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$649,900
Est. payment /mo
5,304 SqFt
UPDATED:
Key Details
Property Type Multi-Family
Sub Type Multi Family 5+
Listing Status Active Under Contract
Purchase Type For Sale
Square Footage 5,304 sqft
Price per Sqft $122
MLS Listing ID 12715682
Maintenance Fees $817
Year Built 1969
Annual Tax Amount $15,218
Tax Year 2025
Lot Dimensions 66 X 205
Property Sub-Type Multi Family 5+
Property Description
Exceptional Value-Add Investment Opportunity! Solid 6-unit all-brick apartment building in the heart of South Elgin offering tremendous upside potential. The property features five spacious 2-bedroom, 1-bath units, each approximately 700 sq. ft., with a bright living room, oversized eat-in kitchen with dining area, full bath, and generously sized bedrooms. The sixth unit is a studio apartment conveniently located on the lower level adjacent to the laundry room. Current rental rates are substantially below market value, creating an exceptional opportunity for investors to maximize returns through future rental increases. Comparable rental properties in the area command significantly higher rents, making this an ideal asset for value-add investors seeking long-term appreciation and increased cash flow. Additional income potential is provided by the on-site coin-operated laundry room featuring one washer, one dryer, and a bill change machine. The building is heated by a hot water boiler system with individual heat controls in each unit, while tenants pay their own electric, helping keep operating expenses low. The lower level includes a dedicated manager's room with a security camera monitoring system, providing added security and efficient property management. Durable all-brick construction offers long-term ownership with lower maintenance costs. Ideally located near shopping, dining, parks, schools, public transportation, and major commuter routes, this property continues to benefit from strong rental demand. Perfect for seasoned investors, first-time multifamily buyers, or 1031 exchange purchasers looking to add a high-potential asset to their portfolio. With the opportunity to reposition rents to market levels, increase net operating income, and build substantial equity, this property presents an outstanding investment opportunity rarely available in today's market. Strong tenant demand, low-maintenance construction, multiple income streams, and exceptional rental upside make 409 Ann St. a compelling addition to any real estate portfolio. Investment opportunities with this level of future income growth and value appreciation are becoming increasingly scarce.
Location
State IL
County Kane
Area South Elgin
Zoning MULTI
Rooms
Basement Finished
Interior
Cooling Window Unit(s)
Fireplace N
Exterior
Utilities Available Sewer Connected
Roof Type Composition
Building
Dwelling Type Multi Family 5+
Water Municipal Water
Structure Type Concrete,Brick
Others
HOA Fee Include Heat,Water
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© 2026 Listings courtesy of MRED as distributed by MLS GRID. All Rights Reserved.
Listed by Esther Zamudio of Zamudio Realty Group
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Crosstown Realtors
Owner | License ID: 471019341