📣 16 Unit Multifamily — Central Illinois
Off-market 16-unit apartment complex, all brick construction. Currently generating $8,165/mo gross income with 15 of 16 units occupied (1 unit vacant, mid-remodel).
The upside: Current rents average $510/mo on the 1-bedrooms. Market rent for comparable units in the area runs $629-$775/mo. That's real, provable rent growth without needing to reinvent anything, just bring rents to market as leases turn over.
Numbers:
- Asking price: $645,000
- Annual property taxes: $6,825
- Gross monthly income (current): $8,165
- Gross monthly income (market rent): $10,064-$12,400
Why this works: Stable, cash-flowing multifamily with immediate forced appreciation potential just from rent adjustments. Brick building, straightforward value-add play, no major capital improvements required to execute the rent bump strategy.
Serious buyers only. Comment "INFO" or DM for the address, financials, and walkthrough access.