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

Listings displaying the MARIS logo are courtesy of the participants of MO - Mid America Regional Information Systems (MARIS) Internet Data Exchange. All information deemed reliable but not guaranteed and should be independently verified. All properties are subject to prior sale, change or withdrawal. Neither listing broker(s) nor Live.Laugh.Illinois. Real Estate Group shall be responsible for any typographical errors, misinformation, misprints and shall be held totally harmless.

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