Jeff Dellitt
- Buy
- Sell
https://www.ruhlmortgage.com/ChrisSchneider.html
Description
Excellent opportunity to own a turn-key, well-maintained, fully leased 4-unit apartment building in a quite north Morris neighborhood - just minutes from the I-80/IL-47 interchange, making it a commuter-friendly location for tenants. Built in 1998, this low-maintenance property features four clean and spacious 2-bedroom, 1-bath units with a solid tenant base and minimal turnover. All utilities are paid by tenants. The owner covers only common area electric, gas, and water - keeping overhead very low. Each floor features a coin-operated laundry room, providing additional passive income. Recent improvements include newer water heaters in all units and a new roof in 2017. Central heat and A/C throughout. Positioned in a tight rental market with limited competition for quality workforce housing, the property offers stable cash flow with long-term upside potential-well-suited for first-time investors, experienced owners, or 1031 exchange buyers seeking a reliable addition to their portfolio. With minimal local competition for quality multifamily rentals, the property offers both stability and upside. The current owner has explored converting one or two units into short-term rentals to further boost returns. Morris is a charming and growing town supported by a robust and diverse employer base, thanks in part to the highly effective Grundy County Economic Development Council. Major area employers include Morris Hospital, Constellation, D Construction, Procter & Gamble, Costco (meat processing & distribution), Trader Joe's, Walmart, Grainger, LyondellBasell, PLZ Corp, Kellogg's, and US Cold Storage, among others - making this an extremely strong rental market. Please refer to the Additional Information section for a detailed overview of the property and the strong economic growth driving the Morris/Minooka area. Important: Please do not walk the property without prior notice. Showings for qualified buyers only. Broker owned.
Property Highlights
Property Type: Multi Unit - Multiple
General Information
Bedrooms: 8
Bathrooms: 4
County: Grundy
High School: Morris Community High School
Listed By:
Give Back Realty
630-561-5989
MRED MLS
MLS ID: 12630069
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2401 Ashland Circle , Morris, IL 60450.
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| Loan Type | 30 Year Fixed | FHA 30 Year Fixed | 15 Year Fixed |
| Purchase Price | $650,000 | $650,000 | $650,000 |
| Down Payment | $130,000 | $22,750 | $162,500 |
| Monthly Mortgage Amount | $3,076 | $3,826 | $3,951 |
| Taxes | $905 | $905 | $905 |
| Insurance | $100 | $100 | $100 |
| HOA/Dues/Fees | $0 | $0 | $0 |
| Monthly Mortage Insurance | $0 | $286 | $0 |
| Monthly Estimated Total | $4,171 | $5,207 | $5,046 |
Jeff Dellitt
REALTOR®
Office: (563) 441-5013
Cell: (563) 343-1028
Licensed in IA & IL
Bettendorf Office
1228 Middle Road
Bettendorf, IA 52722
(563) 441-5000
Bettendorf, IA 52722
(563) 441-5000
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