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    1583-1585 Sheffield Drive Elgin, IL 60123

    View on Map
    For Sale
    Under Contract
    $489,900

    MULTI_FAMILY - Colonial - Elgin, IL

    Added:
    Mar 18, 2026
    Days on Market:
    15
    Last Refresh:
    Apr 1 at 2:06 am

    Property Features for 1583-1585 Sheffield Drive

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Other
    Zoning
    MULTI
    Bedrooms
    6
    Bathrooms
    4
    Rooms
    Bathroom 2, Bathroom 3, Game Room, Bedroom 6, Bathroom 1, Bedroom 4, Bathroom 4, Laundry Room, Bedroom 5, Bedroom 2, Bedroom 1, Bedroom 3, Basement, Utility Room
    Parking
    2
    Parking features
    Open, Garage
    Window features
    Screens
    Patio and Porch features
    Deck
    Basement
    Full, Finished
    Standard status
    Active Under Contract
    APN
    0603303013

    Taxes and HOA fees

    TaxYear
    2024
    TaxAnnualAmount
    7760

    Utilities

    Utilities
    Cable Available
    Sewer type
    Public Sewer
    Heating system
    Natural Gas
    Water source
    Public

    Building Details

    Year built
    1977
    Building materials
    Aluminum Siding
    Roof type
    Asphalt
    Architectural style
    Colonial

    We can help!

    Listing Contact
    Kim Alden

    Listing agent Kim Alden License #475122036

    Listing office Compass 760 W Main St Ste 110, IL

    Listing date Mar 18, 2026

    MLS# 12595218

    Copyright © 2026 Midwest Real Estate Data, LLC. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    Overview

    Spacious Elgin Duplex Near Park

    This spacious side-by-side duplex features three bedrooms, one full bathroom, and one half bathroom on each side, along with finished basements. The property offers the opportunity to live in one unit and rent out the other. One side, numbered 1585, has been completely updated with stainless steel appliances, custom light fixtures, and a deck, and is in move-in ready condition. The other unit, numbered 1583, has been used as a rental and requires some updating. All mechanical systems have been well maintained and replaced within the last four years. The property is located next to a park and includes a spacious backyard. Its location offers convenient access to shopping, the Metra, and the highway, making it suitable for commuters. Duplexes of this kind are infrequent on the market, presenting a unique opportunity to own a large side-by-side property.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Duplexes

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Gym & Fitness Center Building Supply Auto Repair Shop

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Elgin
    County
    Cook
    State
    Illinois
    Longitude
    -88.317223
    Latitude
    42.064862

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    FAQs

    What type of property is this?
    Duplex - Large side-by-side duplex with updated unit and rental potential.
    Where is this duplex located?
    The property is located at 1583-1585 Sheffield Drive Elgin, IL.
    What is the asking price?
    The asking price for this property is $489,900.
    What are key features of this property?
    This property features: Live in the updated side (1585) featuring stainless appliances, custom light fixtures, and a deck, while renting out the other side (1583).; Each side offers 3 bedrooms, 1.1 baths, and finished basements.; All mechanical systems have been replaced in the last 4 years.
    (847) 306-6158
    We can help!
    Listing Contact
    Kim Alden
    Real Estate License ID: 475122036
    Learn More
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
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