503-505 Park St

Investment Opportunity: 503 Park Street, Waterloo, Illinois
503 Park Street is a prime investment opportunity to own an 18-unit apartment building in Waterloo, Illinois, just a short drive from St. Louis. Located at the high-visibility intersection of Route 3 and Park St, the building features 7 one-bedroom units and 11 two-bedroom units.
Community Appeal:
Waterloo is one of Southern Illinois’s most desirable communities, with a growing population of over 11,000 and robust economic indicators, including a median income of $88,000+ and a median home price of $227,600. Median gross rents have increased to $849+. The city’s strong growth and appealing demographics make it an excellent market for property investment.
Property Features:
• Recent Renovations: The buildings have been extensively updated in the last 8 years with new floorplans, kitchens, appliances, HVAC, plumbing, electrical systems, windows, insulation, asphalt parking lot and more.
• Unit Variety and Uniqueness: Each unit offers a distinct layout, with features such as exposed brick, loft areas, and reclaimed wood from the original bowling alley. Second-floor units include private decks.
• Efficient Systems: All units have individual electric water heaters, central air, and are separately metered for water, sewer, and trash, significantly reducing owner expenses compared to similar properties.
• Tenant Retention: High-efficiency heating and cooling systems reduce tenant utility costs, supporting higher rents and longer leases.
Additional Income Potential:
An adjacent parcel at 507 Park is part of the sale, enhancing development potential. The Buyer should be able to construct 8 – 12 units on this parcel adding value to the overall project.
Strategic Location:
With over 7,000 cars passing by daily on Park and 14,500 along Highway 3, the high traffic count ensures strong visibility and consistent leasing interest.
Investment Summary:
503 Park Street offers a low-maintenance, high-quality apartment complex in a thriving community, with additional development opportunities if the adjacent land is acquired. This is a unique chance to invest in a growing market with strong demand and attractive financials.