Lincoln Rental Package

606 South 7th Street, Springfield, IL

19.35% return

SP: $475,000

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Property Description

INSANE OPPORTUNITY!!!

This is your chance to own 11 rental units around the corner from Lincoln Home National Historic Site and Illinois State Capitol Building. The rental market in Springfield Illinois is very active!!! This portfolio is offered at a HUGE discount today and will appreciate. ONLY $34.56 PER SQUARE FEET!!! $2.7MIL REPLACEMENT COST!!!! Tons and tons of potential. 19.34%+ NET RETURN AND $350k PROFIT POTENTIAL!!!! Looking for experienced investors who are not afraid of rehab!!!

Professional management and financing is available.

Property Information

Listing statusActive
Property typeMixed (4 properties)
Total units11
Total bedrooms24
Total bathrooms15.5
Building size13743 sq. ft.
Lot size0.7 acres
Year built1900 - 1910

CountySangamon County
SubdivisionOld Aristocracy Hill
ConstructionFrame
RoofAsphalt Shingle
Water sourceCity water
Water disposalSewer
HeatingGas, Central
CoolingCentral

Property Financial Summary

Sale price$475,000
Estimated rehab¹$175,000
Total investment$650,000

TypeProforma
After repair value$1,000,000
Potential profit$350,000

Gross income (annually)$159,600
Operating expenses (annually)$33,798
Net income (annually)$125,802
Gross return24.55%

Gross income (monthly)$13,300
Operating expenses (monthly)$2,817
Net income (monthly)$10,483
Net return19.35%

Property Income & ExpensesMonthlyAnnual

Income

606 South 7th Street,
Unit 604: 3 bed / 2 bath$1,350/month$16,200/year
Unit 606: 3 bed / 2 bath$1,350/month$16,200/year
610 South 7th Street
5 bed / 3.5 bath$3,000/month$36,000/year
614 South 7th Street, Triplex
Unit A: 2 bed / 1 bath$1,000/month$12,000/year
Unit B: 2 bed / 1 bath$1,000/month$12,000/year
Unit C: 1 bed / 1 bath$850/month$10,200/year
618 South 7th Street,
Unit 1: 2 bed / 1 bath$850/month$10,200/year
Unit 2: 2 bed / 1 bath$1,000/month$12,000/year
Unit 3: 1 bed / 1 bath$950/month$11,400/year
Unit 4: 2 bed / 1 bath$1,000/month$12,000/year
Unit 5: 1 bed / 1 bath$950/month$11,400/year
Total$13,300/month$159,600/year

Expenses

Insurance (estimated)$671/month$8,050/year
Property Taxes$882/month$10,586/year
Lawn care$200/month$2,400/year
Water and Sewer$440/month$5,280/year
Security Lights$11/month$126/year
Electric bill$91/month$1,092/year
Gas Utility Bill$22/month$264/year
Maintenance reserve$500/month$6,000/year
Total$2,817/month$33,798/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.