Listed by Landmark Realty of Illinois LLC
$440,000
400 N Main St. Princeton, IL 61356
Details
APN 1609364010
Property Type Multifamily
Sub Type Apartment Building
Square Footage 7,968
Net Rentable (SqFt) 7,968
Units 12
Cap Rate 15.73%
NOI $69,205
Price per SqFt $55
Year Built 1947
Year Renovated 2026
Stories 2
Lot Size (SqFt) 15,600
Zoning Residential / Commercial
Parking Spaces 12 spaces
Parking Per SqFt 1.51
Multifamily | 15.73% CAP | 12 Units
Marketing description
This well-maintained 12-unit mixed-use property presents a compelling opportunity for investors seeking immediate cash flow with additional upside potential. The asset is comprised of three residential units (two spacious two-bedroom apartments and one efficiently designed studio), alongside nine commercial spaces fronts that provide diversified income streams. Over the past several years, the building has undergone significant renovations, resulting in a turnkey investment requiring no immediate capital improvements. All units are in strong condition, allowing a new owner to step in and begin generating revenue from day one. In addition to its current income, the property features a partially finished lower level, offering clear value-add potential. Investors may explore opportunities to further develop this space into additional residential or commercial units, subject to local zoning and approvals, thereby increasing overall returns. With a balanced unit mix, recent upgrades, and future expansion potential, this property is ideally positioned for both stable cash flow and long-term appreciation.
Investment highlights
Underused 2025 rent of $40,800 allows for a start, but with pro forma annual rent of $83,400 per year,
the property stands on its own as is. However, the lower level adds opportunities to create additional
income of $29,400 making the total potential $112,800) if finished into three apartments with the same
income as the top level currently attains.
Listing Contacts
Listed by Landmark Realty of Illinois LLC
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Loan Amount
$0.00
Annual Debt Service
$--
$--
Annual Cash Flow
$69,205.00
$5,767.08/mo
Valuation Metrics
0
DSCR
15.73%
Cap Rate
15.73%
ROI
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