Tours will be given June 7th from 1-4PM and June 8th from 9AM-12PM or by appointment. Please contact listing broker to schedule. Investment Highlights: 72-Unit Apartment Community with 100% Vacancy in 4 buildings Significant value-add opportunity once fully renovated with stabilized NOI of ±$300,000 Unit mix includes (60) 2 bedrooms of various sizes and (12) 3 bed/1.5 bath Several units include balconies and each building has laundry facilities Great Springfield location surrounded by excellent schools Investment Overview: Bally Vaughn Apartments (the “Property”) is a 72-unit value-add garden-style apartment community that was built in 1964 and located at 1301 W Washington Street in Springfield, IL. The Property contains a unit mix of (13) 2 bed/1.5 bath, (12) 2 bed/1.5 bath + den, (35) 2bed/1 bath, and (12) 3 bed/1.5 bath. Currently, the subject is unoccupied with renovations needed to each unit per the previously completed contractor bid (see due diligence vault for itemized renovation estimate). Based on the market, the weighted average rent per unit is ±$708 with stabilized NOI of ±$300,000. Springfield is the capital of Illinois and it is the 6th most populated city in the State. The Property is located in the Historic West-Side of Springfield and is a 5 minute drive to downtown Springfield. Several parks are nearby the Property including Douglas Park, Pasfield Park and Washington Park. The Property is also located in an excellent school system with Illes Elementary School located 3.4 miles from the Property and ranked 10/10. Lincoln Magnet School is 2 miles away and ranked 9/10. Sandburg and Owen Marsh Elementary Schools are also in the area of the Property and both are ranked 8/10. The property is zoned for Springfield High School which is ranked 7 out of 10.
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Multi-Family Space
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