9-Unit Apartment
For Sale
$1,600,000
304 Hankes Avenue, Aurora, IL 60505
The property combines a six-to-three mix of two- and one-bedroom apartments with on-site laundry and private basement storage.
Property Size6,532 SF
Price / SF$244.95
Days on Market275
Property Features for 304 Hankes Avenue
General Information
Standard status
Active
Size
6,532 SF
Property subtype
Commercial
Zoning
MULTI
Occupancy
100%
Site & Location
Neighborhood
Pigeon Hill Neighbors (Phn)
Units
Unit Mix
6 x 2BR, 3 x 1BR
Multifamily Units
9
Parking per Unit
2
Additional Details
Tenant in Place
Yes
Taxes and HOA fees
Annual Taxes
$12,600
Amenities
coin-operated laundry
private basement storage
Building Details
Building Size
6,532 SF
Year Built
1931
Stories
3
Units
9
Listing Agency:
Sohum Realty, Inc.
Listed By:
Venkat Chatakondu
(847) 238-2077
Source:
Crossdavidson
Added: Jan 22
Changed: Oct 23
Last Checked: Oct 23 at 3:32PM
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.
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Investment Insights
Based on property information with market context.
At 304 Hankes Avenue, this 6,532-square-foot apartment building contains nine units: six two-bedroom apartments and three one-bedroom apartments. Most units have updated fixtures, electrical circuits and breakers, newer windows, and split ductless heating and air conditioning with backup electric heat. Interior finishes include hardwood beneath luxury vinyl plank flooring and oak kitchen cabinets. The building was constructed in 1931 and has a newer roof.
Each apartment is assigned two parking spaces. Coin-operated laundry and rentable private basement storage provide additional building amenities. The property is fully occupied, and zoning is MULTI.
Each apartment is assigned two parking spaces. Coin-operated laundry and rentable private basement storage provide additional building amenities. The property is fully occupied, and zoning is MULTI.
Key Highlights
- Nine apartments: six two‑bedroom units and three one‑bedroom units
- 6,532‑square‑foot building constructed in 1931
- Most units feature updated fixtures, electrical circuits and breakers, and newer windows
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$56,227
Cap Rate
3.51%
Suggested Prices Based on Cap Rates
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
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 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.
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Lease Details
9
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
325
Businesses Nearby
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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
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Market
Vacancy Rate% for Multifamily in Midwest region
Frequently Asked Questions
What type of property is this?
Apartment building - The property combines a six-to-three mix of two- and one-bedroom apartments with on-site laundry and private 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: Nine apartments: six two‑bedroom units and three one‑bedroom units; 6,532‑square‑foot building constructed in 1931; Most units feature updated fixtures, electrical circuits and breakers, and newer windows
