1705 Jamestown, Belleville, IL 62226

$2,900,000
List Price
$2,900,000
Days on Market
33
MLS#
18020172
Status
ACTIVE
Lot Size
17,206
Acres
0.395
Year Built
1969
Subdivision
New York Homes
County
St Clair-IL
Listing Type
Multifamily

Property Description

Jamestown Apartments is a value add opportunity consisting of 76 units (all 2 bed/1 bath) apartment complex with a 2,400 SF on-site office. The asking price is $2,900,000 ($38k per unit with an in-place cap rate above 7.8%). There is significant upside with raising rents to market rate. This apartment community is located in Belleville, Illinois and is minutes to Scott Air Force Base, Lindenwood University and Southwestern Illinois College. Updates over the last 5 years includes the following: • New roofs • New AC units • New flooring, cabinets & vanities • Major landscaping updates (2017) VALUE ADD OPPORTUNITY Current rents are well below competitive market / Value-add component – effective rents at Jamestown are below that of competitors’ rents. Significant rent growth is possible and supported by the property’s location, sub market desirability and ongoing growth in the area. 3.87 Acres (21 Tax Parcels);08-17.0-407-089, 090-092, 095-097, 100-107, 120-123 & 136.

Additional Information

Gross Operating Income
447173
Total Expenses
$218,985
School District
Belleville DIST 118
Elementary School
BELLEVILLE DIST 118
Jr. High School
BELLEVILLE DIST 118
Sr. High School
Belleville High School-West
Parking Description
Parking Lot
Cooling
Central-Electric, Central-Gas
Sewer
Public
Heating
Forced Air
Water
Public
Heat Source
Electric, Gas
Taxes Paid
60214
Selling Terms
Cash, Conventional, Owner May Finance, Seller May Pay SmCls

Mortgage Calculator

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Calculator source: Real Geeks

Listing courtesy of CR Holland Real Estate LLC.

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