INSANE VALUE ADD!!!

2246 East Wood Street, Decatur, IL

19.09% return

SP: $1,150,000

Video Photos Street View Map

The slide show is now full screen. Push Escape to exit. You can use the left/right arrows and Home/End buttons to navigate the images.

Property Description

ONLY $17K PER UNIT and $22 PER SQ FT!!!!

Great investment opportunity. Solid brick construction. 8 buildings, 4 x 8 units, 3 x 10 units, a 12 unit and a duplex, total of 66 units. 30 x studios and 36 x 1bed/1bath units. 1beds are renting for $620 each and studios are renting for $500 each. Properties will generate a 19%+ NET RETURN ON INVESTMENT!!! OVER A MILLION IN VALUE ADD POTENTIAL!!!

Call us today!

Property Information

Listing statusPending
Property typeMulti Family (8 properties)
Total units66
Total bedrooms37
Total bathrooms66
Building size53860 sq. ft.
Lot size1.1 acres
Year built1970

CountyMacon County
SubdivisionEast View Add
ConstructionBrick
RoofFlat
Water sourceCity water
Water disposalSewer
HeatingWindow Unit
CoolingWindow A/C

Property Financial Summary

Sale price$1,150,000
Estimated rehab¹$400,000
Total investment$1,550,000

TypeProforma
After repair value$2,640,000
Potential profit$1,090,000

Gross income (annually)$447,360
Operating expenses (annually)$151,524
Net income (annually)$295,836
Gross return28.86%

Gross income (monthly)$37,280
Operating expenses (monthly)$12,627
Net income (monthly)$24,653
Net return19.09%

Property Income & ExpensesMonthlyAnnual

Income

2246 East Wood Street,
Unit 1: 1 bed / 1 bath$620/month$7,440/year
Unit 2: 1 bed / 1 bath$620/month$7,440/year
Unit 3: 1 bed / 1 bath$620/month$7,440/year
Unit 4: 1 bed / 1 bath$620/month$7,440/year
Unit 5: studio / 1 bath$500/month$6,000/year
Unit 6: studio / 1 bath$500/month$6,000/year
Unit 7: studio / 1 bath$500/month$6,000/year
Unit 8: studio / 1 bath$500/month$6,000/year
2256 East Wood Street,
Unit 1: 1 bed / 1 bath$620/month$7,440/year
Unit 2: 1 bed / 1 bath$620/month$7,440/year
Unit 3: 1 bed / 1 bath$620/month$7,440/year
Unit 4: 1 bed / 1 bath$620/month$7,440/year
Unit 5: studio / 1 bath$500/month$6,000/year
Unit 6: studio / 1 bath$500/month$6,000/year
Unit 7: studio / 1 bath$500/month$6,000/year
Unit 8: studio / 1 bath$500/month$6,000/year
2262 East Wood Street,
Unit 1: 1 bed / 1 bath$620/month$7,440/year
Unit 2: 1 bed / 1 bath$620/month$7,440/year
Unit 3: 1 bed / 1 bath$620/month$7,440/year
Unit 4: 1 bed / 1 bath$620/month$7,440/year
Unit 5: studio / 1 bath$500/month$6,000/year
Unit 6: studio / 1 bath$500/month$6,000/year
Unit 7: studio / 1 bath$500/month$6,000/year
Unit 8: studio / 1 bath$500/month$6,000/year
2276 East Wood Street,
Unit 1: 1 bed / 1 bath$620/month$7,440/year
Unit 2: 1 bed / 1 bath$620/month$7,440/year
Unit 3: 1 bed / 1 bath$620/month$7,440/year
Unit 4: 1 bed / 1 bath$620/month$7,440/year
Unit 5: studio / 1 bath$500/month$6,000/year
Unit 6: studio / 1 bath$500/month$6,000/year
Unit 7: studio / 1 bath$500/month$6,000/year
Unit 8: studio / 1 bath$500/month$6,000/year
304 South 22nd Street, Duplex
Unit 1: 2 bed / 1 bath$700/month$8,400/year
Unit 2: 1 bed / 1 bath$500/month$6,000/year
314 South 22nd Street,
Unit 1: 1 bed / 1 bath$620/month$7,440/year
Unit 2: 1 bed / 1 bath$620/month$7,440/year
Unit 3: studio / 1 bath$500/month$6,000/year
Unit 4: studio / 1 bath$500/month$6,000/year
Unit 5: studio / 1 bath$500/month$6,000/year
Unit 6: studio / 1 bath$500/month$6,000/year
Unit 7: 1 bed / 1 bath$620/month$7,440/year
Unit 8: 1 bed / 1 bath$620/month$7,440/year
Unit 9: 1 bed / 1 bath$620/month$7,440/year
Unit 10: 1 bed / 1 bath$620/month$7,440/year
324 South 22nd Street,
Unit 1: 1 bed / 1 bath$620/month$7,440/year
Unit 2: 1 bed / 1 bath$620/month$7,440/year
Unit 3: studio / 1 bath$500/month$6,000/year
Unit 4: studio / 1 bath$500/month$6,000/year
Unit 5: studio / 1 bath$500/month$6,000/year
Unit 6: studio / 1 bath$500/month$6,000/year
Unit 7: 1 bed / 1 bath$620/month$7,440/year
Unit 8: 1 bed / 1 bath$620/month$7,440/year
Unit 9: 1 bed / 1 bath$620/month$7,440/year
Unit 10: 1 bed / 1 bath$620/month$7,440/year
334 South 22nd Street,
Unit 1: 1 bed / 1 bath$620/month$7,440/year
Unit 2: 1 bed / 1 bath$620/month$7,440/year
Unit 3: 1 bed / 1 bath$620/month$7,440/year
Unit 4: 1 bed / 1 bath$620/month$7,440/year
Unit 5: 1 bed / 1 bath$620/month$7,440/year
Unit 6: 1 bed / 1 bath$620/month$7,440/year
Unit 7: studio / 1 bath$500/month$6,000/year
Unit 8: studio / 1 bath$500/month$6,000/year
Unit 9: studio / 1 bath$500/month$6,000/year
Unit 10: studio / 1 bath$500/month$6,000/year
Unit 11: studio / 1 bath$500/month$6,000/year
Unit 12: studio / 1 bath$500/month$6,000/year
Total$37,280/month$447,360/year

Expenses

Property Taxes$2,064/month$24,768/year
Water bill$640/month$7,680/year
Electric bill$700/month$8,400/year
Insurance (estimated)$1,650/month$19,800/year
Maintenance reserve$1,925/month$23,100/year
Property Management$3,728/month$44,736/year
Water and Sewer$1,920/month$23,040/year
Total$12,627/month$151,524/year

Property Questions & Answers

Q: How do I make an offer on this property?
A: Placing an offer is a simple process. All offers must be presented in writing with an escrow deposit of 10% or $5,000, whichever is larger. Escrow has to be sent to the attorney or title company who is handling the file for this property. Please send us an inquiry and one of our team members will get in touch with you to further assist you. You can also give us a call.

Q: Does this property come with clear title?
A: All our properties come with clear title. We highly recommend you purchase title insurance as well.