910 W Hillcrest DR, Dekalb, IL 60115 – 12126281 - Michael Bempah

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Michael Bempah

The Bempah Group

mike@thebempahgroup.com +1(630) 206-9116

$ 842,880

Est. payment | -/mo

13,170 SqFt

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$ 842,880

Est. payment | -/mo

Save

13,170 SqFt

Key Details

Property Type Multi-Family

Sub Type Multi Family 5+

Listing Status Active

Purchase Type For Sale

Square Footage 13,170 sqft

Price per Sqft $64

MLS Listing ID 12126281

Maintenance Fees $12,993

Year Built 1969

Annual Tax Amount $47,574

Tax Year 2023

Lot Size 0.570 Acres

Lot Dimensions 25,143 SF

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

Area De Kalb

Zoning MULTI

Interior

Cooling Window Unit(s)

Fireplaces Number 1

Fireplace Y

Exterior

Utilities Available Water-Municipal, Cable Available

Roof Type Composition

Building

Dwelling Type Multi Family 5+

Level or Stories 2

Structure Type Brick,Block

Listed by Iwona Filipiak • Berkshire Hathaway HomeServices Chicago

GET MORE INFORMATION

Michael Bempah

Broker | License ID: 475.175881

mike@thebempahgroup.com

+1(630) 206-9116

50 S Main St, Naperville, IL, 60540, USA