4260 Heritage AveMount Vernon, IL 62864

Property Details for 4260 Heritage Ave

Lot size

2.18 AC

Property type

Other commercial real estate

APN

06-35-477-009

APU

635477009

Description

Heritage Landing, located at 4260 Heritage Ave, Mount Vernon, IL 62864, presents a compelling value-add investment opportunity. This 50-unit, three-story apartment building, constructed in 2008, totals 28,151 net rentable square feet and boasts a 97% occupancy rate. Currently operating as a 55+ low-income community under the LIHTC program, the property offers significant upside potential. The property is in excellent condition, having been well-maintained by long-term ownership, minimizing immediate capital expenditure needs. The current average rent is $736 per unit, while market-rate rents for comparable units average $920, representing a substantial 25%+ organic rent growth opportunity upon removal of LIHTC restrictions. The property is immediately eligible for the Qualified Contract process, allowing for the swift removal of these restrictions. Offered at approximately 25% of replacement cost, this asset presents an attractive basis for investors seeking immediate value creation through light unit modernizations and market-rate repositioning. The property is free and clear of existing debt, and the pro-forma cap rate is 12%. This is a rare opportunity to acquire a well-located, high-performing asset in a stable market. The price per unit is $55,000.

• Alternative Use

  Use

  Valuation

  Residential

  $24,845,098

  Hospitality

  $22,757,976

  Educational

  $18,934,368

  Medical

  $19,585,550

  Retail

  $29,453,462

Location Insight

City

Mount Vernon

County

Jefferson

State

Illinois

Latitude

38.3026

Longitude

-88.9445

CBSA code

34500

CBSA name

MOUNT VERNON, IL MICROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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