301 7Th St Quincy, IL 62301

This unique Quincy, IL investment opportunity, located at 301 S 7TH Street, presents a compelling blend of commercial and residential income streams. The property encompasses a substantial 40,000 square feet, including 32,000 square feet of net rentable space. The building features a three-story structure with one loading dock and one dock-high door, boasting a 19-foot ceiling height in the warehouse area. The first floor offers 2,000 square feet of office space, while the upper floors house six furnished apartments currently generating $55,800 in annual rental income. Three additional apartment units are framed and ready for completion, presenting a significant value-add opportunity within a Tax Increment Financing (TIF) zone, offering potential tax incentives. The property sits on a 31,500 square foot lot and is zoned D2. Currently, the occupancy rate is 15%, with a projected occupancy date of August 7, 2024. The property's Net Operating Income (NOI) is $39,030. The asking price is $1,450,000. This property is owned as a corporation and underwent renovations in 2018. The property's diverse income streams, combined with its strategic location and development potential, make it an attractive investment for owner-users seeking a value-add opportunity. The substantial warehouse space, coupled with the existing and potential rental income from the apartments, provides a unique and potentially high-return investment.