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$650,000

Est. payment - /mo

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8 Beds

4 Baths

Active Under Contract

2401 Ashland CIR Morris, IL 60450

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Park Place Realty Group LLC

info@parkplacerealtyllc.com +1(708) 722-5106

UPDATED:

Key Details

Property Type Multi-Family

Sub Type Two to Four Units

Listing Status Active Under Contract

Purchase Type For Sale

MLS Listing ID 12630069

Bedrooms 8

Year Built 1998

Annual Tax Amount $9,800

Tax Year 2024

Lot Dimensions 140x100x115x110

Property Sub-Type Two to Four Units

Property Description

Excellent opportunity to own a turn-key, well-maintained, fully leased 4-unit apartment building in a quite north Morris neighborhood - just minutes from the I-80/IL-47 interchange, making it a commuter-friendly location for tenants. Built in 1998, this low-maintenance property features four clean and spacious 2-bedroom, 1-bath units with a solid tenant base and minimal turnover. All utilities are paid by tenants. The owner covers only common area electric, gas, and water - keeping overhead very low. Each floor features a coin-operated laundry room, providing additional passive income. Recent improvements include newer water heaters in all units and a new roof in 2017. Central heat and A/C throughout. Positioned in a tight rental market with limited competition for quality workforce housing, the property offers stable cash flow with long-term upside potential-well-suited for first-time investors, experienced owners, or 1031 exchange buyers seeking a reliable addition to their portfolio. With minimal local competition for quality multifamily rentals, the property offers both stability and upside. The current owner has explored converting one or two units into short-term rentals to further boost returns. Morris is a charming and growing town supported by a robust and diverse employer base, thanks in part to the highly effective Grundy County Economic Development Council. Major area employers include Morris Hospital, Constellation, D Construction, Procter & Gamble, Costco (meat processing & distribution), Trader Joe's, Walmart, Grainger, LyondellBasell, PLZ Corp, Kellogg's, and US Cold Storage, among others - making this an extremely strong rental market. Please refer to the "Additional Information" section for a detailed overview of the property and the strong economic growth driving the Morris/Minooka area. Important: Please do not walk the property without prior notice. Showings for qualified buyers only. Broker owned.

Location

State IL

County Grundy

Area Morris

Rooms

Basement Crawl Space

Interior

Heating Natural Gas

Fireplace N

Exterior

Community Features Curbs, Sidewalks, Street Lights, Street Paved

Building

Dwelling Type Two to Four Units

Building Description Vinyl Siding, No

Sewer Public Sewer

Water Public

Structure Type Vinyl Siding

New Construction false

Schools

Elementary Schools Saratoga Elementary School

Middle Schools Saratoga Elementary School

High Schools Morris Community High School

School District 60C , 60C, 101

Others

Ownership Fee Simple

Special Listing Condition List Broker Must Accompany

Listed by Kelly Farley of Give Back Realty

Nearby School & Business

Get More Information

Park Place Realty Group LLC

Broker | License ID: 888222

+1(708) 722-5106