Apartment Building with Private
231 E Fremont Ave, Elmhurst, IL 60126
For Sale
New
$7,250,000
On-site laundry, storage lockers, and balcony options add practical amenities for residents.
Property Size25,875 SF
Days on Market2
Property Features for 231 E Fremont Ave
General Information
Standard status
Size
Total Parking Spaces
Property subtype
Occupancy
Site & Location
Highway Access
Public Transit
Units
Unit Mix
Multifamily Units
Additional Details
Cap Rate
Tenant in Place
Amenities
coin-operated laundry
storage lockers
private patios and balconies
Located in Elmhurst Illinois
Value-Add Opportunity - Upside in Rent Through Continued Unit Renovations
Strong Unit Mix of Mostly One and Two-Bedroom Units
Flexicore Construction
Electric Baseboard Heat - Tenant-Heated
Recent Capital Improvements
Easy Access to Nearby Public Transportation and Major Roadways
Close Proximity to Various Attractions, Entertainment and Neighborhood Amenities
Building Details
Building Size
Year Built
Units
Construction
Listing Agency:
Marcus & Millichap - Chicago Downtown
Listed By:
Brett Rodgers · License #License(s): IL: 475.137849
(312) 624-7012
Source:
Marcusmillichap
Added: Nov 8
Last Checked: Nov 8 at 6:03PM
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 Marcus & Millichap - Chicago Downtown
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Investment Insights
Based on property information with market context.
Built in 1965, this multifamily property features flexicore construction. About half of the apartments have updated flooring, while roughly 30% have replacement kitchen cabinets. Walk-in closets are provided in the one-bedroom homes and the two-bedroom units with one-and-a-half baths; all apartments use electric baseboard heat. Shared amenities include coin-operated laundry, storage lockers, surface parking, and private patios or balconies.
The property is at 231 E Fremont Ave in Elmhurst, about 16 miles west of the Chicago Loop. The Elmhurst Metra station and downtown Elmhurst are nearby, with access to I-290, I-294, I-88, and North Avenue (IL-64). O’Hare International Airport is approximately 12 miles away, and Midway International Airport is approximately 22 miles away.
Capital work includes a roof installed approximately 12 years ago and concrete stairs, balconies, a water boiler, and storage tanks replaced approximately two years ago. Windows and sliding doors are newer.
The property is at 231 E Fremont Ave in Elmhurst, about 16 miles west of the Chicago Loop. The Elmhurst Metra station and downtown Elmhurst are nearby, with access to I-290, I-294, I-88, and North Avenue (IL-64). O’Hare International Airport is approximately 12 miles away, and Midway International Airport is approximately 22 miles away.
Capital work includes a roof installed approximately 12 years ago and concrete stairs, balconies, a water boiler, and storage tanks replaced approximately two years ago. Windows and sliding doors are newer.
Key Highlights
- Built in 1965 with flexicore construction
- Approximately 44 surface parking spaces, plus storage lockers and coin‑operated laundry
- Private patios and balconies
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$300,171
Cap Rate
4.14%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$6,003,420
$6.0M
Cap Rate 7%
$4,288,157
$4.3M
Cap Rate 9%
$3,335,233
$3.3M
Market Conditions
NOI Build-Up for 25,875 SF
Gross rent
$586.8K $22.68/SF
− Vacancy
−$41.1K −$1.59/SF
EGI
$545.8K $21.09/SF
− OpEx
−$245.6K −$9.49/SF
NOI
$300.2K $11.60/SF
Area
DuPage 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 Rate 5%
$6,003,420
Cap Rate 7%
$4,288,157
Cap Rate 9%
$3,335,233
Alternative Uses
Best Use
Apartment 5plus
$4.29M
$3.75M – $5.00M
NOI $300,171 @ 7.0% cap · market cap 4.14%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$7.06M
$6.17M – $8.23M
NOI $493,889 @ 7.0% cap · market cap 6.81%
Zoning and permitted uses should be independently verified with authorities.
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Lease Details
33
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,199
Businesses Nearby
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Business Placement
Demographics for 60126, IL
48,147
Population
18,687
Households
2.6
Avg Household Size
41
Median Age
62%
College-Educated
96%
High-School Grad
11.2 sq mi
ZIP Area
4,299
Density / Sq Mi
$143,333
Median Household Income
$76,258
Median Earnings
$1,890
Median Rent
$527,600
Median Home Value
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Market
Properties on Market for Apartment buildings in DuPage County
Vacancy Rate% for Multifamily in Midwest region
Frequently Asked Questions
What type of property is this?
Apartment building - On-site laundry, storage lockers, and balcony options add practical amenities for residents.
Where is this apartment building located?
The property is located at 231 E Fremont Ave Elmhurst, IL.
What is the asking price?
The asking price for this property is $7,250,000.
What are key features of this property?
This property features: Built in 1965 with flexicore construction; Approximately 44 surface parking spaces, plus storage lockers and coin‑operated laundry; Private patios and balconies
