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2171 S 9TH ST Springfield, IL 62703
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Key Details
Sold Price $510,000
Property Type Commercial
Sub Type Commercial
Listing Status Sold
Purchase Type For Sale
Square Footage 13,830 sqft
Price per Sqft $36
MLS Listing ID CA1027446
Sold Date 04/26/24
Originating Board rmlsa
Annual Tax Amount $11,536
Tax Year 2022
Lot Size 1.470 Acres
Acres 1.47
Property Description
Tired of toilets? This expansive property presents opportunity! Combined of 6 buildings, it even offers a spacious 2BR rented apartment. With a total of 88 rentable units—86 mini-storage spaces, a singular apartment and a rental spot for trailers—this property is a testament to potential & profitability. Find a 40x40 (rented) electricity equipped building alongside another 14x40 building, both contributing to the property's appeal & revenue. Originally acquired at approximately 50% occupancy & in a severe state of disrepair, the current owner has completed multiple renovations to uplift the property's functionality & aesthetics. Improvements include seal coating, lighting, security enhancements / cameras and the addition of a remote-operated gate code system (upcoming). It's all enclosed by a newer, sleek black chain-link fence as well. These efforts have successfully raised occupancy from 50% to a commendable 76%. across the total rentable area of 13,830 sqft (plus trailer spot). The addition of Easy Storage Solutions software has streamlined management & the inclusion of a large extra lot offers room for expansion or designated off-street parking/storage. Financially, there has been impressive growth; current income after 3 months of leasing reached $63,660. Potential gross income upon full lease-up & market rate rent adjustments of $96,337. As current owner seeks to reinvest; this property is trending positively & presents a lucrative opportunity for a turnkey operation.
Location
State IL
County Sangamon
Area Springfield
Zoning I-2
Direction Located on S 9th St at Cornell Intersection
Interior
Heating Other
Cooling Other
Flooring Concrete, Other
Fireplace N
Exterior
View true
Roof Type Other
Garage 1
Building
Building Description Other, Wireless Internet
Faces Located on S 9th St at Cornell Intersection
Sewer Other
Water City Water - In Street
Structure Type Other
Others
Tax ID 22030308052
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