Five-Unit Two-Story Apartment
For Sale
$589,000
227 N First Street, Geneva, IL 60134
Fully occupied property offering studio, one-bedroom, and two-bedroom residences with off-street parking.
Property Size4,536 SF
Days on Market13
Property Features for 227 N First Street
General Information
Standard status
Active
Size
4,536 SF
Property subtype
Commercial
Taxes and HOA fees
Annual Taxes
$10,952
Building Details
Building Size
4,536 SF
Year Built
1896
Stories
2
Units
5
Listing Agency:
Keller Williams Infinity
(630) 778-5800
Listed By:
Jerry Moody · License #475167144
(630) 778-5800
Source:
Cavanaghrealty
Added: Aug 18
Changed: Aug 29
Last Checked: Aug 22 at 5:12AM
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 Keller Williams Infinity
Investment Insights
Based on property information with market context.
This two-story apartment property contains five residences in a mix of studio, one-bedroom, and two-bedroom layouts. The 1896 frame building includes a front porch and off-street parking, and it is currently fully occupied. The property is being offered in its existing condition.
Located at the southeast corner of N First Street and Ford Street in Geneva, the building sits two blocks from downtown and one block from the River Path. A condominium development is next door, with a newer residential building at the northeast corner of the intersection. Property access is limited to a drive-by; the building is occupied.
Located at the southeast corner of N First Street and Ford Street in Geneva, the building sits two blocks from downtown and one block from the River Path. A condominium development is next door, with a newer residential building at the northeast corner of the intersection. Property access is limited to a drive-by; the building is occupied.
Key Highlights
- Five residences with studio, one‑bedroom, and two‑bedroom layouts
- Currently fully occupied
- Two‑story frame building constructed in 1896
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
$52,621
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
8.93%
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%
$1,052,420
$1.1M
Cap Rate 7%
$751,729
$751.7K
Cap Rate 9%
$584,678
$584.7K
Market Conditions
NOI Build-Up for 4,536 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
$102.9K $22.68/SF
− Vacancy
−$7.2K −$1.59/SF
EGI
$95.7K $21.09/SF
− OpEx
−$43.1K −$9.49/SF
NOI
$52.6K $11.60/SF
Area
Kane 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%
$1,052,420
Cap Rate 7%
$751,729
Cap Rate 9%
$584,678
Alternative Uses
Best Use
Apartment 5plus
$751.7K
$657.8K – $877.0K
NOI $52,621 @ 7.0% cap · market cap 8.93%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.57M
$1.37M – $1.83M
NOI $109,625 @ 7.0% cap · market cap 18.61%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,640
Businesses Nearby
Explore this area
Business Placement
Demographics for 60134, IL
30,503
Population
11,159
Households
2.7
Avg Household Size
42
Median Age
66%
College-Educated
97%
High-School Grad
14.6 sq mi
ZIP Area
2,089
Density / Sq Mi
$148,283
Median Household Income
$66,586
Median Earnings
$1,816
Median Rent
$427,300
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 - Fully occupied property offering studio, one-bedroom, and two-bedroom residences with off-street parking.
Where is this apartment building located?
The property is located at 227 N First Street Geneva, IL.
What is the asking price?
The asking price for this property is $589,000.
What are key features of this property?
This property features: Five residences with studio, one‑bedroom, and two‑bedroom layouts; Currently fully occupied; Two‑story frame building constructed in 1896
