631 S 4th Street Springfield IL 62703
Multifamily Property with Tremendous Upside
Marketing description
Step into a rare value-add investment opportunity with this historic apartment community, originally built in the 1920s by Harris Hickox. Rich in character and architectural charm, this landmark property is ready for its next chapter.
Offered in its current as-is condition, the property features 75 studio and one-bedroom apartments across two buildings: a prominent five-story main building and a separate three-story building at the rear. The property also includes a detached garage and an additional outbuilding, presenting opportunities for supplemental income through storage, garage rentals, or future redevelopment.
When acquired by the bank, the property had significant deferred maintenance, incomplete renovations, and utility interruptions. Since then, substantial capital has been invested to stabilize the asset, restore utilities, and complete major improvements to the main building.
The five-story building is now operational and approximately 40% occupied, with new residents moving in as additional units are completed. The rear three-story building remains ready for renovation, offering investors a clear value-add opportunity to expand occupancy and increase revenue.
Current leasing activity demonstrates strong demand, with studios renting for approximately $800 per month and one-bedroom units achieving approximately $900 per month. Many of the remaining vacant units require only limited work to become income-producing, providing a straightforward path to increased cash flow and long-term appreciation.
Because of the property's condition at acquisition and the extensive rehabilitation completed by the bank, historical financials are not representative of future performance. Buyers are encouraged to evaluate the investment based on current leasing momentum, remaining renovation work, and the property's significant upside.
Whether you're seeking a multifamily value-add investment, redevelopment opportunity, or the chance to restore a historic asset, this property offers exceptional scale, character, and income potential.
*All information deemed reliable but not guaranteed.
Investment highlights
75 studio and one-bedroom apartments across two buildings, originally built by Harris Hickox, offering timeless character and significant redevelopment potential
Property features 75 studio and one-bedroom apartments across two buildings
The main building is approximately 40% occupied with ongoing lease-up, while the rear building offers substantial upside through renovation and future occupancy
The property also includes a detached garage and an additional outbuilding, presenting opportunities for supplemental income
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