2026 3372Nd Rd Ottawa, IL 61350

This 19-unit apartment building in Ottawa, Illinois presents a compelling investment opportunity. The property, situated on a 4.75-acre lot on the Fox River, boasts a rich history, having previously operated as the Sulfur Springs Resort. Recently renovated in 2024, the building features 10 units updated to market standards, with the remaining units in good condition. The unit mix includes one 5-bedroom, two 2-bedroom, and fifteen 3-bedroom apartments, all featuring large floor plans, in-unit laundry, and ample natural light. Utilities are separately metered. The property includes a separate church building, currently leased until April 1, 2025, offering approximately 2,500 square feet of ground floor space plus a 500 square foot balcony. The building sits on a 4.75-acre lot and comprises 25,002 square feet across five stories. Built in phases (1920 and 1941), the property offers a 9.67% cap rate with a net operating income (NOI) of $203,151, and is priced at $2,100,000 ($110,526 per unit and $83.99 per square foot). The property's location, just 7 minutes from I-80 via Route 71 and 15 minutes from downtown Ottawa, adds to its appeal. Potential for increased revenue exists through further renovations of existing apartments, leasing underutilized basement storage, and/or converting an existing outbuilding into additional residential units.