Property Description

Exceptional Value-Add Investment Opportunity! Solid 6-unit all-brick apartment building in the heart of South Elgin offering tremendous upside potential. The property features five spacious 2-bedroom, 1-bath units, each approximately 700 sq. ft., with a bright living room, oversized eat-in kitchen with dining area, full bath, and generously sized bedrooms. The sixth unit is a studio apartment conveniently located on the lower level adjacent to the laundry room. Current rental rates are substantially below market value, creating an exceptional opportunity for investors to maximize returns through future rental increases. Comparable rental properties in the area command significantly higher rents, making this an ideal asset for value-add investors seeking long-term appreciation and increased cash flow. Additional income potential is provided by the on-site coin-operated laundry room featuring one washer, one dryer, and a bill change machine. The building is heated by a hot water boiler system with individual heat controls in each unit, while tenants pay their own electric, helping keep operating expenses low. The lower level includes a dedicated manager's room with a security camera monitoring system, providing added security and efficient property management. Durable all-brick construction offers long-term ownership with lower maintenance costs. Ideally located near shopping, dining, parks, schools, public transportation, and major commuter routes, this property continues to benefit from strong rental demand. Perfect for seasoned investors, first-time multifamily buyers, or 1031 exchange purchasers looking to add a high-potential asset to their portfolio. With the opportunity to reposition rents to market levels, increase net operating income, and build substantial equity, this property presents an outstanding investment opportunity rarely available in today's market. Strong tenant demand, low-maintenance construction, multiple income streams, and exceptional rental upside make 409 Ann St. a compelling addition to any real estate portfolio. Investment opportunities with this level of future income growth and value appreciation are becoming increasingly scarce.

Property Features