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$630,000
Est. payment /mo
5,211 SqFt
UPDATED:
Key Details
Property Type Multi-Family
Sub Type Multi Family 5+
Listing Status Active
Purchase Type For Sale
Square Footage 5,211 sqft
Price per Sqft $120
MLS Listing ID 12396646
Maintenance Fees $8,500
Year Built 1890
Annual Tax Amount $11,952
Tax Year 2024
Lot Size 4,791 Sqft
Lot Dimensions 36X132
Property Sub-Type Multi Family 5+
Property Description
292 Villa Street is a rare gem in the heart of Elgin's Historic District-offering both character and cash flow. In 2024, the building underwent a full facade restoration under the direction of a historical preservation expert, ensuring long-term curb appeal. In addition to the facade, the asphalt portion of the roof has been recently replaced. This fully occupied 6-unit building provides immediate income and built-in upside. Three of the six leases are set to expire within the next 18 months, creating a near-term opportunity to raise rents to market rates. Projected rental income has the potential to reach $91,200 by 2027, with rents increasing alongside the market. Each unit includes an assigned off-street parking space in the resurfaced and re-striped lot. 4 new water heaters have been installed this past year, along with new stoves and a refrigerator for select units. In addition to that, the front porch was recently replaced in 2023 to meet historic standards. Tenants pay their own gas and electric, and there is an additional shared space in the basement available for both tenant and landlord storage. There is also an opportunity to put in a coin-operated laundry for additional income. Location is a key asset: the property is walkable to downtown Elgin, the Metra commuter train, and the Grand Victoria Casino. Demand in this area remains consistently strong, resulting in low tenant turnover and rapid lease-up when vacancies occur.
Location
State IL
County Kane
Area Elgin
Zoning MULTI
Rooms
Basement Unfinished
Interior
Cooling Window Unit(s)
Fireplace N
Exterior
Utilities Available Cable Available
Roof Type Composition
Building
Dwelling Type Multi Family 5+
Water Municipal Water
Level or Stories 3
Structure Type Wood,Stucco,Fiber Cement
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Listed by Marie Krajecki • Century 21 New Heritage - Hampshire