741 Elgin St Cherry Valley, IL 61016
Estimated payment $3,029/month
About This Home
Excellent investment opportunity with this 6-unit multifamily property featuring a strong rental history and solid long-term tenants in place. The building includes a mix of 4 one-bedroom units and 2 two-bedroom units, currently generating approximately $4,500 in total monthly rent with potential for future rent increases. Several units have seen recent updates, including new vinyl flooring and carpeting in 4 of the units within the last 1-3 years, while the remaining units offer hardwood and older finishes. Bathrooms have had updated fixtures and replaced toilets, and all units remain functional and well-maintained. The property offers separate entrances for most units, off-street parking, and a basement area with utility meters and additional storage. All units are electric with baseboard heat, and the building has no known electrical, plumbing, or foundation issues. A great opportunity for investors seeking stable cash flow with upside potential.
Property Details
Home Type
- Multi-Family
Est. Annual Taxes
- $6,695
Year Built
- Built in 1960
Additional Features
- 2-Story Property
- 0.34 Acre Lot
- Heating System Uses Gas
Community Details
Overview
- 6 Units
Building Details
- Insurance Expense $3,420
- Operating Expense $10,415
- Gross Income $53,760
- Net Operating Income $43,345
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 | $6,695 | $87,504 | $8,241 | $79,263 |
| 2023 | $6,406 | $78,683 | $7,410 | $71,273 |
| 2022 | $6,609 | $74,125 | $6,981 | $67,144 |
| 2021 | $6,718 | $70,494 | $6,639 | $63,855 |
| 2020 | $6,729 | $67,497 | $6,357 | $61,140 |
| 2019 | $6,618 | $64,332 | $6,059 | $58,273 |
| 2018 | $6,737 | $62,102 | $5,900 | $56,202 |
| 2017 | $6,798 | $60,270 | $5,726 | $54,544 |
| 2016 | $6,748 | $58,996 | $5,605 | $53,391 |
| 2015 | $6,700 | $57,913 | $5,502 | $52,411 |
| 2014 | $6,333 | $57,913 | $5,502 | $52,411 |
Property History
| Date | Event | Price | List to Sale | Price per Sq Ft |
|---|---|---|---|---|
| 03/12/2026 03/12/26 | Pending | -- | -- | -- |
| 02/27/2026 02/27/26 | Price Changed | $469,900 | -1.1% | -- |
| 02/17/2026 02/17/26 | For Sale | $475,000 | -- | -- |
Source: Midwest Real Estate Data (MRED)
MLS Number: 12571125
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Based on information submitted to the MLS GRID
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Ask me questions while you tour the home.