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$ 966,784
Est. payment /mo
Active
928 W Hillcrest Drive Dekalb, IL 60115
15,106 SqFt
UPDATED:
08/23/2024 02:40 PM
Key Details
Property Type Commercial
Sub Type Multi Family 5+
Listing Status Active
Purchase Type For Sale
Square Footage 15,106 sqft
Price per Sqft $64
MLS Listing ID 12086738
Year Built 1969
Annual Tax Amount $47,574
Tax Year 2023
Lot Size 0.760 Acres
Lot Dimensions 33146SF
Property Description
Presenting an exceptional opportunity to acquire the 100% leased "DeKalb, IL Fraternity / Student Housing Portfolio," an 80-room housing investment within 1 mile to Northern Illinois University (NIU - the largest local industry and employer). Located in the heart of famous Greek Row this portfolio boasts an impressive 9% CAP rate with significant room for expansion by an additional 30 rooms. Positioned 65 miles west of Chicago and 38 miles southwest of Naperville, this asset features three well-maintained cinder block/brick buildings with a total of 80 rooms, 8 full baths, 4 half baths, commercial kitchens, and various communal areas including study, dining, conference, TV, workout, and recreation rooms. The buildings, with total land of approx. 1.62 acres and approx. 37,576 total sf., are within a one-minute walk from each other, offer great outdoor area and 80 parking spaces. This portfolio, in the most desirable pocket of Greek Row, is fully occupied with long-term tenants. It benefits from excellent public transportation and security, and is uniquely laid out to attract the Greek Life fraternity and sorority community. The self-managed properties, under the same ownership for the past 18 years, are ready for new management with a local company on standby. Recent upgrades include newer roofs, windows, most mechanicals, fire panels, and sprinkler systems. The properties are annually inspected and approved for occupancy. With light to moderate interior and amenity upgrades, there is a clear potential to boost rents and further enhance value. The strategic location offers high visibility and easy access, positioned across from an approved by City Council est. $16M new "Greek Life Center", slated for completion in 2028. This will further enhance the desirability of these properties. New 2024-27 leases project a 13% CAP rate, making this an outstanding investment in one of the Midwest's most popular student housing markets. The "DeKalb, IL Fraternity / Student Housing Portfolio" not only offers immediate returns but also a promising future with some potential value-add opportunities. Inquire with the listing broker for a copy of the offering memorandum. Don't miss this chance to invest in a high-performing, strategically located portfolio that anchors the historic and thriving Greek Life community at NIU.
Location
State IL
County Dekalb
Zoning MULTI
Interior
Cooling Window Unit(s)
Fireplaces Number 1
Fireplace Y
Exterior
Utilities Available Water-Municipal, Cable Available
View Y/N true
Roof Type Composition
Building
Foundation Concrete Perimeter
Structure Type Brick,Block
© 2024 Listings courtesy of MRED as distributed by MLS GRID. All Rights Reserved.
Listed by Iwona Filipiak • Berkshire Hathaway HomeServices Chicago