18-Unit Apartment Complex and Church

Highlights

Description

PRICE REDUCED BY OVER $400,000! Now asking $2,300,000 for this multifamily investment consisting of 18 apartments and a church in unincorporated LaSalle County, Illinois.

Located on the bank of the Fox River, this is a unique property with tons of charm and a rich history. The Sulfur Springs Resort was founded on the property over a hundred years ago, offering white sulfur spring water baths that were thought to cure various medical ailments. By the early 1930s the resort was in full swing and welcomed many visitors looking to relax surrounded by beautiful scenery. It is said that Al Capone once stayed at the resort with a group of Chicago politicians and mobsters. In 1941, a church was added to the hotel, and in the early 2000s, the hotel was converted into apartments and renamed the River Springs Resort. An outbuilding with an indoor pool was constructed but never put into service.

Current ownership purchased the property in 2023 and has been renovating the apartments as they turn over and substantially raising the rents. Recent improvements include replacing the roof, repairing the foundation, installing drain tile and sump pumps in the basement and cleaning up the landscaping. 10 of the 18 apartments have now been renovated at or above market standard, and the remaining are in good, serviceable condition. There is a mix of floorplans including (1) 5-bed, (2) 2-bed, and (15) 3-bed units. All feature unusually large footprints, in-unit washers and dryers, and lots of windows for ample natural light. Utilities are separately metered.

While the location is rural, the property is only 7 minutes away from I80 via Rt 71 and 15 minutes from downtown Ottawa. The large floor plans and nice image of the property make it much more appealing than the few other rental options available in the surrounding area. The seller has had great success advertising apartments on Facebook Marketplace, with units typically rented within a couple weeks.

The property is now offered for sale at $2,300,00 and a 8.83% cap rate. There is opportunity for additional upside by renovating the remaining apartments, charging tenants for storage in the underutilized basement, and/or converting the empty pool house into 2 or 3 more apartments.

FOR LEASE: Beautiful church space available! Sanctuary features vaulted ceilings and stained glass windows. Approximately 2,500sf on the ground floor and 500sf balcony. Currently leased until April 1, 2025 but the space could potentially be made available sooner with some notice.

For more information, please contact Brian Lindgren of SVN Landmark at 630-487-9433 or David Sickley of Janko Realty at 815-228-8509.

Beautiful church space for lease! Sanctuary features vaulted ceilings and stained glass windows. Approximately 2,500sf on the ground floor and 500sf balcony. Men's and women's restrooms.

Currently leased until April 1, 2025 but the space could potentially be made available sooner with some notice. Entire building including 18 apartments also for sale for $2.3 million.

Unincorporated LaSalle County near Wedron IL. 7 min to I80 via Rt 71. 15 min to downtown Ottawa. 25 min to Starved Rock State Park. 50 min SW of Aurora. 90 min NE of Peoria.

Documents

Units for Lease