Remodeled 6-Unit Apartment
For Sale
$550,000
168 Lincoln Avenue, Aurora, IL 60505
Remodeled 6-unit building with a new roof and updated units, fully leased except two units for showing.
Property Size3,800 SF
Price / SF$144.74
Days on Market113
Property Features for 168 Lincoln Avenue
General Information
Standard status
Active
Size
3,800 SF
Property subtype
General Commercial
Occupancy
67%
Additional Details
Multifamily Units
6
Taxes and HOA fees
Annual Taxes
$8,231
Amenities
3
Building Details
Year Built
1900
Tenancy
Multi
Listing Agency:
Suburban Life Realty, Ltd
(847) 309-6939
Listed By:
Matthew Lysien · License #471003181
(847) 309-6939
Source:
Xome
Added: Apr 18
Changed: Aug 7
Last Checked: Aug 8 at 3:43AM
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 remodeled 6-unit apartment building offers updated units and a recently installed roof (new roof completed in 10/2025). The exterior and entryway have been freshly painted. The property is fully leased aside from two units currently available for showing purposes, with Units 2 and 6 targeted for the initial visit; all units will be available to show during the due diligence period. Tenants pay all utilities.
The building includes a three-car garage and additional parking in the back for each unit, along with a newly completed off-street asphalt parking lot.
Situated near downtown Aurora destinations, the property is described as within walking distance to stores and restaurants, Paramount Theatre, Hollywood Casino, and nearby parks and trails.
The building includes a three-car garage and additional parking in the back for each unit, along with a newly completed off-street asphalt parking lot.
Situated near downtown Aurora destinations, the property is described as within walking distance to stores and restaurants, Paramount Theatre, Hollywood Casino, and nearby parks and trails.
Key Highlights
- Remodeled 6‑unit multi‑family building with updated units and Year Built listed as 1900
- New roof installed 10/2025
- Property is fully leased, with two units available for showings (Units 2 and 6 shown on initial visit; all units during due diligence)
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
$32,710
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
5.95%
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%
$654,200
$654.2K
Cap Rate 7%
$467,286
$467.3K
Cap Rate 9%
$363,444
$363.4K
Market Conditions
NOI Build-Up for 3,800 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
$62.5K $16.44/SF
− Vacancy
−$3.0K −$0.79/SF
EGI
$59.5K $15.65/SF
− OpEx
−$26.8K −$7.04/SF
NOI
$32.7K $8.61/SF
Area
Aurora, IL
Vacancy
4.80%
Lease Rate
$16.44 /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%
$654,200
Cap Rate 7%
$467,286
Cap Rate 9%
$363,444
Alternative Uses
Best Use
Apartment 5plus
$467.3K
$408.9K – $545.2K
NOI $32,710 @ 7.0% cap · market cap 5.95%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.09M
$951.9K – $1.27M
NOI $76,152 @ 7.0% cap · market cap 13.85%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
6
Residential units
66.7%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,541
Businesses Nearby
Explore this area
Business Placement
Demographics for 60505, IL
57,906
Population
18,681
Households
3.1
Avg Household Size
32
Median Age
13%
College-Educated
64%
High-School Grad
10.1 sq mi
ZIP Area
5,733
Density / Sq Mi
$70,306
Median Household Income
$33,912
Median Earnings
$1,230
Median Rent
$192,500
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 - Remodeled 6-unit building with a new roof and updated units, fully leased except two units for showing.
Where is this apartment building located?
The property is located at 168 Lincoln Avenue Aurora, IL.
What is the asking price?
The asking price for this property is $550,000.
What are key features of this property?
This property features: Remodeled 6‑unit multi‑family building with updated units and Year Built listed as 1900; New roof installed 10/2025; Property is fully leased, with two units available for showings (Units 2 and 6 shown on initial visit; all units during due diligence)
