331 S 4th St - Apartments FOR SALE


Pekin, IL 61554
$230,000 USD
847-644-2757
331 S 4th St, Pekin, IL for Sale
$230,000 USD
Apartments - FOR SALE
1/1
null | Request Cap Rate

331 S 4th St
Pekin, IL 61554


HIGHLIGHTS

  • Central, near-downtown location with proximity to the library and core amenities.
  • Mixed-use setup combining residential units with a dedicated commercial office space.
  • Multiple income streams from a 7-unit layout (office + apartments).
  • Large office suite with dual entrances, allowing flexibility for single or divided tenancy.
  • Spacious residential units featuring tall ceilings and strong natural light.
  • Value-add opportunity with upside potential through renovations and rent stabilization.

OVERVIEW

Centrally located 7-unit building offering a strong value-add opportunity. The property is currently vacant and in need of cosmetic updates throughout, primarily including flooring, paint, and appliances. The building features one large commercial office space with two side-by-side entrances, providing the potential to divide the space into two separate office suites. Residentially, the property includes four spacious upper-level units, one main level unit, and one basement/garden-level unit. The residential units offer generous layouts with tall ceilings and plenty of natural light, enhancing overall livability and appeal. Unit 1 (Office 3 Rooms + One 1/2 Bath) Unit 2 (D -One Bedrooms + One Bath) Unit 3 (C - Two Bedrooms + One Bath) Unit 4 (A - Two Bedrooms + One Bath) Unit 5 (F - Basement Unit + One Bedroom/One Bath) Unit 6 (B - One Bedroom + One Bath) Unit 7 (E - One Bedroom + One Bath) City-required repairs include the replacement or repair of the exterior rear steps leading to the back unit. Additionally, one second-floor rear unit has flooring that requires repair due to a slight slope; the bathroom renovation could be completed concurrently with these repairs. Once improvements are completed and rents are stabilized, the property presents significant upside potential. Please contact the listing agent with any questions or offers.

FOR SALE DETAILS

PRICE

$230,000 USD

PRICE/SF

$63 USD /SF

# OF UNITS

7

PRICE/UNIT

$32,857

CAP RATE

Request Cap Rate

% LEASED

-

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY TYPE

Multi-Family

PROPERTY SUBTYPE

Apartments

TOTAL BUILDING SIZE

-

STORIES

2

YEAR BUILT

1920

PARKING SPACES

-

LAND DETAILS

LAND ACRES

0.39 AC

LAND SF

16,988 SF

ZONING

Office

APN/PARCEL ID

04-10-03-230-029

ASK ABOUT THIS PROPERTY

Jordan SchnolleXp CommercialMore Info
847-644-2757

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Jordan SchnolleXp CommercialMore Info
847-644-2757

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