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    501 College Ave DeKalb, IL 60115

    Sponsored
    For Sale
    $935,000

    Six & Three-Unit Buildings Near NIU

    Description

    Added:
    Feb 3, 2025
    Days on Market:
    340
    This exceptional investment opportunity presents two adjacent, well-maintained multi-unit buildings ideally situated near Northern Illinois University's campus in DeKalb, Illinois. The properties, sold together as a single parcel, offer a combined nine units providing immediate cash flow. 501 College Avenue is a six-unit building complete with laundry facilities and ample parking. Currently, five of the six units are occupied by long-term tenants, with one unit soon to become available. The adjacent 3-unit building at 503 College Avenue has recently undergone a complete rehabilitation, also featuring laundry facilities and parking. All units are currently occupied. Tenants are responsible for all utilities, while landscaping and snow removal are handled by the owner. This turnkey operation benefits from the services of a local property management company, minimizing owner involvement. The strong rental history and prime location near NIU ensure consistent occupancy and a high return on investment. This is a rare opportunity to acquire a stable, income-producing portfolio in a desirable college town setting. An additional unit is also available for potential purchase, separate from this offering. The asking price for this combined nine-unit property is $935,000.

    Property Features for 501 College Ave

    General Information

    Property type
    Other commercial real estate

    Building Details

    Year Built
    1900
    Property Profile Location Intelligence

    Current Use by Public Records

    Commercial real estate

    Suggested Use

    Realty agency Law Firm Restaurant Spa & Massage Dental Office Hair Salon Nail Salon Clothing Store Building Supply Gym & Fitness

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

    Location Insight

    • Map
    • Local Demand
    City
    DeKalb
    County
    DeKalb
    State
    Illinois
    Longitude
    -88.75897
    Latitude
    41.93385

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    FAQs

    What type of property is this?
    Commercial real estate - Six & Three-Unit Buildings Near NIU
    Where is this commercial real estate located?
    The property is located at 501 College Ave DeKalb, IL.
    What is the asking price?
    The asking price for this property is $935,000.
    (815) 754-5050
    Request Owner's contact information
    501 College Ave DeKalb, IL 60115
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    Realmo Value Estimation

    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.

    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.

    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
    501 College Ave DeKalb, IL 60115
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