Sold
Last Sold Price
4,500 sqft

824-812 E Ridgely Ave, Springfield, IL 62702

Multi FamilyProperty Type
0.21 acresLot Size
1993Year Built
$81/sq ftPrice per sq ft

Description

This 4,500 square foot, six-unit apartment building offers an outstanding investment opportunity with a variety of recent upgrades. The building itself has undergone significant updating including a new roof & all-new siding in 2021. Five of the six units have been fully renovated since 2021, with updates like multiple new HVAC systems & water heaters. One unit is intentionally vacant and was just remodeled, making it ready to show & rent. The sale also includes an additional parcel to the west,...This 4,500 square foot, six-unit apartment building offers an outstanding investment opportunity with a variety of recent upgrades. The building itself has undergone significant updating including a new roof & all-new siding in 2021. Five of the six units have been fully renovated since 2021, with updates like multiple new HVAC systems & water heaters. One unit is intentionally vacant and was just remodeled, making it ready to show & rent. The sale also includes an additional parcel to the west, with the potential to rebuild another six-unit structure on the site where a previous building stood. Prospective buyers should explore grant programs that may support this rebuilding opportunity, adding further value to the property. This is an ideal opportunity for investors looking for a property with minimal initial maintenance and significant growth potential. Do Not Disturb Tenants. Only the vacant unit can be shown.
Listing closed: 12/20/2024 12:00 AM • Source: RMLS ALLIANCE, MLS#: CA1032325
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Location

Listing Courtesy of The Real Estate Group, Inc.

Sold By Keller Williams Capital

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Payment Calculator

$2,427 per month

30 year fixed, 7.03% Interest

Principal and Interest

$1,938

Property Taxes

$489

HOA Dues

$0

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Property Information for 824-812 East Ridgely Avenue

Property Details

  • Taxes: $5,867 / year
  • MLS Type: Residential Income / Residential Income
  • Parking Total: 6.0
  • Subdivision Name: None

Building Information

  • Residences: 6
  • Year Built: 1993
  • Lot Size: 0.21 AC / 9,150 SF

Summary

Location and General Information
  • City: Springfield
  • County Or Parish: Sangamon
  • Directions: From North 9th St to W on Ridgely
  • Latitude: 39.8232794021564
  • Longitude: -89.643652364418
  • MLSArea Minor: Springfield
  • Postal Code: 62702
  • State Or Province: IL
Taxes and HOA Information
  • Additional Parcels Description: 14220401003
  • Parcel Number: 14-22.0-401-019
  • Tax Annual Amount: $5,867
  • Tax Legal Description: Converse Sub Of Nw Pt. Se1/4 W. 60' Lot 2
  • Tax Year: 2023
School Information
  • High School: Springfield District #186
Parking
  • Parking Features: Assigned

Property

Lot Information
  • Structure Type: Apartment Building
  • Building Area Total: 4500.0
  • Lot Features: Level
  • Lot Size Dimensions: 150 x 61
  • Number Of Units Total: 6
  • 100 Year Plain: Unknown
  • Road Surface Type: Paved
Property and Assessments
  • Documents Available: Legal Description
  • New Construction: No
  • Year Built: 1993
  • Year Built Source: Public Records
Utilities
  • Number Of Electric Meters: 6
  • Number Of Gas Meters: 6
  • Numberof Water Meters: 1
  • Water Sewer Expense: $2,520
  • Water Source: Public Sewer, Public

Interior and Exterior Features

Exterior Features
  • Lawn Snow Removal: 0
  • Roof: Shingle
  • Construction Materials: Wood Siding
Interior Features
  • Basement: Crawl Space
  • Heating: Forced Air, Gas, Central Air
  • Laundry Features: None
  • Number Of Central Air Units: 6
  • Number Of Heating Units: 6
  • Number Of Ranges: 6
  • Numberof Refrigerators: 6
  • Number Of Water Heaters: 6
  • Operating Recording Device: None

