This multifamily offering consists of two four-unit residential buildings located at 1906 and 1908 Rhodes Street in Madison, Illinois. Each building was constructed in 1965 and contains four one-bedroom, one-bathroom units. According to the provided property information, all units are currently occupied, providing immediate in-place tenancy.
The properties have received multiple infrastructure and mechanical updates. Plumbing systems are reported to be approximately 10 years old, HVAC systems approximately 2 years old, and roofing approximately 12 years old. Electrical systems are reported as a combination of original wiring and wiring updated within the last 2 years. Apartment appliances, including refrigerators, ranges, and microwaves, are landlord-owned and reported to be approximately 2 years old.
Utility responsibilities are structured with landlords paying water, sewer, and trash service, while tenants are responsible for electric, gas, and internet services. Water and sewer service are provided by Illinois American Water, trash service is provided by the City of Madison, and electric and gas service are provided by Ameren.
The combination of full occupancy, documented capital improvements, and recent appliance and HVAC updates offers investors an opportunity to acquire an established multifamily asset with ongoing residential use. The property's location within Madison provides access to the broader Metro East region and connectivity to the St. Louis metropolitan area, supporting long-term residential demand.