23-Unit Multifamily Apartment
301 LARSON CT Hillsdale, IL 61257
For Sale
Contact for pricing
Larson Apartments offers 23 units across five buildings with on-site coin laundry and select patio or deck features.
Property Size14,370 SF
Price / SF$83.51
Days on Market35
Property Features for 301 LARSON CT
General Information
- Standard status
- Active
- Size
- 14,370 SF
- Property subtype
- Multifamily
Building Details
- Year Built
- 1978
Listing Agency:
Marcus & Millichap - Chicago Downtown
Listed By:
Yianni Mouflouzelis · License #IA S73371000
Source:
Crexi
Added: Jun 22
Changed: Jul 23
Last Checked: Jul 23 at 2:23PM
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
Investment Insights
Based on property information with market context.
Larson Apartments is a 23-unit multifamily property comprised of five residential buildings, with a mix of one-, two-, and three-bedroom units. The community includes both single- and two-story layouts, and several units feature private patios or decks. Recent capital improvements include metal roof replacements, a resurfaced blacktop parking lot, and select interior renovations, with some units already renovated and additional units offering potential for further upgrades.
The property includes an on-site coin-operated laundry facility with four washers and four dryers. Located at 301 Larson Ct in Hillsdale, Illinois, it sits within a quiet residential community in Rock Island County with convenient access to the Quad Cities metropolitan area.
From an operational standpoint, the property benefits from an ownership structure that has included informal on-site maintenance support from a long-term resident, providing operational flexibility for a new investor.
The property includes an on-site coin-operated laundry facility with four washers and four dryers. Located at 301 Larson Ct in Hillsdale, Illinois, it sits within a quiet residential community in Rock Island County with convenient access to the Quad Cities metropolitan area.
From an operational standpoint, the property benefits from an ownership structure that has included informal on-site maintenance support from a long-term resident, providing operational flexibility for a new investor.
Key Highlights
- 23‑unit multifamily property across five residential buildings at 301 Larson Ct, Hillsdale, IL 61257
- Year built 1978; features a mix of 1-, 2-, and 3‑bedroom units in single- and two‑story layouts
- Recent capital improvements include metal roof replacements and a resurfaced blacktop parking lot
Financial Insights For Apartment 5plus
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $172.4k | $12.00 |
| − Vacancy | −$11.7k | −$0.82 |
| EGI | $160.7k | $11.18 |
| − OpEx | −$72.3k | −$5.03 |
| NOI | $88.4k | $6.15 |
14,370 SF · lease $12.00/SF/yr · vacancy 6.80% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$1.26M
$1.10M – $1.47M
NOI $88,393 @ 7.0% cap · market cap 7.37%
Second Best
—
—
no second resolved use
Theoretical Best
Healthcare Medical
$2.45M
$2.14M – $2.86M
NOI $171,311 @ 7.0% cap · market cap 14.28%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Apartment buildings
FAQs
What type of property is this?
Apartment building - Larson Apartments offers 23 units across five buildings with on-site coin laundry and select patio or deck features.
Where is this apartment building located?
The property is located at 301 LARSON CT Hillsdale, IL.
What is the asking price?
The asking price for this property is $1,200,000.
What are key features of this property?
This property features: 23‑unit multifamily property across five residential buildings at 301 Larson Ct, Hillsdale, IL 61257; Year built 1978; features a mix of 1-, 2-, and 3‑bedroom units in single- and two‑story layouts; Recent capital improvements include metal roof replacements and a resurfaced blacktop parking lot
