Prime Investment Property in Quincy, IL

4

Multi-Family Units

Opportunity to live in one unit while renting others

$175K

Offered by Swick Realty

Start your rental property portfolio

3 occupied

Income Generating Units

Generate rental income while living on-site or rent vacancy for $600 market rent

Location and Property Details

Address

818 - 823 S 8TH Street

Quincy, IL 62301

Property Type

Residential Income Property

4 Units, each with 1 bedroom and 1 bath

Google Maps

818 S 8th St · 818 S 8th St, Quincy, IL 62301

818 S 8th St, Quincy, IL 62301

Investor Highlights

Excellent investment opportunity with this updated 4-unit property on S. 8th Street. This multi-family building offers a unique chance for an owner-occupant to live in one unit while generating rental income from the others, making it an ideal entry into real estate investing.

Current Property Features

  • Potential Gross monthly rent of $2,050 ($24,600 / year)
  • 4 units, each with 1 bedroom and 1 bath
  • 3 units recently updated with modern plank flooring and fresh paint
  • 1 unit occupied by a long-term tenant
  • Garage (currently unrented) and off-street parking
  • Recent exterior improvements: tuckpointing and new paint
  • Separate electric & gas meters
  • 2 x month to month leases

Perfect for First-Time Investors

  • One vacant unit available for immediate owner occupancy
  • Option to lease vacancy to a non profit for $600 / month on 12 month lease
  • Collect rent from other tenants to offset mortgage costs
  • Gain valuable landlord experience while building equity
  • Excellent starting point for a rental property portfolio

Growth Opportunities

  • Down Payment Assistance available for eligible buyers
  • Potential for increased rental income by leasing the garage and signing new leases for at-will tenants
  • Great building for new or experienced investors
  • Owner Occupants could be eligible for FHA / VA loans
  • For FHA and VA loans, lenders typically count 75% of a property's rental income toward a borrower's total income.

Rental Income Potential

$2,050

Monthly Rent

Potential gross monthly income

$24,600

Annual Rent

Gross annual income potential

Recent Updates and Upgrades

Modern Flooring

3 Units recently updated with modern plank flooring

Fresh Paint

3 Units updated with fresh paint

Exterior Improvements

Tuckpointing and new paint on the exterior

818 ½ - vacant unit with market rent of $600

818 unit, M2M lease @ $475

Typical floor plan:

Exterior images

Utilities and Amenities

Parking

Garage (currently unrented) and off-street parking

Utilities

Separate electric and gas meters

Owner carries water

Cable

Cable TV available

Fiber internet available

Financial Highlights

Expenses

Total operating expenses: $7,600 (ins, maintenance, water)

Annual taxes: $1,688

Income

Net operating income: $15,312

Potential for increased rental income

Ideal for First-Time Investors

1
2
3
4
1

Vacant Unit

One vacant unit available for immediate owner occupancy

2

Lease Potential

Option to lease vacancy to a non-profit for $600/month

3

Rental Income

Collect rent from other tenants to offset mortgage costs

4

1 fixed leases @ $500 / month. 2 M2M leases @ $500 & $475 - rents can be pushed


Contact Us Today

Broker

Spencer Schelp
Swick Realty

Call Us

217.823.3110

Schedule Today

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