210 S Washington St Elizabeth, IL 61028

This fully occupied non-smoking 4 Plex is conveniently located in the "heart" of Jo Daviess County near downtown Elizabeth. While currently leased to long-term renters, there is no restriction in the Village of Elizabeth for short term rentals. With it's high-speed fiberoptic internet already there, it would appeal to vacationers who wanted to work remotely while exploring The Driftless Region. It's tenants enjoy spacious great-room living, cross ventilation with lots of windows, sunset views, Hi-Fiber Internet, Natural Gas heat, and central air. Each unit also is equipped with it's own washer, dryer, range, refrigerator and some have dishwashers and electric fireplaces. Each tenant rents their own Culligan water softener as a condition of the lease. Most expenses are estimated averages. Insurance costs are current and includes a home warranty which helps greatly to control repair & replacement costs of mechanicals and appliances. There is no utility expense unless there are vacancies which is very seldom. Last year we had the highest vacancy rate in 20 years (6%) due to extenuating circumstances. Most are filled within the month they are vacated. All utilities are metered separately. All tenants have minimum one-year leases. There are no outstanding rents. There is an extra lot which provides space for recreation or future additional rental units. It is located in a TIF District which provides incentives for improvements. A bank of 6 garage units off the rear/alley side of the property provides 1 garage space for each Condo (included in the rent) plus two extra which are rented on an annual basis. There is ample off-street paved parking on both the street and alley sides of the building, recently re-done. In 2021 the deck posts and hangars were all replaced and the railings and staircases renovated. In prior years attic insulation was added and improvements to each unit is routinely done between renters. Roof was replaced in 2009, garages built in 2004, new gutters in 2010, new pavement in front 2020 and rear 2022. Annual inspection was completed 8/31/22 and the misc minor items of repair have been scheduled. This property is Realtor owned by the listing agents. It has been a phenomenal investment and, after 20 years, they want to roll it into a different property. Fully rented and with no deferred maintenance it can do the same for the next owner. Sale will be subject to 1031X Exchange rules at no extra cost to Buyer. All units are currently rented as unfurnished. Furniture seen in the photos is all property of the tenants. Sellers are seeking fast closing to meet exchange property goals. Cap rate of 7.29% is based on full asking price and is self-managed (see assoc docs). OFFERS INVITED!