Duplex with Updated
1501 Hovey Avenue, Normal, IL 61761
For Sale
New
$219,000
Pending
Each residence has two bedrooms, one bathroom, tiled baths, and vinyl windows.
Property Size1,900 SF
Days on Market3
Property Features for 1501 Hovey Avenue
General Information
Standard status
Size
Property subtype
Zoning
Additional Details
Multifamily Units
Taxes and HOA fees
Annual Taxes
Building Details
Building Size
Year Built
Listing Agency:
RE/MAX Choice
Listed By:
Cindy Eckols · License IL #475130274
(309) 664-8552
Source:
Kalelrealty
Added: Nov 11
Changed: Nov 12
Last Checked: Nov 13 at 6:16PM
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 RE/MAX Choice
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Investment Insights
Based on property information with market context.
This duplex contains two-bedroom, one-bathroom residences with tiled bathrooms and updated vinyl windows. The building dates to 1972 and has a newer roof. Tenants pay their own utilities.
A large parking area serves the property, and an outdoor grilling area is also available. The duplex is at 1501 Hovey Avenue in Normal, Illinois; the neighboring address, 1503 Hovey Avenue, may be sold together with it.
A large parking area serves the property, and an outdoor grilling area is also available. The duplex is at 1501 Hovey Avenue in Normal, Illinois; the neighboring address, 1503 Hovey Avenue, may be sold together with it.
Key Highlights
- Two‑bedroom, one‑bathroom units
- Updated vinyl windows and tiled bathrooms
- Newer roof
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$13,230
Cap Rate
6.04%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$264,600
$264.6K
Cap Rate 7%
$189,000
$189.0K
Cap Rate 9%
$147,000
$147.0K
Market Conditions
NOI Build-Up for 1,900 SF
Gross rent
$19.6K $10.32/SF
− Vacancy
−$708 −$0.37/SF
EGI
$18.9K $9.95/SF
− OpEx
−$5.7K −$2.98/SF
NOI
$13.2K $6.96/SF
Area
McLean County, IL
Vacancy
3.61%
Lease Rate
$10.32 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$264,600
Cap Rate 7%
$189,000
Cap Rate 9%
$147,000
Alternative Uses
Best Use
Multifamily LT 5
$189.0K
$165.4K – $220.5K
NOI $13,230 @ 7.0% cap · market cap 6.04%
Second Best
Apartment 5plus
$165.4K
$144.8K – $193.0K
NOI $11,581 @ 7.0% cap · market cap 5.29%
Theoretical Best
Office A
$396.1K
$346.6K – $462.1K
NOI $27,725 @ 7.0% cap · market cap 12.66%
Zoning and permitted uses should be independently verified with authorities.
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Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
231
Businesses Nearby
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Business Placement
Demographics for 61761, IL
53,045
Population
22,037
Households
2.4
Avg Household Size
28
Median Age
52%
College-Educated
98%
High-School Grad
42.6 sq mi
ZIP Area
1,245
Density / Sq Mi
$66,642
Median Household Income
$28,606
Median Earnings
$976
Median Rent
$200,900
Median Home Value
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Market
Vacancy Rate% for Multifamily in Midwest region
Frequently Asked Questions
What type of property is this?
Duplex - Each residence has two bedrooms, one bathroom, tiled baths, and vinyl windows.
Where is this duplex located?
The property is located at 1501 Hovey Avenue Normal, IL.
What is the asking price?
The asking price for this property is $219,000.
What are key features of this property?
This property features: Two‑bedroom, one‑bathroom units; Updated vinyl windows and tiled bathrooms; Newer roof
