2222-2232 Alexander St - Apartments FOR SALE


Granite City, IL 62040
$285,500 USD
618-874-5869
2222-2232 Alexander St, Granite City, IL for Sale
$285,500 USD
Apartments - FOR SALE
1/4
null | 10.77% Cap Rate

2222-2232 Alexander St
Granite City, IL 62040


HIGHLIGHTS

  • "Solid poured concrete foundation eliminates common regional deferred maintenance risks.
  • bathroom rough has been approved by the city.
  • https://drive.google.com/drive/folders/1VX71KGoUfUxOp712OrILqgFC3gHymm25?usp=drive_link
  • 8 Inch Sewer line installed about 6 years ago. (From Building to City Tap.)

OVERVIEW

Hello Fellow Investors!! I am Rob Russell, I have owned, 2222/2232 Alexander Street | Granite City, Illinois Six-unit income-producing investment property for 21 years. I am approaching 65 years of age, while Real Estate is like a part time job. Deal with issues when they arise no matter what time of day, month, or Weather conditions. I am ready to move on in my life to Florida! LOL. I have no one to Management on my behalf. so, I'm liquidating assets. The property is fully occupied with a stable tenant mix, including three recently signed one-year leases and two recent lease renewals, providing consistent rental income. Current gross scheduled rental income is $42,900 annually. Several units have been updated over time, and the property includes a permitted finished basement with a bathroom, providing additional usable space. The building has received ongoing improvements over the years and offers an opportunity for investors seeking current income with additional upside through future rent growth. This is a true Turn-Key Investment opportunity. I know it's not Brick, New or Fancy, but the Dozens of Tenants that has called these apartments home over the years don't care. Whether you're adding to an existing portfolio or acquiring your first multifamily investment, this property offers immediate cash flow, stable occupancy, and future upside through continued ownership and management.. My personal vision was to add off-street parking in the rear, covered patios, and Central Air & Heat. Storage in the basement, and a Managers unit in the basement. I installed a permitted Bathroom (Not Finished).

FOR SALE DETAILS

PRICE

$285,500 USD

PRICE/SF

$115 USD /SF

# OF UNITS

6

PRICE/UNIT

$47,583

CAP RATE

10.77%

% LEASED

100%

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

Alexander Apartments

PROPERTY TYPE

Multi-Family

APARTMENT STYLE

Low-Rise

PROPERTY SUBTYPE

Apartments

TOTAL BUILDING SIZE

-

STORIES

1

YEAR BUILT

1950

PARKING SPACES

-

LAND DETAILS

LAND ACRES

0.3 AC

LAND SF

12,998 SF

ZONING

R-3

APN/PARCEL ID

22-2-20-20-07-203-003

ASK ABOUT THIS PROPERTY

Rob RussellRussell propertyMore Info
618-874-5869

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Rob RussellRussell propertyMore Info
618-874-5869

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