Turnkey 9-Unit
304 Hankes Avenue Aurora, IL 60505
For Sale
$1,799,900
Turnkey, fully occupied nine-unit multifamily with renovated units, coin laundry, and rentable basement storage.
Property Size6,532 SF
Price / SF$275.55
Days on Market225
Property Features for 304 Hankes Avenue
General Information
Standard status
Active
Size
6,532 SF
Property subtype
General Commercial
Building Details
Year Built
1931
Listing Agency:
Sohum Realty, Inc.
(630) 446-0346
Listed By:
Venkat Chatakondu
(630) 446-0346
Source:
Xome
Added: Dec 15, 2025
Changed: Jul 22
Last Checked: Jul 27 at 2:45AM
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.
304 Hankes Avenue presents a well-maintained, professionally landscaped, turnkey nine-unit multifamily property with a unit mix of six two-bedroom units and three one-bedroom units. The building’s apartments have been renovated with new fixtures, upgraded electrical circuits and breakers, newer windows, and modern split ductless heat and A/C systems with backup electric heating. Flooring includes hardwood covered with durable luxury vinyl plank, and kitchens feature oak cabinetry.
The property includes two designated parking spaces per unit. Additional on-site income comes from coin-operated laundry and rentable private basement storage units. Recent capital improvements include a newer roof. The building is fully occupied.
The property includes two designated parking spaces per unit. Additional on-site income comes from coin-operated laundry and rentable private basement storage units. Recent capital improvements include a newer roof. The building is fully occupied.
Key Highlights
- Fully occupied 9‑unit multifamily in Aurora’s Pigeon Hill neighborhood with 6 two‑bedroom units and 3 one‑bedroom units
- Renovations include upgraded electrical circuits and breakers, newer windows, and modern split ductless heat and A/C with backup electric heating
- Each unit features hardwood floors plus luxury vinyl plank flooring and oak kitchen cabinetry
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 | $107.4k | $16.44 |
| − Vacancy | −$5.2k | −$0.79 |
| EGI | $102.2k | $15.65 |
| − OpEx | −$46.0k | −$7.04 |
| NOI | $56.2k | $8.61 |
6,532 SF · lease $16.44/SF/yr · vacancy 4.80% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$803.2K
$702.8K – $937.1K
NOI $56,227 @ 7.0% cap · market cap 3.12%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.87M
$1.64M – $2.18M
NOI $130,901 @ 7.0% cap · market cap 7.27%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Location Intelligence
Current Use
Frequently Asked Questions
What type of property is this?
Apartment building - Turnkey, fully occupied nine-unit multifamily with renovated units, coin laundry, and rentable 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 $1,799,900.
What are key features of this property?
This property features: Fully occupied 9‑unit multifamily in Aurora’s Pigeon Hill neighborhood with 6 two‑bedroom units and 3 one‑bedroom units; Renovations include upgraded electrical circuits and breakers, newer windows, and modern split ductless heat and A/C with backup electric heating; Each unit features hardwood floors plus luxury vinyl plank flooring and oak kitchen cabinetry
