2037 Delmar Avenue, Granite City, IL

19.23% return

SP: $149,900

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Property Description

HUGE QUADPLEX!!!!

Large units, 3bed/1bath each. All solid brick. Nice area. RENTS FOR $950 EACH!!! 19%+ NET RETURN ON INVESTMENT!!!! $75K IN INSANT EQUITY!!! 20 minutes away from an international airport.

Professional management and financing is available.

Property Information

Listing statusActive
Property typeMulti Family
Total units4
Total bedrooms12
Total bathrooms4
Building size4799 sq. ft.
Lot size0.1 acres
Year built1920

CountyMadison County
SubdivisionGranite City
ConstructionBrick
RoofAsphalt Shingle
Water sourceCity water
Water disposalSewer
HeatingGas
CoolingWindow A/C

Property Financial Summary

Sale price$149,900
Estimated rehab¹$25,000
Total investment$174,900

TypeProforma
After repair value$249,900
Potential profit$75,000

Gross income (annually)$45,600
Operating expenses (annually)$11,974
Net income (annually)$33,626
Gross return26.07%

Gross income (monthly)$3,800
Operating expenses (monthly)$998
Net income (monthly)$2,802
Net return19.23%

Property Income & ExpensesMonthlyAnnual

Income

Unit 1: 3 bed / 1 bath$950/month$11,400/year
Unit 2: 3 bed / 1 bath$950/month$11,400/year
Unit 3: 3 bed / 1 bath$950/month$11,400/year
Unit 4: 3 bed / 1 bath$950/month$11,400/year
Total$3,800/month$45,600/year

Expenses

Property Taxes$298/month$3,574/year
Insurance (estimated)$167/month$2,000/year
Gas Utility Bill$100/month$1,200/year
Water and Sewer$100/month$1,200/year
Maintenance reserve$333/month$4,000/year
Total$998/month$11,974/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.