511 E Main St - Apartments FOR SALE


Belleville, IL 62220
$450,000 USD
618-624-2111
511 E Main St, Belleville, IL for Sale
$450,000 USD
Apartments - FOR SALE
1/1
null | Request Cap Rate

511 E Main St
Belleville, IL 62220


HIGHLIGHTS

  • Fully renovated historic downtown income-producing lofts
  • Multiple units with strong rental and parking income
  • Desirable Belleville location with long-term appreciation potential

OVERVIEW

Here is your opportunity to purchase 4 fabulous income generating lofts under one roof in downtown Belleville. The Brass Lantern Lofts is a wonderful 1872 building that was brought back to life in 2019 with extensive work done to the main floor including all new electrical, plumbing, walls, HVAC, and the list goes on. Three units are on the ground floor, two of them are two bed two bath, and are approximately 1300 square feet. The two bedroom units each have their own courtyards. The other first floor unit is a one bed one bath and is approximately 900 square feet. The upper level was updated nicely and had new HVAC installed in 2022 along with a new deck and back stairs last year. The upper unit is a 3 bedroom one bath and is approximately 1600 square feet. All units have stainless steel appliances and washer and dryer hookups. Owner pays water, sewer, and trash for the ground floor units. The upper unit pays their own water and sewer bill. Each loft gets two parking spaces, there are 18 spaces so that leaves 5 spaces to rent for additional income. These units will only appreciate in value and there are only so many lofts/apartments in the downtown area. This area of Belleville has become more desirable as time has gone on. Pre-approval of proof of funds required to view this property. All information to be verified by buyer and buyer's agent.

FOR SALE DETAILS

PRICE

$450,000 USD

PRICE/SF

$88 USD /SF

# OF UNITS

4

PRICE/UNIT

$112,500

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

1872

PARKING SPACES

-

LAND DETAILS

LAND ACRES

0.25 AC

LAND SF

10,708 SF

ZONING

-

APN/PARCEL ID

08-22.0-336-024

ASK ABOUT THIS PROPERTY

Jason BussDREAM Team of RE/MAX PreferredMore Info
618-624-2111

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

Jason BussDREAM Team of RE/MAX PreferredMore Info
618-624-2111

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