101 W Canedy St

Springfield, IL 62704 View Map $1,550,000 Schedule a Tour
Beds7
On Site24 days
Year1953

Killebrew Team

(217) 546-1234

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Status: Pending
Property Type:Residential Income
MLS #:CA1027205
On Site:24 Days
County:Sangamon
Introducing Canedy Court Apartments an extensively renovated & professionally managed 26-unit complex. Comprised of 16 2-BR's & 10 spacious studio/efficiency units the building offers a diverse range of living options. Located within walking distance of the Capitol it provides an attractive rental opportunity for state workers & professionals seeking convenience. This is an exceptional investment opportunity with a stabilized occupancy rate & professional management that has resulted in a conservative Y1 cap rate of nearly 10%. The property offers immediate cash flow potential & promises a seamless transition to new owners. This historically significant complex may qualify for historic benefits, adding further value. Notably, Canedy Ct. Apartments holds the distinction of being Springfield's 1st complex to offer central air, as recorded in historical newspaper articles. One standout feature is the townhouse-style layout, where every 4 units shares a basement equipped w/storage units & laundry facilities. Accessible by a private entrance exclusive to those 4units, this arrangement offers a unique & desirable floorplan to the tenant. Following extensive renovations (November '23) to the sum of approximately half a million dollars, this property has achieved remarkable lease-up success. 23 of 26 units are occupied & only 8 exist from previous ownership. The remaining 15 were professionally screened & placed by mgmt & new owners are encouraged to capitalize on this upward trend!

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$000 Monthly Payment
Loan and interest only.

Detailed Maps

Community Information

Address:101 W Canedy St, Springfield, IL 62704
Area:Springfield
County:Sangamon
City:Springfield
Zip Code:62704

School Information

High School:Springfield District #186

Architecture

Bedrooms: 7
Year Built:1953
Construction Materials: Brick
Foundation: Poured Concrete
Basement: Full, Unfinished
Parking Features: Assigned, Carport
Parking Total: 26

Features / Amenities

Interior Features: Storage, Cable Available
Laundry: Common Area, Owned Equipment
Heating: Forced Air, Central Air

Property Features

Lot Dimensions:220 x132 (Both)
Lot Features: Level
Water: Public Sewer, Public
Directions:South on Spring St from Lawrence - Corner of Spring and West Canedy

Tax and Financial Info

Tax Year: 2022
Tax Annual Amount: $2,203
Maintenance Expense: $17,290
Insurance Expense: $13,520
Manager Expense: $19,330
Lease Terms: Variable
Gross Income: $241,625
Net Income: $186,712
Documents Available: Aerial Photos
Legal Description: L 10 W 131.18' Bell Millers Sub L 1 2 3 & W11.14' L 4 Bell Millers Sub

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101 W Canedy St Springfield,  IL 62704
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101 W Canedy St Springfield, IL 62704
 
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Listing Information Last Updated 3/3/2024
Listing provided courtesy of Kyle Killebrew, The Real Estate Group, Inc. (217-741-4040).
The data relating to real estate for sale on this web site comes in part from the Internet Data Exchange Program. Real estate listings held by IDX Brokerage firms other than The Real Estate Group are marked with the Internet Data Exchange logo or the Internet Data Exchange thumbnail logo and detailed information about them includes the name of the listing IDX Brokers. This information is provided exclusively for 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 Broker providing these data believes them to be correct, but advises interested parties to confirm them before relying on them in a purchase decision. Information deemed reliable but is not guaranteed.