Multi Family

Income & Expenses
  • Electric Expense: $0
  • Gross Income: $55,283
  • Gross Scheduled Income: $55,283
  • Insurance Expense: $3,356
  • Maintenance Expense: $3,106
  • Manager Expense: $3,870
  • Net Operating Income: $36,564
  • Operating Expense: $12,852
  • Advertising Expense: 0
  • Gas Expense: 0
  • Misc Annual Income: 0
  • Trash Expense: $0
Unit 1
  • Fireplace YN: N
  • Full Baths: 1
  • Half Baths: 0
  • Number Covered: 0
  • Number Parking: 1
  • Number Uncovered: 1
  • Unit Type Beds Total: 2
  • Unit Type Type: Unit 1
Unit 2
  • Fireplace YN: N
  • Full Baths: 1
  • Half Baths: 0
  • Number Covered: 0
  • Number Parking: 1
  • Number Uncovered: 1
  • Unit Type Beds Total: 2
  • Unit Type Type: Unit 2
Unit 3
  • Fireplace YN: N
  • Full Baths: 1
  • Half Baths: 0
  • Number Covered: 0
  • Number Parking: 1
  • Number Uncovered: 1
  • Unit Type Beds Total: 2
  • Unit Type Type: Unit 3
Unit 4
  • Fireplace YN: N
  • Full Baths: 1
  • Half Baths: 0
  • Number Covered: 0
  • Number Parking: 1
  • Number Uncovered: 1
  • Unit Type Beds Total: 2
  • Unit Type Type: Unit 4

Rental

Rent Information
  • Lease Term: Variable
  • Tenant Pays: Gas & Electric, Water

Property History for 824-812 East Ridgely Avenue

DateEvent & SourcePriceAppreciation
Dec 20, 2024

Sold

RMLS ALLIANCE #CA1032325

$363,000—
Oct 8, 2024

Pending

RMLS ALLIANCE #CA1032325

—
Oct 4, 2024

Price Change

RMLS ALLIANCE #CA1032325

$370,000—
DateEvent & SourcePrice
12/20/2024

Sold

RMLS ALLIANCE #CA1032325

$363,000
10/08/2024

Pending

RMLS ALLIANCE #CA1032325

—
10/04/2024

Price Change

RMLS ALLIANCE #CA1032325

$370,000

For completeness, we often displays two records for one sale: the MLS record and the public record.

Schools near 824-812 East Ridgely Avenue

This home is within Springfield School District 186.
Rating
School
Type
Grades
Distance
Public - PK to 5
Public - 6 to 8
Public - 9 to 12
Public - 6 to 12
Rating
School
Distance
Ridgely Elementary School
PublicPK to 5

Washington Middle School
Public6 to 8

Lanphier High School
Public9 to 12

Douglas School
Public6 to 12

School ratings and boundaries are provided by GreatSchools.org and Pitney Bowes. This information should only be used as a reference. Proximity or boundaries shown here are not a guarantee of enrollment. Please reach out to schools directly to verify all information and enrollment eligibility.

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Nearby home values

No guarantee, warranty or representation of any kind is made regarding the completeness or accuracy of any information, descriptions or measurements (including square footage measurements and property condition), such should be independently verified through appropriate means, including, but not limited to, in person inspection and public records, and Compass International Holdings, its subsidiaries, affiliates and independently owned and operated franchisees, and their affiliated agents and associated third parties expressly disclaim any liability in connection therewith. Photos may be virtually staged or digitally enhanced and may not reflect actual property conditions. Offers of compensation are subject to change at the seller's discretion. No financial or legal advice provided. Equal Housing Opportunity.

Listing Courtesy of The Real Estate Group, Inc.

Based on information submitted to the MLS GRID as of 12/20/2024 02:01 PM. All data is obtained from various sources and may not have been verified by broker or MLS GRID. Supplied Open House Information is subject to change without notice. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information. Properties displayed may be listed or sold by various participants in the MLS. IDX information is provided exclusively for consumers’ personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. The data is deemed reliable but is not guaranteed by MLS GRID. Use of the MLS GRID data may be subject to an end user license agreement prescribed by the applicable MLS of the Member Participant, if any, and as amended from time to time.