1111 Grooms StPawnee, IL 62558

Property Details for 1111 Grooms St

Lot size

0.61 AC

Property type

Commercial real estate

APN

36-07.0-151-018

APU

36070151018

Description

This exceptional investment opportunity presents a 16-unit apartment building located at 1111 Grooms St, Pawnee, IL 62558, in Sangamon County. The property comprises two Class A buildings, each featuring eight two-bedroom, one-bathroom units, totaling 12,000 square feet on a 0.66-acre lot. Built in an unknown year, the property underwent a significant renovation in 2020, with all but two units boasting updated flooring, kitchens, bathrooms, and paint. Adding to its income potential, each building includes coin-operated Speed Queen washers and dryers, installed new in 2020. Recent exterior improvements (since 2022) include a new asphalt parking lot, landscaping enhancements, and a renovated common area for tenants. Significant upgrades completed in September 2023 include brand new roofs and sheeting on both buildings, followed by new vapor barriers in the crawlspaces in October 2023. Common areas and exteriors have undergone pre-inspections. Offered at $989,900, this represents a price per square foot of $82.49 and a price per unit of $61,868.75. This is a strong cash-flowing property with a proven track record of success. The property is a two-story building and is not subject to a ground lease. This is a rare opportunity to acquire a well-maintained, high-performing multifamily asset in a desirable location.

• Alternative Use

  Use

  Valuation

  Residential

  $8,137,199

  Hospitality

  $7,453,630

  Educational

  $6,201,333

  Medical

  $6,414,606

  Retail

  $9,646,518

Location Insight

City

Pawnee

County

Sangamon

State

Illinois

Latitude

39.5931

Longitude

-89.5879

CBSA code

44100

CBSA name

SPRINGFIELD, IL METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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