Wedgewood Apartments

1225 West Freeman Street, Carbondale, IL

15.66% return

SP: $529,900

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Property Description

B CLASS APARTMENT COMPLEX!!!!

Total of 14 units. 12 x 2bed/1bath and 2 x 1bed/1bath. Beautiful stone exterior. High quality construction. Separate electric and water meters. Central heat & air. City water & sewer. On-site laundry. Needs some TLC and a new owner. BUILDING WILL GENERATE a 15%+ RETURN ON INVESTMENT!!! OVER 200K IN VALUE ADD!!! Do not miss out on this amazing opportunity.

Professional property management and financing is available.

Property Information

Listing statusPending
Property typeMulti Family
Total units14
Total bedrooms26
Total bathrooms14
Building size10400 sq. ft.
Lot size0.6 acres
Year built1978

CountyJackson County
SubdivisionMURRIE PLACE
ConstructionBrick/Frame
RoofAsphalt Shingle
Water sourceCity water
Water disposalSewer
HeatingCentral
CoolingCentral air

Property Financial Summary

Sale price$529,900
Estimated rehab¹$20,000
Total investment$549,900

TypeProforma
After repair value$749,900
Potential profit$200,000

Gross income (annually)$122,400
Operating expenses (annually)$36,300
Net income (annually)$86,100
Gross return22.26%

Gross income (monthly)$10,200
Operating expenses (monthly)$3,025
Net income (monthly)$7,175
Net return15.66%

Property Income & ExpensesMonthlyAnnual

Income

Laundry Income$100/month$1,200/year
Unit 1: 2 bed / 1 bath$750/month$9,000/year
Unit 2: 2 bed / 1 bath$750/month$9,000/year
Unit 3: 2 bed / 1 bath$750/month$9,000/year
Unit 4: 2 bed / 1 bath$750/month$9,000/year
Unit 5: 2 bed / 1 bath$750/month$9,000/year
Unit 6: 2 bed / 1 bath$750/month$9,000/year
Unit 7: 2 bed / 1 bath$750/month$9,000/year
Unit 8: 2 bed / 1 bath$750/month$9,000/year
Unit 9: 2 bed / 1 bath$750/month$9,000/year
Unit 10: 2 bed / 1 bath$750/month$9,000/year
Unit 11: 2 bed / 1 bath$750/month$9,000/year
Unit 12: 2 bed / 1 bath$750/month$9,000/year
Unit 13: 1 bed / 1 bath$550/month$6,600/year
Unit 14: 1 bed / 1 bath$550/month$6,600/year
Total$10,200/month$122,400/year

Expenses

Property Taxes$1,544/month$18,532/year
Insurance (estimated)$250/month$3,000/year
Water and Sewer$42/month$500/year
Maintenance reserve$1,000/month$12,000/year
Lawn care$120/month$1,440/year
Electric bill$69/month$828/year
Total$3,025/month$36,300/year

Property Questions & Answers

Q: How do I make an offer on this property?
A: Placing an offer is a simple process. All offers must be presented in writing with an escrow deposit of 10% or $5,000, whichever is larger. Escrow has to be sent to the attorney or title company who is handling the file for this property. Please send us an inquiry and one of our team members will get in touch with you to further assist you. You can also give us a call.

Q: Does this property come with clear title?
A: All our properties come with clear title. We highly recommend you purchase title insurance as well.