The Belvidere House

Hospitality for Sale
Sale Pending/Contingent
Catylist Listing ID: 30030109
Property Subtypes: Hotel
Status: Pending/Contingent
Number of Units: 32 Units
Building Size (RSF): See Agent
Gross Building Area: See Agent
Gross Land Area: 0.10 Acres
Sale Price: $348,000
Unit Price: $10,875 Per Unit
Ceiling: 10 ft.
Property Use Type: Investment
Building Name: Belvidere House
Name of Establishment: Belvidere House
Sale Terms: Cash to Seller
Cap Rate: Undisclosed
Last Updated: 7/9/2018

Overview / Comments

Three story brick building. Currently being used as a Single Room Occupancy (SRO) consisting of 32-rooms, 7-bathrooms, 1-community kitchen, laundry room and main floor office. Recent upgrades include: New Boiler, New Chimney in 2016 and the exterior was tuck pointed and painted in 2016. Roof was repaired in 2012.

Occupancy rate has always been high with some long term residents. All rooms are furnished.

Financials

Finance Data Year 2016
Real Estate Taxes - Annual($) $5,234 (Annual)
Tax Value Land $17,548
Tax Value Improvements $120,072
Assessed Value - Total($) $137,620 (Annual)
Gross Operating Income $95,868 (Annual)
Actual or Proforma Year Actual
Finance Data Year 2015
Real Estate Taxes - Annual($) $5,234 (Annual)
Tax Value Land $17,548
Tax Value Improvements $120,072
Assessed Value - Total($) $137,620 (Annual)

Additional Details

Nearest MSA: Rockford
County: Boone
Tax ID/APN: 05-26-429-011
Zoning: CB (CENTRAL BUSINESS DISTRICT)
Retail Clientele: Business
Property Located Between: W Hurlbut Ave & W Lincoln Ave
Property Visibility: Excellent
Largest Nearby Street: N State St
Feet of Frontage: 44
Traffic/Vehicle Count: 11,200
Highway Access: 6 minutes to I-90
Airports: Greater Rockford Airport - 23 minutes; Chicago O'Hare - 58 minutes
Site Description: This building is a part of the Belvidere Historic Preservation District
Area Description: Historic Business District
Nearby Attractions: Chrysler Belvidere Assembly Plant; Boone County Courthouse; Belvidere Park District
Total Number of Buildings: 1
Number of Stories: 3
Property Condition: Average
Roof Type: Flat
Construction/Siding: Brick
Average Occupancy Rate: 90
Exterior Description: All brick with Crowned Windows; Flat Roof
Parking Description: Street
Sprinklers: None
Laundry: Shared
Heat Type: Hot Water
Heat Source: Radiant
Internet Access: Cable
Interior Description: Three total floors with centrally located stairway. Main floor office.
Zoning Description: Central Business District
Lot Frontage: 40
Lot Depth: 100
Water Service: Municipal
Sewer Type: Municipal
Legal Description: Lt 12 Assrs Sub of Blk 1 F W Crosbys 1st Add 226 N State St

Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 12,674 25,906 36,091
Median Age: 32.86 34.15 36.94
Households: 4,529 8,954 12,516
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