1407 ILLINOIS AVENUE
About This Property
The Main residence is approximately 1030 SF and is a 3/1, and is ready to move in. The main residence updates include new windows, doors, bathroom sink, lighting and cabinet, baseboards, drywall, floors, paint, newly built staircase. The outside of the main residence has been cleaned, repaired and landscaped. The roof has been cleaned, repaired and painted. No leaks! For the rear residence, a 2 bedroom 1 bath that is approximately 454 SF, see photos of unfinished/unrepaired (except for LVT on floors and HVAC ductless mini-split units which have already been installed) walls and windows. It has its own separate entrance, kitchen and bath. There are 5 new windows already purchased that buyer can have installed. Exterior of the home has been painted. Lattice around bottom of entire home has been installed. There is a large, completely fenced back yard with a large storage shed (needs removal of overhang, but otherwise sturdy building). The yard is very private and is a great place to cook out or just hang out. There is plenty of room for a playset or playhouse, or even a pool! This property has so many options! Renovate to reside in the entire home, live in the front 2 story residence and renovate to rent out the back residence or use the back as an In Law Suite with its private entrance, or finish the renovation in the back residence and rent out both the front and the back!! This is a great investment for a homeowner or an investor. Property is close to some great amenities, including Disney and major theme parks, a local beach, park and quaint downtown just a few blocks away. It is a short distance to shops, schools and restaurants...including the locally famous Fat Boy's BBQ with salad bar, The Cup Diner, Crabby's on the Lakefront and the local favorite The Catfish Restaurant.
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What does this mean?
Based on our analysis, the cap rate of this property is 1.25%. A negative cap rate indicates that the property might not be feasible as an income-producing asset. The median cap rate for a near zip code 11238 is 4.23%.
How much can I actually make?
Actual monthly rental income may vary between $4,760 and $7,140 depending on unit-specific characteristics. You can change the amount using the slider to further explore.
How is cap rate calculated?
Cap Rate = Net Operating Income (NOI) / Property Asset Value.
When calculating the cap rate, we assume 100% occupancy. Leverage (mortgage) is not considered.
Cap Rate provided by RealtyHop and RentHop, learn more about cap rate here.
Price History
| Date / Event | Date | Event | Price |
|---|---|---|---|
| Jul 31, 2026 | Sold | ||
| Sold | |||
| Jul 16, 2026 | Price Decreased |
$210,000
↓ $10K
(4.6%) | |
| Price Decreased | |||
| Jul 16, 2026 | In contract | - | |
| In contract | |||
| Jun 15, 2026 | Price Decreased |
$220,000
↓ $10K
(4.4%) | |
| Price Decreased | |||
| May 19, 2026 | Price Decreased |
$230,000
↓ $20K
(8%) | |
| Price Decreased | |||
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Phone: 425-283-2930
Address: 335 Madison Avenue, New York, NY 10017