213 W Walnut St
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213 W Walnut St
15 Unit Apartment Building $375,000 ($25,000/Unit) Watseka, IL 60970
Investment Highlights
- Historically significant building
- Various business options possible
- Conveniently located
- New roof; new windows & screens; new furnace
Executive Summary
BEST INVESTMENT OPPORTUNITY in a famous historical building in downtown Watseka! This 14-unit apartment hybrid has a new roof, new windows & screens, and new furnace (transferable warranties). Most of the apartments are on the top floor; there are laundry facilities on the 2nd floor, and a very cool theater on the main floor - which could be converted into retail space. [The building has central air, but tenants can rent window units, as well.] This renowned structure was established by the Railroad Company as a theater & hotel for its employees - it has many beautiful architectural features, as well as modern comforts. A steady source of income and a UNIQUE PROSPECT - come and see! *See zoning notes in broker remarks.*NOI (not including taxes) is $102,354 which gives a cap rate of 27.2%. Loopnet will not post higher than 25%*
Financial Summary (Pro forma - 2023) |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$118,698
|
$12.66
|
| Other Income |
$3,600
|
$0.38
|
| Vacancy Loss |
-
|
-
|
| Effective Gross Income |
$122,298
|
$13.05
|
| Taxes |
$1,726
|
$0.18
|
| Operating Expenses |
$19,944
|
$2.13
|
| Total Expenses |
$21,670
|
$2.31
|
| Net Operating Income |
$100,628
|
$10.73
|
Financial Summary (Pro forma - 2023)
| Gross Rental Income | |
|---|---|
| Annual | $118,698 |
| Annual Per SF | $12.66 |
| Other Income | |
|---|---|
| Annual | $3,600 |
| Annual Per SF | $0.38 |
| Vacancy Loss | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Effective Gross Income | |
|---|---|
| Annual | $122,298 |
| Annual Per SF | $13.05 |
| Taxes | |
|---|---|
| Annual | $1,726 |
| Annual Per SF | $0.18 |
| Operating Expenses | |
|---|---|
| Annual | $19,944 |
| Annual Per SF | $2.13 |
| Total Expenses | |
|---|---|
| Annual | $21,670 |
| Annual Per SF | $2.31 |
| Net Operating Income | |
|---|---|
| Annual | $100,628 |
| Annual Per SF | $10.73 |
Property Facts
Unit Amenities
- Air Conditioning
- Microwave
- Heating
- Refrigerator
- Carpet
Site Amenities
- 24 Hour Access
- Laundry Facilities
- Property Manager on Site
- Furnished Units Available
- Vintage Building
- Wi-Fi
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| Studios | 15 | $670.00 | - |
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PROPERTY TAXES
| Parcel Numbers | Total Assessment | $42,286 | |
| Land Assessment | $17,385 | Annual Taxes | $1,726 ($0.18/SF) |
| Improvements Assessment | $24,901 | Tax Year | 2023 |
PROPERTY TAXES
Parcel Numbers
Land Assessment
$17,385
Improvements Assessment
$24,901
Total Assessment
$42,286
Annual Taxes
$1,726 ($0.18/SF)
Tax Year
2023
zoning
| Zoning Code | R-2 (R-2 Single Family (Walnut St is zoned B-1 & B-2 everywhere EXCEPT the 200 block, which is zoned R-2 Single Family).) |
| R-2 (R-2 Single Family (Walnut St is zoned B-1 & B-2 everywhere EXCEPT the 200 block, which is zoned R-2 Single Family).) |
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