9-Unit Multifamily
For Sale
$1,600,000
304 Hankes Avenue, Aurora, IL 60505
Most residences feature updated finishes, split-ductless HVAC, designated parking, and access to shared laundry and basement storage.
Property Size6,532 SF
Days on Market219
Property Features for 304 Hankes Avenue
General Information
Standard status
Active
Size
6,532 SF
Property subtype
Commercial
Zoning
MULTI
Occupancy
100%
Units
Unit Mix
6 x 2BR, 3 x 1BR
Multifamily Units
9
Parking per Unit
2
Taxes and HOA fees
Annual Taxes
$12,600
Amenities
coin-operated laundry
rentable private basement storage units
Building Details
Building Size
6,532 SF
Year Built
1931
Stories
3
Units
9
Listing Agency:
Sohum Realty, Inc.
(847) 238-2077
Listed By:
Venkat Chatakondu
(847) 238-2077
Source:
Ozmentrealestate
Added: Jan 22
Changed: Aug 28
Last Checked: Aug 24 at 10:58AM
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 Sohum Realty, Inc.
Investment Insights
Based on property information with market context.
Located at 304 Hankes Avenue in Aurora’s Pigeon Hill neighborhood, this 9-unit multifamily property was built in 1931 and is zoned MULTI. The unit mix includes six 2-bedroom apartments and three 1-bedroom apartments, with each residence assigned two parking spaces. The building is fully occupied and has no association.
Most apartments have received updates that include newer fixtures, upgraded electrical circuits and breakers, newer windows, and split-ductless heating and air conditioning with backup electric heat. Interior finishes include hardwood flooring beneath luxury vinyl plank and oak kitchen cabinetry. Additional property features include coin-operated laundry, rentable private basement storage units, and a newer roof.
Most apartments have received updates that include newer fixtures, upgraded electrical circuits and breakers, newer windows, and split-ductless heating and air conditioning with backup electric heat. Interior finishes include hardwood flooring beneath luxury vinyl plank and oak kitchen cabinetry. Additional property features include coin-operated laundry, rentable private basement storage units, and a newer roof.
Key Highlights
- 9‑unit building with six 2‑bedroom apartments and three 1‑bedroom apartments
- Each unit includes two designated parking spaces
- Fully occupied property with no association
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
$56,227
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
3.51%
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%
$1,124,540
$1.1M
Cap Rate 7%
$803,243
$803.2K
Cap Rate 9%
$624,744
$624.7K
Market Conditions
NOI Build-Up for 6,532 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
$107.4K $16.44/SF
− Vacancy
−$5.2K −$0.79/SF
EGI
$102.2K $15.65/SF
− OpEx
−$46.0K −$7.04/SF
NOI
$56.2K $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%
$1,124,540
Cap Rate 7%
$803,243
Cap Rate 9%
$624,744
Alternative Uses
Best Use
Apartment 5plus
$803.2K
$702.8K – $937.1K
NOI $56,227 @ 7.0% cap · market cap 3.51%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.87M
$1.64M – $2.18M
NOI $130,901 @ 7.0% cap · market cap 8.18%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
9
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
325
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 - Most residences feature updated finishes, split-ductless HVAC, designated parking, and access to shared laundry and basement storage.
Where is this apartment building located?
The property is located at 304 Hankes Avenue Aurora, IL.
What is the asking price?
The asking price for this property is $1,600,000.
What are key features of this property?
This property features: 9‑unit building with six 2‑bedroom apartments and three 1‑bedroom apartments; Each unit includes two designated parking spaces; Fully occupied property with no association
