O'Fallon, IL 62269
Here is a rare opportunity to acquire an investment property in the heart of O'Fallon! This is a 4-unit building with each unit consisting of a living room, dining area, kitchen, 2 bedrooms and full bathroom. There's open, off-street parking in front and patios at the rear. Unit 1: $675/mo with long-term month to month tenant. Unit 2: $700/mo with a 1-year lease. Unit 3: Currently vacant for showings, but would rent for at least $700/mo. Unit 4: $700/mo with a 1-year lease. All appliances in the units stay. Yearly expenses include: Insurance - $2,745; Real estate taxes - $4,940; Utilities - $4,200 (Owner pays water, trash & common lighting). List price is based on a GRM of 8.3 and Cap Rate of 8.1%. The current owner is having a few minor repairs finalized in Unit 3 to include the peninsula ceiling and light fixture in the kitchen, drywall in bedroom under the window, and toilet re-installed in the bathroom. Unit #3 is available for showings and the remaining units (occupied) will be made available after an accepted offer. The roof was replaced in 2013, but the age of the other components is unknown. Market studies of the O'Fallon area indicate a current market rent to be approximately $750 per unit. Of course, variations are consistent with the physical condition of the dwelling.