Sold
5700 Pontiac Drive
Fairview Heights IL, 62208
$640,000
Sold
Commercial
Built in 1972
Seize this rare chance to acquire three apartment buildings in the highly sought-after Fairview market, boasting a 10% cap rate and solid cash flow with immense upside potential. The 14 units currently generate an average rent of $630, while similar units in the area command $775 to $850, leaving room for substantial revenue growth by adjusting to market rates. Located in a prime area, these properties offer strong demand and long-term value. Sold strictly as-is, with deferred maintenance to address, they provide an excellent opportunity to add value through updates and improvements. Operating expenses for 2024 include 5% vacancy at $5,313, local management at $7,438 (7%), and utilities such as water, sewer, and trash totaling $10,542. Taxes are $10,530 for the 3 parcels, and insurance will vary depending on carrier. Current insurance is $870.66 per month. Don't miss this rare opportunity to expand your portfolio in a thriving market! Viewings contingent on accepted purchase agreement.
25003046
MLSⓇ ID
January 22, 2025
Listed
February 21, 2025
Updated
Interior Features
Laundry Description
No Laundry Facil
Fireplace
No
Cooling
Yes
Cooling Description
Wall Unit(s), Window Unit(s)
Heating
Yes
Heating Description
Baseboard
Exterior/Building Features
Sewer
Public Sewer
School Information
School District
Pontiac-W Holliday DIST 105
High School
Belleville High School-East
Elementary School
PONTIAC-W HOLLIDAY DIST 105
Other Property Details
Taxes
$10,530
Tax Frequency
Annually
Days on Market
7
Garage
No
Parking
Space/Unit - 1, Carport, Parking Lot, Unpaved
View
No
County
St Clair-IL
Municipality
Fairview Heights
Water Source
Public
Listing History
Date | Event | Price |
---|---|---|
2/21/2025 | Sold | $640,000 |
1/29/2025 | Pending | — |
Courtesy of Real Broker LLC, Christopher Kelly
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