2401 Ashland Cir Morris, IL 60450
Estimated payment $4,226/month
About This Home
Turnkey 4-unit investment property in prime Morris location. An excellent opportunity to own a well-maintained, fully leased 4-unit apartment building in desirable north Morris - 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 separately metered and 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. This property offers strong cash flow and long-term appreciation potential - ideal for new investors entering the rental market or seasoned owners looking to expand 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 to mid-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. Current 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, US Cold Storage and the planned Canadian National Railway (CN) logistics hub development, projected to create thousands of permanent jobs. Making this an extremely strong rental market. Important: Please do not walk the property without prior notice. Showings for qualified buyers only. Broker owned. Don't let this one getaway.
Property Details
Home Type
- Multi-Family
Est. Annual Taxes
- $9,800
Year Built
- Built in 1998
Lot Details
- Lot Dimensions are 140x100x115x110
- Paved or Partially Paved Lot
Bedrooms and Bathrooms
- 8 Bedrooms
- 8 Potential Bedrooms
- 4 Bathrooms
Parking
- 8 Parking Spaces
- Unassigned Parking
Schools
- Saratoga Elementary School
- Morris Community High School
Utilities
- Heating System Uses Natural Gas
Community Details
Overview
- 4 Units
Building Details
- Electric Expense $450
- Fuel Expense $450
- Insurance Expense $4,000
- Water Sewer Expense $300
- Net Operating Income $47,700
Map
Home Values in the Area
Average Home Value in this Area
Tax History
| Year | Tax Paid | Tax Assessment Tax Assessment Total Assessment is a certain percentage of the fair market value that is determined by local assessors to be the total taxable value of land and additions on the property. | Land | Improvement |
|---|---|---|---|---|
| 2024 | $9,653 | $133,015 | $23,929 | $109,086 |
| 2023 | $9,074 | $125,038 | $22,494 | $102,544 |
| 2022 | $8,536 | $117,617 | $21,159 | $96,458 |
| 2021 | $8,111 | $110,108 | $19,808 | $90,300 |
| 2020 | $7,809 | $103,876 | $18,687 | $85,189 |
| 2019 | $7,758 | $103,876 | $18,687 | $85,189 |
| 2018 | $7,807 | $104,171 | $18,740 | $85,431 |
| 2017 | $7,616 | $101,969 | $18,344 | $83,625 |
| 2016 | $7,376 | $98,817 | $17,777 | $81,040 |
| 2015 | $7,090 | $97,415 | $17,525 | $79,890 |
| 2014 | $6,872 | $92,564 | $16,652 | $75,912 |
| 2013 | $7,045 | $96,110 | $17,290 | $78,820 |
Property History
| Date | Event | Price | List to Sale | Price per Sq Ft |
|---|---|---|---|---|
| 12/10/2025 12/10/25 | For Sale | $650,000 | -- | -- |
Purchase History
| Date | Type | Sale Price | Title Company |
|---|---|---|---|
| Warranty Deed | $380,000 | None Available |
Mortgage History
| Date | Status | Loan Amount | Loan Type |
|---|---|---|---|
| Open | $300,000 | Seller Take Back |
Source: Midwest Real Estate Data (MRED)
MLS Number: 12427634
APN: 02-33-202-003
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