$ 1,150,000
1020 W Hillcrest Drive Dekalb, IL 60115
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$ 1,150,000
Est. payment /mo
Price Dropped by $150K
1020 W Hillcrest Drive Dekalb, IL 60115
14,700 SqFt
UPDATED:
09/28/2024 05:07 AM
Key Details
Property Type Commercial
Sub Type Multi Family 5+
Listing Status Active
Purchase Type For Sale
Square Footage 14,700 sqft
Price per Sqft $78
MLS Listing ID 12126028
Year Built 1969
Annual Tax Amount $18,958
Tax Year 2023
Lot Size 0.650 Acres
Lot Dimensions 60X16X149X59X148X146X86
Property Description
Presenting an exceptional opportunity to acquire fully leased "Greek Life Flagship Fraternity House," a 30-room housing investment within 1 mile to Northern Illinois University in DeKalb, IL (NIU - the largest local industry and employer). Located in the heart of famous Greek Row this flagship roaming house boasts an impressive 8 CAP. Additional 3 buildings with 20-80 rooms are available to make the new owner a high value player in this local, desirable, fraternity housing space. Positioned 65 miles west of Chicago and 38 miles southwest of Naperville, this asset features one well-maintained cinder block/brick building with a total of 30 rooms, 3 full baths, commercial kitchen, and various communal areas including meeting, study, dining, conference, TV, workout, and recreation rooms. The building, with total land of approx. 0.65 acres and approx. 14,700 total sf., offers great outdoor area with spacious deck and 22 parking spaces. This building, in the most desirable pocket of Greek Row, is fully occupied with long-term tenants (same tenant for the last 10 years with a new 6 year lease in place). It benefits from excellent public transportation and security, and is uniquely laid out to attract the Greek Life fraternity and sorority community. Under the same ownership for the past 10 years, with minimal involvement of the owners as the building comes with professional management in place! Sit back and collect rent on this passive investment! Recent upgrades include newer boiler, fire panels, and sprinkler systems. The property is 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 this property. With long term tenants in place, this is an outstanding, investment in one of the Midwest's most popular student housing markets. The "Greek Life Fraternity Flagship House" 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 asset 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 Block
© 2024 Listings courtesy of MRED as distributed by MLS GRID. All Rights Reserved.
Listed by Iwona Filipiak • Berkshire Hathaway HomeServices Chicago