About This Home
This 6-bedroom, 2-bathroom residential multi family at 472 N Spring Street in Elgin, IL is listed for $420,000. on a 0.20 acres lot.
Key Features
- 0.20 acre lot
- 4 parking spaces
Property Details
Great Turnkey Investment Opportunity located in historic district just north of rapidly developing downtown Elgin. Remodel in 2020 included 2 new eat-in kitchens with granite countertops & new appliances, new bathrooms, all new gas forced-air HVAC system with new central air conditioning units, furnaces, and hot water heaters.
New roof on house & garage along with all copper pipes replacing old galvanized also in 2020. Large 2-story detached 1200sf garage currently used for owner's storage is potential 3rd unit coach house development or can be rented to tenants now for indoor parking income.
Separately metered gas & electric. Coin-operated commercial washer & dryer in basement shared by both units provides extra income. Second floor tenants maintain lawn and bushes and are responsible for snow removal in exchange for $60/month reduction in rent which is reflected in adjusted Unit 2 current lease amount of $1,640/month. Both apartments are currently leased - start out with strong cash flow right away. Photos are from when both units were vacant prior to tenant occupancy.
Monthly Cost Estimate
$2,246/mo
20% down · 6.5% · 30 years
Estimates only. Actual payments may vary.
Location
472 N Spring Street
Elgin, IL 60120
Property Details
Parking
Heating
Questions & Answers
This 6-bedroom, 2-bathroom residential multi family at 472 N Spring Street is listed at $420,000. The estimated monthly payment is $2,247 based on 20% down, a 30-year loan at 6.5% interest, estimated insurance.
Key features include: 0.20 acre lot, 4 parking spaces.
This property is listed by Kevin Williams and can be reached at (847) 495-5000.
