122 Kansas St , Frankfort, IL 60423(Will County)

2/21/23 multiple offers received, highest and best due by 8pm 2/21/23. Located on historic and very busy Kansas Street, this original and first hotel was built Circa 1855 by a gentleman named Doud and later re-built by Ambrose Doty. Zoned H1; currently a store front with 2-2 bedroom apartments above, including one with a balcony overlooking downtown Frankfort Business District. The storefront located on the main floor is approximately 1,450 square feet and includes a large open area, counter space, kitchen, large office or additional showroom, small office, 1/2 bath and basement. The main floor store and rear apartment have central air, front apartment has window air units. There are 4 electric meters, 3 gas bills and 1 water bill so tenants pay individual gas and electric. Both apartments have long term tenants (month to month) so rents could be higher (currently $790 and $750). The store was paying $1,675 per month before closing due to health reasons. There are 3 gas furnaces and 3 water heaters. Here's a bit of history: A firm named Letts and Williams took it over in the late 1800's and then by the Folkers family who operated the hotel for years. In 1901 the Northwest Telephone Co opened up on the 2nd floor where Sadie Damman Widup was the original "hello Girl' known today as an operator. The building became Ida's Confectionary and Restaurant in 1920. So much history here. Note: all exterior building and architectural changes must be proposed to and approved by Frankfort Historical Preservation prior to making said changes. PROPERTY BEING SOLD AS-IS. Phenomenal location across from the Chamber of Commerce near plenty of public parking including multiple downtown Frankfort public parking lots. Note: Cap Rate includes real estate taxes