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1740-1760 S Fairview Avenue, Decatur, IL 62521
$2,600,000 Sale Pending
1740-1760 S Fairview Avenue, Decatur, IL 62521View this property at 1740-1760 S Fairview Avenue, Decatur, IL 62521
1740-1760 S Fairview AvenueDecaturIL62521
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Property Description
Welcome to an exceptional investment opportunity! This fully occupied 65-unit residential property is a testament to prime real estate. Located a mere 1.5 miles from Millikin University, this turnkey profit maker is not only strategically positioned but also renovated, offering an impressive 13% cap rate. The property is professionally managed with a dedicated repair person and leasing manager in place, providing a hassle-free and efficient operation. The strategic location near Millikin University enhances the property's appeal, making it an attractive option for students, faculty, and local residents alike. The robust 13% cap rate underscores the financial viability of this investment, promising a substantial return on your investment. One of the highlights of this property is the secured repair person and leasing manager, ensuring that any maintenance issues are promptly addressed, and vacancies are efficiently filled. This streamlined management approach adds to the property's appeal as a low-maintenance, high-yield investment. An additional profit stream awaits with the completion of the laundry room. Once finalized, this amenity has the potential to further enhance tenant satisfaction and increase rental income, adding even more value to this already lucrative investment. In summary, this 65-unit residential property is not just a sound investment; it's a turnkey profit-making machine. From its prime location near Millikin University to the full occupancy and renovated units, every aspect has been optimized for success. Seize the opportunity to become the proud owner of a property that combines immediate returns with long-term potential. Don't miss your chance to secure a prime piece of real estate in a thriving location!
Full Property Details
Full Property Details for 1740-1760 S Fairview Ave
General
- Price: $2,600,000
- HOA FEE: $14,400
- Taxes: $36,000 (2022)
- Status: Pending
- Type: Commercial
- MLS ID: 11975028
- Updated: 3/14/2024
- Added to Site: 120 day(s) ago
Interior
- Interior Features: Laundry Room
Parking
- Parking Features: 31 to 50 Spaces
Location
- Area: Decatur
- County: Macon
- Driving Directions: S Fairview Ave. Take left onto S Fairvew Ave after the stoplight and South Side Dr.
Heating & Cooling
- Cooling Type: Window Unit(s)
- Heating Type: Electric, Baseboard
Utilities
- Onsite: Municipal Water
Structural Information
- Exterior Const.: Vinyl Siding
- Roof: Composition
- Stories/Levels: 3
- Square Feet: 12,720
- Current Bldg. Use: Multi-Family
- Year Built: 1900
- Built Before 1978: Yes
Lot Features
- Lot Size (Acres): 2.13
- Lot Size (Sq. Ft.): 92,783
- Lot Dimensions: 0 x 0
- Frontage: Public Road
- Potential Use: Multi-Family
Financial Considerations
- Maint. Fee: $14,400
- Insurance Fee: $14,400
- Operating Expenses: $137,718
- Other Fee: $13,440
- Assessment Year: 1900
- Tax Amount: $36,000
- Tax Year: 2022
- Tenant Pays: Varies by Tenant
- Pays Electric: 15600
Disclosures and Reports
- Property ID: 41221428010
Listed by eXp Realty,LLC-Maho
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Price & Sales History for 1740-1760 S Fairview Ave
Date
Details
Price
Change
Source
2/06/2024
Listed
$2,600,000
62.5%
MLS
12/27/2023
Sold
$1,600,000
—
Public Record
Disclaimer: Historical sales information is derived from public records provided by the county offices. Information is not guaranteed and should be independently verified.
Tax History
Tax History for 1740-1760 S Fairview Ave
Year
Property Taxes
Change
Tax Assessment
Change
2022
$37,032
6%
$362,087
7%
2021
$34,794
1%
$338,151
5%
2020
$34,289
—
$322,452
—
2019
$34,289
4%
$322,452
3%
2018
$32,848
-2%
$312,639
-3%
2017
$33,622
-2%
$320,984
-1%
2016
$34,262
5%
$324,259
2%
2015
$32,558
—
$318,526
—
Disclaimer: Historical tax information is derived from public records provided by the county offices. Information is not guaranteed and should be independently verified.
Estimate the Cost
Estimate the Cost for 1740-1760 S Fairview Ave
1740-1760 S Fairview Avenue, Decatur, IL 62521 (MLS# 11975028) is a Commercial property. 1740-1760 S Fairview Avenue is currently listed for $2,600,000 and was received on February 06, 2024. Want to learn more about 1740-1760 S Fairview Avenue? Do you have questions about finding other Commercial real estate for sale in Decatur? You can browse all Decatur real estate or contact a Coldwell Banker agent to request more information.