1136 Inlet Rd, Lee Center, Amboy, IL 61310
18,144 sq ft Multi-family 3 story building on 2.42 acres (393 ft x 275 ft)
Clear title - No back taxes - Warranty deed
No Auction Premium
Immediate gross income potential $44,400/year
Immediate gross income potential of $3,700 / month ($44,400/ year) on renting the units that are ready for occupation and total income potential of $7,500/month ($90,000 / year) on conversion of the remaining space.
A lot of flexible space, total area of the building is 18,144 sq ft.
7 residential units are ready to be rented out which are as follows:
2 x Studios, 1 bathroom
3 x One Bed apartments, 1 bathroom
1 x Two Bed apartments, 1 bathroom
1 x large 3 Bed apartment, 2 bathrooms (2,500 sq ft)
The property has nice grounds of 2.4 acres and onsite parking
The building has unconverted space left on the second floor, a large gym area, workshops and a large garage for parking. This creates potential for another at least 7 more units bringing the total to 14 residential units plus a smaller gym and large garage. The whole gym area can also be used in full to create more apartments which can bring the total number of units to 18. Alternatively, a mixed scheme of apartments and offices created.
The property is also suitable for a variety of other uses, including office complex, institutional, educational or a hotel.
This is a unique opportunity for the savvy business owner, developer or investor to own an awesome property with immediate income potential.
Location:
Located near I-39 corridor and easy access to good road network. Close to retailers, post office, schools, restaurants and many amenities in Amboy.
Dixon, IL: 12 miles
Rochelle, IL: 22 miles
Downtown Chicago: 89 miles
Average household income (3 mile radius) : $78,476 (loopnet)
Income potential :
Units were last rented last fall (2013 ) -see attached pictures.
2 x Studios $400/ month each
3 x One Bed apartments $500/ month each
1 x Two Bed apartment $600/ month
1 x 3 Bed apartment $800/ month
Total immediate gross income: $3,700/month
Total income potential (based on 14 units) $7,500 / month ($90,000 / year)
According to Trulia.com the average listing price for homes for sale in 61310 was $101,235 and 61310 is one of the top 2 most popular zip codes in Lee County.
Price Comps:
86 W Hawley, Amboy, IL 61310 - 12 units apartment building- 12,200 sq ft- $399,000
245-7 E. Main Street, Amboy, IL 61310 - 6 units- 4,620 sq ft- $163,900
200 S. Boyd Avenue, Amboy, IL 61310 - 4 units apartment building - 3,072 sq ft $92,000
203 Short Street, Amboy, IL 61310- 2,570 sq ft - $189,000
434 E. Bluff, Amboy, IL 61310- 7,026 sq ft- $190,000
Parcel ID: 11-16-06-329-007 - yearly tax for the whole property $4,437
PROPERTY IS SOLD AS IS, WHERE IS- Clear title - No back taxes - Warranty deed
Winning bidder must contact the seller within 24 Hours after the close of the auction with full details of the buyer.
Buyer will also be responsible for $500 deed prep but no auction premium.
10% non-refundable deposit, auction premium and $500 deed preparation and doc fee are due within 48 hours of auction close.
Final Payment to be made within 3 weeks of the Auction close.
All bidders to do their due diligence. No statement anywhere, whether express or implied, shall be deemed a warranty or representation by the Seller regarding these assets. All buyers are deemed to have relied entirely on their own information, judgments and inspections of the property in making the decision to purchase the property. The sale of this property is subject to the Purchase Agreement which is attached under "Due Diligence".
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