604 Grant HwyMarengo, IL 60152

For Sale
$6,999,970

48-Unit Apartment Complex, High ROI

Overview

Added:
Dec 11, 2024
Days on market:
93
This exceptional investment opportunity presents the SunnySide Apartments, a 48-unit multifamily complex located at 604 E Grant Hwy, Marengo, IL 60152. The property, situated on a 2.42-acre lot, consists of six buildings, offering a mix of 36 two-bedroom and 12 one-bedroom apartments. Built in 1978 and extensively renovated in 2023, the property boasts a Class B designation and features a new roof (installed in 2019), brand-new windows and patio doors (2023), and 86 paved parking spaces. Each unit has separate utilities, with in-closet washers and dryers in the two-bedroom units of one building. An additional one-story structure provides office and storage space. Currently 100% occupied, with an occupancy date of January 4, 2025, the property generates a substantial net operating income (NOI) of $560,700, resulting in an 8.01% cap rate. The asking price is $6,999,970, translating to $145,832.71 per unit and $140.90 per square foot. The total square footage is 49,680, all net rentable. The property is zoned residential and offers significant potential for increased rental income due to current rents being below market value. This property presents a strong rental investment and a potential condo conversion opportunity. The legal description is APN 1136327042, and ownership is held by a corporation.

Highlights

  • 48-unit multifamily complex in Marengo, IL, on a 2.42-acre lot.
  • Recently renovated (2023) Class B property with new roof (2019), windows, and patio doors.
  • 100% occupancy, generating $560,700 NOI and an 8.01% cap rate.
  • Asking price: $6,999,970 ($145,832.71 per unit, $140.90 per square foot).
  • Significant upside potential due to below-market rents and potential condo conversion.

Property Details for 604 Grant Hwy

Property type
Multifamily properties, Apartment buildings
Square Feet
49,680 SF
Class
B
Year Built/Renovated
1978/2023
Buildings
6
Stories
2
Lot Size (sq. ft)
105,415 SF
Units
48

Location Insight

City
Marengo
County
McHenry
State
Illinois
Latitude
42.2463525
Longitude
-88.6004695
604 Grant Hwy, Marengo, Illinois

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604 Grant Hwy
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