245-247 Washington Ave (duplex + SFR) | 247 Washington Ave
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245-247 Washington Ave (duplex + SFR) 247 Washington Ave
3 Unit Apartment Building $844,900 ($281,633/Unit) 6.64% Cap Rate Highwood, IL 60040
Investment Highlights
- Open Floor Plan
- Hardwood Oak and Acacia Floors
- Sunroom
- Decorative Fireplace
Executive Summary
Investor special, 3 units in booming Highwood, $85,000/yr in rents, nearly a 7.0% CAP rate!
Nestled in the foody town of Highwood, IL, surrounding a lush front yard, sit two attractive and remodeled rental properties: one bi-level brick duplex with 5 beds/2 bath (2,700 sq ft) and one elegant stucco single family rental with 3 beds and 3 baths (~1750 sq ft)
The duplex consists of one top unit (3 bed, 1 bath) renting for $2,845 per month and the bottom unit (2 bed, 1 bath) renting for $1,400.00. (This bottom unit was just remodeled in May while the long-term tenant occupied the unit; with the remodel, the fair market rent is likely $1,800-2,000). The single family rental is leased at $2,840 until Mar 31, 2026 (fair market rent is likely $3,300 to $3,500). This single family has a huge open basement which could be finished with and additional bed/bath/den, a mother-in-law suite, or a separate apartment with its own direct access. Tenants pay their own utilities.
The total package is generating $85,000/yr in gross rents with a ~7.0% CAP rate. There is room for growth with fair market rent increases and development of the untapped single family basement.
Nestled in the foody town of Highwood, IL, surrounding a lush front yard, sit two attractive and remodeled rental properties: one bi-level brick duplex with 5 beds/2 bath (2,700 sq ft) and one elegant stucco single family rental with 3 beds and 3 baths (~1750 sq ft)
The duplex consists of one top unit (3 bed, 1 bath) renting for $2,845 per month and the bottom unit (2 bed, 1 bath) renting for $1,400.00. (This bottom unit was just remodeled in May while the long-term tenant occupied the unit; with the remodel, the fair market rent is likely $1,800-2,000). The single family rental is leased at $2,840 until Mar 31, 2026 (fair market rent is likely $3,300 to $3,500). This single family has a huge open basement which could be finished with and additional bed/bath/den, a mother-in-law suite, or a separate apartment with its own direct access. Tenants pay their own utilities.
The total package is generating $85,000/yr in gross rents with a ~7.0% CAP rate. There is room for growth with fair market rent increases and development of the untapped single family basement.
Financial Summary (Pro forma - 2024) Click Here to Access |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$99,999
|
$9.99
|
| Other Income |
-
|
-
|
| Vacancy Loss |
-
|
-
|
| Effective Gross Income |
$99,999
|
$9.99
|
| Taxes |
$99,999
|
$9.99
|
| Operating Expenses |
$99,999
|
$9.99
|
| Total Expenses |
$99,999
|
$9.99
|
| Net Operating Income |
$99,999
|
$9.99
|
Financial Summary (Pro forma - 2024) Click Here to Access
| Gross Rental Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Other Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Effective Gross Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Taxes | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Operating Expenses | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Total Expenses | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Net Operating Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
Property Facts
| Price | $844,900 | Apartment Style | Single Family Home |
| Price Per Unit | $281,633 | Lot Size | 0.20 AC |
| Sale Type | Investment | Building Size | 5,700 SF |
| Cap Rate | 6.64% | Average Occupancy | 100% |
| Sale Conditions | Bulk/Portfolio Sale | No. Stories | 2 |
| No. Units | 3 | Year Built/Renovated | 1918/2017 |
| Property Type | Multifamily | Parking Ratio | 0.35/1,000 SF |
| Property Subtype | Apartment |
| Price | $844,900 |
| Price Per Unit | $281,633 |
| Sale Type | Investment |
| Cap Rate | 6.64% |
| Sale Conditions | Bulk/Portfolio Sale |
| No. Units | 3 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Single Family Home |
| Lot Size | 0.20 AC |
| Building Size | 5,700 SF |
| Average Occupancy | 100% |
| No. Stories | 2 |
| Year Built/Renovated | 1918/2017 |
| Parking Ratio | 0.35/1,000 SF |
Unit Amenities
- Air Conditioning
- Fireplace
- Hardwood Floors
- Patio
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 3+2.5 | 1 | $2,840 | 1,780 |
| 3+1 | 1 | $2,845 | 1,400 |
| 2+1 | 1 | $1,400 | 1,100 |
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Walk Score ®
Very Walkable (75)
Bike Score ®
Very Bikeable (79)
zoning
| Zoning Code | Multifamily (Multifamily) |
| Multifamily (Multifamily) |
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David Britton
245-247 Washington Ave (duplex + SFR) | 247 Washington Ave
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