5-Unit Apartment
For Sale
$529,900
15909 Nelson Rd, Woodstock, IL 60098
Historic converted property with five rental residences, separate utilities for most units, and a vacant owner-use apartment.
Property Size4,500 SF
Price / SF$117.76
Days on Market8
Property Features for 15909 Nelson Rd
General Information
Standard status
Active
Size
4,500 SF
Property subtype
Commercial
Additional Details
Multifamily Units
5
Building Details
Year Built
1900
Listing Agency:
Berkshire Hathaway HomeServices Starck Real Estate
(815) 338-7111
Listed By:
Christopher Bartnick (815) 338-7111 · License #475093093
Source:
Searchillinoishomesforsale
Added: Aug 23
Changed: Aug 29
Last Checked: Aug 29 at 11:10PM
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 Berkshire Hathaway HomeServices Starck Real Estate
Investment Insights
Based on property information with market context.
Originally built in 1900, this converted Hartland Village Post Office contains five rental units within a 4,500-square-foot building. Three apartments are arranged on the main level, while two occupy the second floor, including a two-bedroom residence. The fifth unit includes two bedrooms, two bathrooms, vaulted ceilings, a two-story fireplace, partial radiant-heated flooring, a deck, gazebo, patio, and attached two-car garage. Most apartments have separate utilities.
The property is located at 15909 Nelson Rd in Woodstock, Illinois. Four units are currently leased, while the former owners’ residence is vacant and may accommodate an owner occupant. A new septic system is being installed, and the roof over the second floor is new.
The property is located at 15909 Nelson Rd in Woodstock, Illinois. Four units are currently leased, while the former owners’ residence is vacant and may accommodate an owner occupant. A new septic system is being installed, and the roof over the second floor is new.
Key Highlights
- Five‑unit rental property in a building originally constructed in 1900
- 4,500‑square‑foot building with 3 units on the main floor and 2 on the second floor
- Four units are leased; the former owners’ unit is vacant
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
$39,577
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
7.47%
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%
$791,540
$791.5K
Cap Rate 7%
$565,386
$565.4K
Cap Rate 9%
$439,744
$439.7K
Market Conditions
NOI Build-Up for 4,500 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
$78.3K $17.40/SF
− Vacancy
−$6.3K −$1.41/SF
EGI
$72.0K $15.99/SF
− OpEx
−$32.4K −$7.20/SF
NOI
$39.6K $8.79/SF
Area
McHenry County, IL
Vacancy
8.10%
Lease Rate
$17.40 /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%
$791,540
Cap Rate 7%
$565,386
Cap Rate 9%
$439,744
Alternative Uses
Best Use
Apartment 5plus
$565.4K
$494.7K – $659.6K
NOI $39,577 @ 7.0% cap · market cap 7.47%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.55M
$1.36M – $1.81M
NOI $108,755 @ 7.0% cap · market cap 20.52%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
5
Residential units
Location Intelligence
Trade Area within ½ mile
19
Businesses Nearby
Explore this area
Business Placement
Demographics for 60098, IL
33,153
Population
13,310
Households
2.5
Avg Household Size
40
Median Age
33%
College-Educated
91%
High-School Grad
104.8 sq mi
ZIP Area
316
Density / Sq Mi
$92,749
Median Household Income
$42,799
Median Earnings
$1,178
Median Rent
$257,900
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 - Historic converted property with five rental residences, separate utilities for most units, and a vacant owner-use apartment.
Where is this apartment building located?
The property is located at 15909 Nelson Rd Woodstock, IL.
What is the asking price?
The asking price for this property is $529,900.
What are key features of this property?
This property features: Five‑unit rental property in a building originally constructed in 1900; 4,500‑square‑foot building with 3 units on the main floor and 2 on the second floor; Four units are leased; the former owners’ unit is vacant
