18114 Martin Ave, Homewood, IL 60430
26 Unit Apartment Building | $3,500,000 ($134,615/Unit) | 5.70% Cap Rate | Homewood, IL 60430
For Sale
Active
Asking Price $3,500,000
- Property Type
-
Multifamily
- Square Feet
- 28,275 SF
Listing Contacts
Judy Panozzo
Property Overview
Opportunity is knocking. Original owners are parting with this fabulous brick, mixed-use building with 16 residential rentals (15 rented, 1 being readied) and 10 commercial rentals (10 rented). The property sits in the middle of Homewood's new Transit-Oriented Development Plan. Superb location with all conveniences right in the neighborhood: New Metra Station, restaurants, shopping, banking, post office, etc. A New Casino is being built in Homewood, Wind Creek Chicago Southland. The building has 25 gas and water meters with 26 electric meters. Each residential unit has separate furnaces and central a/c units. The commercial units have separate furnaces and central air units for each 1050 asq of office space. The building was built as condos with separate PINs (24) and none were ever sold. New owner can deconvert. There is no separate pin for the parking lot, it is incorporated into the units. No HOA was ever established and no credit will be given. Selling all as one entity. Original owners have kept the rents very low for long-term tenants. If rents were at market value, gross rental income would be over $440k. Tenants pay all utilities: gas, electricity, and water. This includes the heat and air conditioning. The property has a private parking lot for 45+ cars with 2 being handicap spaces. Each floor has approximately 9,425 sq ft plus a full basement. The basement has a laundry room (2 washers, 3 dryers), half bath, storage for commercial and residential spaces, community room, several building storage rooms, and commercial space included with a street-level unit. See the spec sheet and Homewood's TOD map under documents. The property has multiple addresses ranging from 18106 - 18124. Do not disturb the tenants. Do not enter the commercial spaces.
Property Details
- Class
- B
- Year Built
- 1982
- Stories
- 3
- Property Subtype
- Office/Residential
- Lot Size (sq. ft)
- 30,056 SF
- Units
- 26
Highlights
- Commercial/Residential Mixed Use Masonry Building with Flexicore Interior Construction
- Downtown Location - Restaurants, Shopping, Metra Train. Near NEW Casino/Hotel/Theater Complex.
- Large Residential Units - Great spaces with lots of light. Individual Utilities - electric, gas, & water.
- Commercial spaces - 16 spaces divided into 10 rented spaces. Tenants pay gas, electric, and water.
- Full Basement w/Laundry Room, Comm & Res Storage. Private Parking for 45+ cars.
- Low Maintenance - Easy Upkeep - Low Expenses. Great location, center of business district.
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