211 N Kennedy blvd - Multi-Family FOR SALE


Vandalia, IL 62471
$1,100,000 USD
224-639-6382
211 N Kennedy blvd, Vandalia, IL for Sale
$1,100,000 USD
Multi-Family - FOR SALE
1/1
null | Request Cap Rate

211 N Kennedy blvd
Vandalia, IL 62471


HIGHLIGHTS

  • Deep value-add spread - distressed acquisition basis creates substantial value creation
  • Non-recourse exit - USDA Section 538 financing returns 100% of investor capital at stabilization
  • Opportunity Zone - 10-year hold eliminates capital gains tax on appreciation
  • County Enterprise Zone - reduced sales tax on renovation materials lowering rehab budget

OVERVIEW

A 49-unit, 3-story former high school converted to apartments in Vandalia, IL, a federally designated Opportunity Zone asset acquired at a significant discount to stabilized value. March 2025 tornado damaged 21 units. The sponsor's in-house crew delivers renovation at below-market cost. Current occupancy is 31%, with a target tenant base of regional workforce and senior residents providing reliable occupancy. Members of current ownership's in-house crew make up the current tenant base. The building received a Bowery appraisal at $900k in 2025. In 2026, since the appraisal, the property was equipped with a brand-new roof at the cost of $200k.

FOR SALE DETAILS

PRICE

$1,100,000 USD

PRICE/SF

$23 USD /SF

# OF UNITS

49

PRICE/UNIT

$22,449

CAP RATE

Request Cap Rate

% LEASED

-

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

Central High Apartments

PROPERTY TYPE

Multi-Family

TOTAL BUILDING SIZE

-

STORIES

3

YEAR BUILT

1935

PARKING SPACES

-

LAND DETAILS

LAND ACRES

-

LAND SF

-

ZONING

-

APN/PARCEL ID

18-14-16-255-003

ASK ABOUT THIS PROPERTY

Michael JuliusKiser GroupMore Info
224-639-6382

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Michael JuliusKiser GroupMore Info
224-639-6382

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