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Thrush Apartments 1201-1217 Illinois Ave
7 Unit Apartment Building $850,000 ($121,429/Unit) Ottawa, IL 61350
Investment Highlights
- Historic 7-unit brick building at the corner of Illinois Avenue and Leland Avenue in Ottawa.
- New rubber roof installed in 2017, the units showcase pride of ownership and meticulous maintenance.
- Original hardwood floors, natural woodwork, and vintage chandeliers in some units.
- Long-term tenants provide stable rental income.
- 3 two-bedroom units and 4 one-bedroom units, each with private front and back entrances.
- Dedicated covered parking for each unit, with additional off-street parking available; partial basement includes individual storage bays and shared la
Executive Summary
Attention Investors! If you value quality construction and exceptional maintenance, this is your chance to own a historic Ottawa landmark. Located at the corner of Illinois Avenue and Leland Avenue, this 7-unit brick residence offers both charm and investment appeal. Pride of ownership is evident, with a new rubber roof installed in 2017 and a meticulously maintained building. Many long-term tenants have made this their home, adding stability to your investment. The property features 3 two-bedroom units and 4 one-bedroom units, each with a dedicated covered parking space and additional off-street parking. Each unit also features private front and back entrances, natural woodwork, original hardwood floors, and some even still have their original, vintage chandeliers. Tenants enjoy access to a partial basement with individual storage bays and shared laundry facilities. For added security, the back courtyard is equipped with dusk-to-dawn and motion sensor lighting. Units are heated with hot water heat. Don't miss this rare investment opportunity to own a well-maintained brick building with amazing tenants!
Financial Summary (Actual - 2023) |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$59,076
|
$8.79
|
| Other Income |
-
|
-
|
| Vacancy Loss |
-
|
-
|
| Effective Gross Income |
$59,076
|
$8.79
|
| Taxes |
$6,520
|
$0.97
|
| Operating Expenses |
-
|
-
|
| Total Expenses |
$6,520
|
$0.97
|
| Net Operating Income |
-
|
-
|
Financial Summary (Actual - 2023)
| Gross Rental Income | |
|---|---|
| Annual | $59,076 |
| Annual Per SF | $8.79 |
| Other Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Effective Gross Income | |
|---|---|
| Annual | $59,076 |
| Annual Per SF | $8.79 |
| Taxes | |
|---|---|
| Annual | $6,520 |
| Annual Per SF | $0.97 |
| Operating Expenses | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Total Expenses | |
|---|---|
| Annual | $6,520 |
| Annual Per SF | $0.97 |
| Net Operating Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
Property Facts
| Price | $850,000 | Building Class | C |
| Price Per Unit | $121,429 | Lot Size | 0.52 AC |
| Sale Type | Investment | Building Size | 6,724 SF |
| No. Units | 7 | Average Occupancy | 100% |
| Property Type | Multifamily | No. Stories | 1 |
| Property Subtype | Apartment | Year Built | 1966 |
| Apartment Style | Low Rise | Parking Ratio | 1.04/1,000 SF |
| Price | $850,000 |
| Price Per Unit | $121,429 |
| Sale Type | Investment |
| No. Units | 7 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low Rise |
| Building Class | C |
| Lot Size | 0.52 AC |
| Building Size | 6,724 SF |
| Average Occupancy | 100% |
| No. Stories | 1 |
| Year Built | 1966 |
| Parking Ratio | 1.04/1,000 SF |
Unit Amenities
- Heating
- Kitchen
- Hardwood Floors
- Refrigerator
- Range
- Dining Room
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 4 | $797.50 | 754 - 758 |
| 2+1 | 3 | $907.50 | 525 - 672 |
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PROPERTY TAXES
| Parcel Number | 21-10-427011 | Total Assessment | $61,903 |
| Land Assessment | $18,073 | Annual Taxes | $6,520 ($0.97/SF) |
| Improvements Assessment | $43,830 | Tax Year | 2023 |
PROPERTY TAXES
Parcel Number
21-10-427011
Land Assessment
$18,073
Improvements Assessment
$43,830
Total Assessment
$61,903
Annual Taxes
$6,520 ($0.97/SF)
Tax Year
2023
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Thrush Apartments | 1201-1217 Illinois Ave
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