262 N Spring St Elgin, IL 60120
Northeast Elgin NeighborhoodEstimated payment $3,979/month
About This Home
Excellent Investment Opportunity - Fully Leased 4-Unit Building in Prime Elgin Location! Spacious and well-maintained, this fully occupied multi-unit property is an ideal addition to any investor's portfolio. All four units are currently leased, generating immediate rental income. Three of the units feature updated kitchens and bathrooms, providing modern comfort for tenants. Recent mechanical and structural updates offer peace of mind: TWO NEW FURNACE UNITS installed in October 2024, Two hot water heaters - 40-gallon (installed Dec 2022) & 50-gallon (installed Dec 2011). Building exterior painted, plus new gutters and downspouts (2021) and driveway/parking lot sealed (2025). The property includes two separate basement areas: One basement provides community storage for tenants and houses a coin-operated laundry (1 washer & 1 dryer) and the second basement is secured for landlord use, perfect for storage or a workshop. Ample off-street parking with 11 total spaces, 2 reserved per unit and 3 visitor spots. Conveniently located within walking distance to Gail Borden Library, Hemmens Cultural Center, Elgin Recreation Center, the scenic Fox River, and all the vibrant offerings of Downtown Elgin. Don't miss out on this great investment opportunity!
Property Details
Home Type
- Multi-Family
Est. Annual Taxes
- $8,312
Year Built
- Built in 1920
Lot Details
- 8,712 Sq Ft Lot
- Lot Dimensions are 132 x 67
Home Design
- American Four Square Architecture
- Asphalt Roof
- Concrete Perimeter Foundation
Bedrooms and Bathrooms
- 11 Bedrooms
- 11 Potential Bedrooms
- 4 Bathrooms
Basement
- Basement Fills Entire Space Under The House
Parking
- 11 Parking Spaces
- Parking Lot
- Parking Included in Price
- Assigned Parking
- Unassigned Parking
Schools
- Ronald D O'neal Elementary Schoo
- Kimball Middle School
- Larkin High School
Utilities
- Forced Air Heating System
- Heating System Uses Natural Gas
- Gas Water Heater
Community Details
- 4 Units
- Insurance Expense $8,419
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 | $8,312 | $103,861 | $16,747 | $87,114 |
| 2023 | $7,999 | $93,831 | $15,130 | $78,701 |
| 2022 | $6,853 | $79,034 | $13,796 | $65,238 |
| 2021 | $6,592 | $73,891 | $12,898 | $60,993 |
| 2020 | $6,434 | $70,540 | $12,313 | $58,227 |
| 2019 | $6,276 | $67,194 | $11,729 | $55,465 |
| 2018 | $6,258 | $63,301 | $11,049 | $52,252 |
| 2017 | $6,155 | $59,842 | $10,445 | $49,397 |
| 2016 | $5,921 | $55,517 | $9,690 | $45,827 |
| 2015 | -- | $50,887 | $8,882 | $42,005 |
| 2014 | -- | $50,258 | $8,772 | $41,486 |
| 2013 | -- | $51,583 | $9,003 | $42,580 |
Property History
| Date | Event | Price | Change | Sq Ft Price |
|---|---|---|---|---|
| 08/01/2025 08/01/25 | For Sale | $595,000 | -- | -- |
Purchase History
| Date | Type | Sale Price | Title Company |
|---|---|---|---|
| Warranty Deed | $250,000 | Ticor Title Insurance Co | |
| Warranty Deed | $440,000 | Multiple | |
| Interfamily Deed Transfer | -- | First American Title Ins Co | |
| Warranty Deed | $106,500 | -- | |
| Interfamily Deed Transfer | -- | -- |
Mortgage History
| Date | Status | Loan Amount | Loan Type |
|---|---|---|---|
| Open | $200,000 | Purchase Money Mortgage | |
| Previous Owner | $352,000 | Fannie Mae Freddie Mac | |
| Previous Owner | $88,000 | Stand Alone Second | |
| Previous Owner | $232,800 | Unknown | |
| Previous Owner | $39,000 | Credit Line Revolving | |
| Previous Owner | $152,652 | No Value Available | |
| Previous Owner | $106,084 | FHA |
Source: Midwest Real Estate Data (MRED)
MLS Number: 12432935
APN: 06-14-238-015
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