New Eastlawn Apartments 800 Illinois Ave

48 Unit Apartment Building For Sale Jacksonville, IL 62650

Investment Highlights

  • Great opportunity to invest in 48-unit garden style apartment complex in Jacksonville, IL.
  • The 1.5-acre undeveloped portion of the property provides a great opportunity for expansion.
  • Located near major thoroughfares like Morton Ave and Interstate 72, the property offers easy access to the broader region.
  • Property is occupied by many long-term tenants.

Executive Summary

This is your opportunity to invest in 48-unit garden style apartment complex in Jacksonville, IL. The complex contains a mixture of one bedroom (8), two bedroom (36) and three bedroom (4) units. Occupancy is currently at 87.50% with many long term tenant and tenants renting at below market rents. This property also includes approximately 1.5 AC of vacant land for future multifamily development.
Situated in a thriving community, the property is surrounded by residential neighborhoods, local schools, parks, and retail hubs, making it an ideal choice for families and professionals. The proximity to major thoroughfares such as Morton Ave and Interstate 72 provides easy access to the broader region.
With its modern amenities, strategic location, and vibrant community, the New East Lawn Apartments stand out as a desirable investment for those looking to capitalize on the growth and opportunities in Jacksonville. Whether you're seeking a stable rental income or a prime location for future development, this property offers a compelling proposition.

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Property Facts

Sale Type Investment
No. Units 48
Property Type Multifamily
Property Subtype Apartment
Apartment Style Garden
Building Class C
Lot Size 5.12 AC
Building Size 39,640 SF
Average Occupancy 87%
No. Stories 2
Year Built 1979

Unit Amenities

  • Air Conditioning
  • Disposal
  • Heating
  • Eat-in Kitchen
  • Kitchen
  • Refrigerator
  • Oven
  • Range

Site Amenities

  • 24 Hour Access
  • Laundry Facilities
  • Recycling
  • Public Transportation
  • Walk-Up

Unit Mix Information

Description No. Units Avg. Rent/Mo SF
1+1 8 $657.00 625
2+1 36 $797.00 825
3+2 4 $1,000 1,025

PROPERTY TAXES

zoning

Zoning Code R-5 (Residential)
  • Listing ID: 34358378

  • Date on Market: 1/3/2025

  • Last Updated:

  • Address: 800 Illinois Ave, Jacksonville, IL 62650