Strong value-add 4-unit opportunity in Waukegan with significant rental upside and one vacant unit ready for renovation.

Property Details

• 4-Unit Multifamily
• Unit Mix: (4) 3 Bedrooms / 1.5 Bathrooms
• Total: 12 Bedrooms / 8 Bathrooms
• 4,704 Sq Ft Building
• 6,700 Sq Ft Lot
• Built in 1959
• No HOA

Occupancy & Income

• 3 Units Occupied / 1 Unit Vacant
• (2) Units – $900/month (Month-to-Month)
• (1) Section 8 Unit – ~$1,350/month (Lease through end of May, renews June 1)
• (1) Vacant Unit – Needs Rehab

Condition

• Older and dated but generally well maintained.
• One vacant unit requires renovation, creating immediate value-add potential.

Financial Snapshot

• Asking Price: $405,000
• Estimated ARV: ~$550,000
• Pro Forma Potential:
• Section 8 rents approximately $2,000 per unit
• Projected Gross Income at Stabilization: ~$8,000/month

Investment Potential

• Ideal for investors seeking repositioning opportunity with strong rent growth.
• Opportunity to raise under-market rents and renovate vacant unit for stabilization.
• Comparable property at 2034 Williamsburg Dr sold for $525,000 (08/21/23).

Contact

For access or additional information, please call 1-888-775-4570 or sales@sharpedgeproperty.com