613 16Th StMount Vernon, IL 62864

This exceptional investment opportunity presents a four-unit apartment building located at 613 South 16th Street, Mount Vernon, Illinois 62864. The property, built in 1940, boasts a total of 2,897 square feet situated on a 0.2-acre lot. The building is classified as a Class B multifamily property and is currently offered for sale by owner at $129,900, representing a price per unit of $32,475 and a price per square foot of $44.84. The property features a mix of unit sizes: two two-bedroom/one-bathroom units and two one-bedroom/one-bathroom units. Constructed of solid brick, the building presents a strong foundation, although some cosmetic updates and renovations are recommended to maximize its potential. Currently generating a Net Operating Income (NOI) of $28,887, this translates to an impressive 22.24% capitalization rate. This value-add opportunity offers significant upside potential for investors seeking a strong return on investment. The property's location in Mount Vernon, Illinois provides access to a desirable rental market with strong rental comparables. This is an ideal investment for those seeking a hands-on project with substantial potential for increased profitability. The property's current NOI and projected cap rate indicate a significant return on investment, making it an attractive opportunity for experienced investors.