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    304 Hankes Ave Aurora, IL 60505

    View on Map
    Sponsored
    For Sale
    Under Contract
    $1,799,900

    MULTI_FAMILY - Aurora, IL

    Lot size:
    0.33 Acres
    Days on Market:
    7
    Last Refresh:
    Mar 9 at 4:06 pm

    Property Features for 304 Hankes Ave

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Other
    Standard status
    Active Under Contract
    Zoning
    MULTI
    Rooms
    Bedroom 14, Bathroom 9, Bedroom 13, Bedroom 15, Bathroom 14, Bathroom 4, Bathroom 11, Bedroom 10, Bedroom 8, Bedroom 4, Bathroom 1, Bathroom 2, Bedroom 7, Bathroom 12, Bedroom 11, Bedroom 2, Bathroom 3, Bedroom 12, Bathroom 10, Bathroom 5, Bedroom 6, Bathroom 6, Bathroom 7, Bedroom 3, Bedroom 5, Bedroom 1, Bathroom 8, Bedroom 9, Bathroom 13
    Bedrooms
    15
    APN
    1515276009
    Basement
    Storage Space
    Lot size
    0.33 Acres

    Utilities

    Cooling system
    Exhaust Fan (Cooling), Heat Pump

    Building Details

    Year built
    1931
    Floors in Building
    3
    Number of units
    9
    Building materials
    Wood, Frame
    Roof type
    Composition

    We can help!

    Listing Contact
    Venkat Chatakondu
    Venkat Chatakondu

    Sohum Realty Inc (847) 454-7739

    Listing agent Venkat Chatakondu (630) 446-0346

    Listing date Mar 2, 2026

    MLS# 12552481 Listing URL

    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.

    Learn more

    Property Insight Report

    Overview

    Turnkey Multifamily Investment Property

    Located in Aurora's desirable Pigeon Hill neighborhood, 304 Hankes Ave is a turnkey 9-unit multifamily investment property. The building features a strong unit mix of six spacious 2-bedroom units and three comfortable 1-bedroom units. There is no association and utility costs are low. Most units have been renovated with new fixtures, upgraded electrical circuits and breakers, newer windows, and modern split ductless heat and A/C systems with backup electric heating. Apartments feature hardwood floors covered with durable luxury vinyl plank flooring and oak kitchen cabinetry. Each unit includes two designated parking spaces. The 0.33-acre property benefits from additional revenue through coin-operated laundry and rentable private basement storage units. Recent capital improvements include a newer roof. The fully occupied building offers excellent cash flow and a solid return for both new and seasoned investors.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Make The Way Ministries Church

    Suggested Use

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

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

    Location Insight

    • Map
    • Local Demand
    City
    Aurora
    County
    Kane
    State
    Illinois
    Longitude
    -88.304185
    Latitude
    41.776407

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    FAQs

    What type of property is this?
    Apartment building - Well-maintained 9-unit multifamily property in Aurora's Pigeon Hill neighborhood.
    Where is this apartment building located?
    The property is located at 304 Hankes Ave Aurora, IL.
    What is the asking price?
    The asking price for this property is $1,799,900.
    What are key features of this property?
    This property features: - Turnkey 9-unit multifamily investment property in Aurora's desirable Pigeon Hill neighborhood.; - Strong unit mix: six 2-bedroom units and three 1-bedroom units.; - Most units renovated with new fixtures, upgraded electrical, newer windows, and modern split ductless heat/AC.
    (630) 446-0346
    Request Owner's contact information
    304 Hankes Ave Aurora, IL 60505
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    Aurora, IL 60505
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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
    304 Hankes Ave Aurora, IL 60505
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    We can help!
    Listing Contact
    Venkat Chatakondu
    Venkat Chatakondu
    (630) 446-0346 (847) 454-7739
    Learn more
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