101 W Canedy St, Springfield, IL 62704

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!