1631 Hamilton AveRockford, IL 61109

For Sale
$1,700,000

31-unit apartment building, excellent ROI.

Overview

Added:
Dec 11, 2024
Days on market:
93
This exceptional investment opportunity presents a 31-unit apartment building located at 1631 Hamilton Ave, Rockford, IL, 61109, within Winnebago County. The property, built in 1987, encompasses 23,994 square feet on a 0.99-acre lot and is zoned R4. The two-story building features an elevator and is currently 100% occupied with a waiting list. This is a project-based Section 8, age-restricted property governed by a HAP Agreement under Option 4, expiring in 2031. The asking price is $1,700,000, representing a price per unit of $54,839 and a price per square foot of $70.85. The property boasts a pro-forma NOI of $117,678 and a pro-forma cap rate of 6.92%. Importantly, this property must be purchased by a qualified non-profit entity under a 91a REAC structure. The property's consistent occupancy and strong financial performance make it an attractive investment for the right buyer. This is a tax-exempt entity structure and the property is 100% HAP. This is the first time this property has been offered for sale.

Highlights

  • Must be purchased by a qualified non-profit organization.
  • REAC score of 100.
  • 100% HAP contract units.
  • Offered for sale for the first time.
  • Tax-exempt entity structure available.
  • 100% occupancy with a waiting list.

Property Details for 1631 Hamilton Ave

Property type
Multifamily properties, Apartment buildings
Square Feet
23,994 SF
Year Built
1987
Buildings
1
Stories
2
Lot Size (sq. ft)
43,124 SF
Units
31

Location Insight

City
Rockford
County
Winnebago
State
Illinois
Latitude
42.2262095
Longitude
-89.0704393
1631 Hamilton Ave, Rockford, Illinois

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1631 Hamilton Ave
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