Apartment Portfolio with Townhouse
For Sale
Contact for pricing
1121 W Hillcrest Drive, Dekalb, IL 60115
Two DeKalb properties combine townhouse units with student- and sorority-oriented housing formats.
Property Size25,917 SF
Price / SF$130.22
Days on Market10
Property Features for 1121 W Hillcrest Drive
General Information
Standard status
Active
Size
25,917 SF
Total Parking Spaces
68
Property subtype
Multifamily
Net Operating Income
$196,345
Additional Details
Asking Price
$3,375,000
Building Details
Buildings
2
Units
10
Tenancy
Multi
Listing Agency:
RVG Commercial Real Estate
Listed By:
Sam Patterson · License #IL 475154735
Source:
Crexi
Added: Aug 11
Changed: Aug 15
Last Checked: Aug 18 at 11:41PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of RVG Commercial Real Estate
Investment Insights
Based on property information with market context.
This apartment portfolio includes 10 townhouse units alongside a larger housing property oriented toward student and sorority occupancy. The combined reported property size is 25,917 square feet, with the assets offered together as one sale rather than as separate properties.
The properties are located at 1121 W. Hillcrest Drive and 1115 N. Annie Glidden Road in DeKalb, Illinois. Both assets serve the broader DeKalb student-housing market and provide two distinct residential operating formats within the portfolio.
The properties are located at 1121 W. Hillcrest Drive and 1115 N. Annie Glidden Road in DeKalb, Illinois. Both assets serve the broader DeKalb student-housing market and provide two distinct residential operating formats within the portfolio.
Key Highlights
- 10 townhouse units included in the portfolio
- Larger property oriented toward student and sorority housing
- Combined reported property size of 25,917 square feet
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$300,658
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
8.91%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$6,013,160
$6.0M
Cap Rate 7%
$4,295,114
$4.3M
Cap Rate 9%
$3,340,644
$3.3M
Market Conditions
NOI Build-Up for 25,917 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$587.8K $22.68/SF
− Vacancy
−$41.1K −$1.59/SF
EGI
$546.7K $21.09/SF
− OpEx
−$246.0K −$9.49/SF
NOI
$300.7K $11.60/SF
Area
DeKalb County, IL
Vacancy
7.00%
Lease Rate
$22.68 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$6,013,160
Cap Rate 7%
$4,295,114
Cap Rate 9%
$3,340,644
Alternative Uses
Best Use
Apartment 5plus
$4.30M
$3.76M – $5.01M
NOI $300,658 @ 7.0% cap · market cap 8.91%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$8.95M
$7.83M – $10.44M
NOI $626,357 @ 7.0% cap · market cap 18.56%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
370
Businesses Nearby
Explore this area
Business Placement
Demographics for 60115, IL
42,103
Population
18,175
Households
2.3
Avg Household Size
29
Median Age
36%
College-Educated
90%
High-School Grad
81.0 sq mi
ZIP Area
520
Density / Sq Mi
$46,808
Median Household Income
$22,838
Median Earnings
$1,018
Median Rent
$205,700
Median Home Value
Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - Two DeKalb properties combine townhouse units with student- and sorority-oriented housing formats.
Where is this apartment building located?
The property is located at 1121 W Hillcrest Drive Dekalb, IL.
What is the asking price?
The asking price for this property is $3,375,000.
What are key features of this property?
This property features: 10 townhouse units included in the portfolio; Larger property oriented toward student and sorority housing; Combined reported property size of 25,917 square feet
