1906-1908 Rhodes Street - Apartments FOR SALE


Madison, IL 62060 | 
$520,000 USD
618-978-2384
1906-1908 Rhodes Street, Madison, IL for Sale
$520,000 USD
Apartments - FOR SALE
1/13
null | Request Cap Rate

1906-1908 Rhodes Street
Madison, IL 62060


HIGHLIGHTS

  • Two separate four-unit residential buildings included in the offering.
  • All units are reported as occupied.
  • HVAC systems are reported to be approximately 2 years old.
  • Electrical systems include recent wiring updates.
  • Landlord-owned appliances have been updated in recent years.
  • Utility structure places electric, gas, and internet costs on tenants.

OVERVIEW

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.

FOR SALE DETAILS

PRICE

$520,000 USD

PRICE/SF

$231 USD /SF

# OF UNITS

8

PRICE/UNIT

$65,000

CAP RATE

Request Cap Rate

% LEASED

100%

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY TYPE

Multi-Family

PROPERTY SUBTYPE

Apartments

TOTAL BUILDING SIZE

-

STORIES

1

YEAR BUILT

1965

PARKING SPACES

3

LAND DETAILS

LAND ACRES

0.18 AC

LAND SF

7,841 SF

ZONING

-

APN/PARCEL ID

17-2-20-30-05-106-025,17-2-20-30-05-106-026

ASK ABOUT THIS PROPERTY

Sandie LaMantiaBershire Hathaway HomeServices -Select Properties LLCMore Info
618-978-2384

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Sandie LaMantiaBershire Hathaway HomeServices -Select Properties LLCMore Info
618-978-2384

By clicking the button, you agree to Showcase's Terms of Use and Privacy Notice.