472 N Spring St

Elgin IL 60120

0.2 ac.

Multi-Family

Currently for sale - view listing

Overview

Great Turnkey Investment Opportunity located in historic district just north of rapidly developing downtown Elgin. Remodel in 2020 included 2 new eat-in kitchens with granite countertops & new appliances, new bathrooms, all new gas forced-air HVAC system with new central air conditioning units, furnaces, and hot water heaters. New roof on house & garage along with all copper pipes replacing old galvanized also in 2020. Large 2-story detached 1200sf garage currently used for owner's storage is potential 3rd unit coach house development or can be rented to tenants now for indoor parking income. Separately metered gas & electric. Coin-operated commercial washer & dryer in basement shared by both units provides extra income. Second floor tenants maintain lawn and bushes and are responsible for snow removal in exchange for $60/month reduction in rent which is reflected in adjusted Unit 2 current lease amount of $1,640/month. Both apartments are currently leased - start out with strong cash flow right away. Photos are from when both units were vacant prior to tenant occupancy.

Features

6 bedrooms

2 bathrooms

4 carspaces

2 garage spaces

0.2 ac. lot size

Multi-Family

Property history for 472 N Spring St

2019

Sold

$91,000

24 Sep 2019 by Frank Gaines, of Baird & Warner Fox Valley - Geneva

Happy sellers in Elgin

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