928 West Hillcrest Drive
$966,784
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3
2
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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...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.
- Listed by Iwona Filipiak • Berkshire Hathaway HomeServices Chicago
Property Details for 928 West Hillcrest Drive
Area
De Kalb
TownshipDeKalb
Num of Interior Fireplaces1
ZoningMULTI
LISTING UPDATED: 08/23/2024 09:40 AM
Property Details for 928 West Hillcrest Drive
Status | Active |
---|---|
MLS # | 12086738 |
Days on Market | 144 |
Taxes | $47,574 / year |
HOA Fees | - |
Condo/Co-op Fees | - |
Compass Type | Multi Family |
MLS Type | Multi Family 5+ / Rooming House/Sro |
Year Built | 1969 |
Lot Size | 0.76 AC / 33,146 SF |
County | DeKalb County |
Building Information for 928 West Hillcrest Drive
Stories3Residences1Year Built1969Building Size-Lot Size0.76 AC / 33,146 SF
Property Information for 928 West Hillcrest Drive
Property History for 928 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 928 West Hillcrest Drive
Taxable ValueLand$43,170Additions$147,572Total$190,742
Tax Record2023$18,233 ($1,519 / month)
Home Facts
StyleMiscellaneous CommercialCountyDEKALBAPN08-15-178-002
Schools near 928 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 |
---|---|---|
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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