Brick 6-Unit Apartment
120-122 North Spring Street Elgin, IL 60120
120-122 North Spring Street, Elgin, IL, 60120
$594,000
For Sale
$594,000
Well-maintained brick building with six one-bedroom, one-bath units, including several updated interiors and newer windows.
Property Size2,679 SF
Price / SF$221.72
Days on Market132
Property Features for 120-122 North Spring Street
General Information
- Standard status
- Active
- Size
- 2,679 SF
- Property subtype
- Multi Family 5+ / Multi Family 5+-Other
Building Details
- Year Built
- 1920
Listing agency
Suburban Life Realty, Ltd
(847) 309-6939
Listed by
Matthew Lysien · License #471003181
(847) 309-6939
Source
Compass
Added: Mar 14 Updated: Jul 22 at 5:39PM Checked: Jul 22 at 5:39PM
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 Suburban Life Realty, Ltd
Investment Insights
Based on property information with market context.
This brick 6-unit apartment building offers six spacious one-bedroom, one-bath units. Several units have been updated, and the property has exterior improvements including completed porch work and tuckpointing within the last several years, along with newer windows throughout most of the building.
The building is located in downtown Elgin and is directly across from the police station. It is also described as being just steps from City Hall, the library, The Centre of Elgin, The Hemmens Auditorium, and nearby bus and train stations.
The property includes a total of six residential units configured as one-bedroom, one-bath apartments, with recent exterior and partial interior updates already in place.
The building is located in downtown Elgin and is directly across from the police station. It is also described as being just steps from City Hall, the library, The Centre of Elgin, The Hemmens Auditorium, and nearby bus and train stations.
The property includes a total of six residential units configured as one-bedroom, one-bath apartments, with recent exterior and partial interior updates already in place.
Key Highlights
- Brick 6‑unit building built in 1920
- Six spacious 1‑bedroom, 1‑bath units
- Several units have updated interiors
Local Financial Insights For Apartment 5plus
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $60.8k | $22.68 |
| − Vacancy | −$4.3k | −$1.59 |
| EGI | $56.5k | $21.09 |
| − OpEx | −$25.4k | −$9.49 |
| NOI | $31.1k | $11.60 |
2,679 SF · lease $22.68/SF/yr · vacancy 7.00% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$444.0K
$388.5K – $518.0K
NOI $31,079 @ 7.0% cap · market cap 5.23%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$924.9K
$809.3K – $1.08M
NOI $64,746 @ 7.0% cap · market cap 10.90%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
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FAQs
What type of property is this?
Apartment building - Well-maintained brick building with six one-bedroom, one-bath units, including several updated interiors and newer windows.
Where is this apartment building located?
The property is located at 120-122 North Spring Street Elgin, IL.
What is the asking price?
The asking price for this property is $594,000.
What are key features of this property?
This property features: Brick 6‑unit building built in 1920; Six spacious 1‑bedroom, 1‑bath units; Several units have updated interiors
