property Taxes
| Parcel Number | 11-36-327-042 | Total Assessment | $761,839 (2024) |
| Land Assessment | $70,725 (2024) | Annual Taxes | ($1) ($0.00/SF) |
| Improvements Assessment | $691,114 (2024) | Tax Year | 2023 |
Property Taxes
Parcel Number
11-36-327-042
Land Assessment
$70,725 (2024)
Improvements Assessment
$691,114 (2024)
Total Assessment
$761,839 (2024)
Annual Taxes
($1) ($0.00/SF)
Tax Year
2023
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Sunnyside Garden Apartments | 604-620 E Grant Hwy
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