Multi family - Zion, IL

3 Replies

Hi BP Currently negotiating to purchase a multi family property in Zion, IL. The numbers work out as a rental investment property. We believe the area is an up & coming area with potential with jobs moving into the area (Amazon, Foxconn, Abbott Pharmaceuticals etc.) I use this website called Niche to get an idea on the area by zip codes. What does the BP community think of this area? Jon

The area is a poor, bedroom community along Illinois lakeshore.  The most prevalent housing stock is 50+ years old and there are lots of fused circuits that need upgrades.  It is distant from jobs, shopping, and entertainment. out of the way between Chicago and Milwaukee and not even close to the expressway.  I tend to think of it as a place to catch a fishing charter or visit the state park.

Not that it is a bad place, just be careful and don't be too gaga about the price.  I haven't checked in a while but at one point a 15 cap was standard in the neighborhood.  I would be careful with your numbers and don't count on Amazon coming to the area, the current bid is $2.5B!

I hope this helps!

Holler if you need me

Best regards,

Mark

Thanks Mark. Are there any areas you would recommend in IL?

Hey @Jon Sidoti

I'm bias, but I would recommend the Bloomington-Normal for multifamily rental properties. With Statefarm's Corporate Headquarters combined with ISU and IWU there's never a shortage of qualified tenants. If you find a property in the sweetspot where you can attract professionals as well as students vacancies will never be a problem. 

If you had any interest in seeing what's currently available, on and off market, send me a message with your criteria, and I'll get back to you. 

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