1020 West Hillcrest Drive
$1,150,000
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3
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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...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.
- Listed by Iwona Filipiak • Berkshire Hathaway HomeServices Chicago
Property Details for 1020 West Hillcrest Drive
Area
De Kalb
TownshipDeKalb
Num of Interior Fireplaces1
ZoningMULTI
LISTING UPDATED: 09/28/2024 12:07 AM
Property Details for 1020 West Hillcrest Drive
Status | Active |
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MLS # | 12126028 |
Days on Market | 208 |
Taxes | $18,958 / year |
HOA Fees | - |
Condo/Co-op Fees | - |
Compass Type | Multi Family |
MLS Type | Multi Family 5+ / Rooming House/Sro |
Year Built | 1969 |
Lot Size | 0.65 AC / 28,314 SF |
County | DeKalb County |
Building Information for 1020 West Hillcrest Drive
Stories3Residences1Year Built1969Building Size-Lot Size0.65 AC / 28,314 SF
Property Information for 1020 West Hillcrest Drive
Property History for 1020 West Hillcrest Drive
Date | Event & Source | Price | Appreciation |
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Date | Event & Source | Price |
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For completeness, Compass often displays two records for one sale: the MLS record and the public record.
Public Records for 1020 West Hillcrest Drive
Taxable ValueLand$41,033Additions$157,294Total$198,327
Tax Record2023$18,958 ($1,580 / month)
Home Facts
StyleMiscellaneous CommercialCountyDEKALBAPN08-15-178-001
Schools near 1020 West Hillcrest Drive
This home is within Dekalb Community Unit School District 428.
Rating | School | Type | Grades | Distance |
---|---|---|---|---|
Public - | K to 5 | |||
Public - | 6 to 8 | |||
Public - | 9 to 12 |
Rating | School | Distance |
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Jefferson Elementary School PublicK to 5 | ||
Clinton Rosette Middle School Public6 to 8 | ||
De Kalb High School Public9 to 12 |
School ratings and boundaries are provided by GreatSchools.org and Pitney Bowes. This information should only be used as a reference. Proximity or boundaries shown here are not a guarantee of enrollment. Please reach out to schools directly to verify all information and enrollment eligibility.
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