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    Turnkey 9-Unit Apartment Building Title is generated by Realmo AI

    304 Hankes Avenue, Aurora, IL 60505

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    Claim this Listing
    For Sale
    $1,600,000

    MULTI_FAMILY - Aurora, IL

    Lot size:
    0.33 Acres
    Added:
    Jan 22, 2026
    Days on Market:
    134
    Last Refresh:
    Jun 5 at 5:06 pm

    Property Features for 304 Hankes Avenue

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Other
    Zoning
    MULTI
    Bedrooms
    15
    Bathrooms
    14
    Rooms
    Bedroom 6, Bedroom 12, Bathroom 7, Bathroom 9, Bedroom 11, Bathroom 5, Bedroom 14, Bathroom 12, Bedroom 4, Bedroom 15, Bedroom 13, Bedroom 8, Bathroom 8, Bathroom 6, Bathroom 1, Bedroom 10, Bedroom 9, Bathroom 3, Bathroom 4, Bathroom 10, Bathroom 14, Bedroom 5, Bedroom 2, Bedroom 3, Bathroom 13, Bathroom 11, Bedroom 1, Bathroom 2, Bedroom 7
    Basement
    Storage Space
    Standard status
    Active
    APN
    1515276009
    Lot size
    0.33 Acres

    Taxes and HOA fees

    Tax Year
    2024
    Tax Annual Amount
    12600

    Utilities

    Cooling system
    Exhaust Fan (Cooling), Heat Pump

    Building Details

    Year built
    1931
    Floors in Building
    3
    Number of units
    9
    Building materials
    Wood, Frame
    Roof type
    Composition

    We can help!

    Listing Contact
    Venkat Chatakondu
    Venkat Chatakondu

    Listing agent Venkat Chatakondu

    Listing office Sohum Realty, Inc. 70 S US Hwy 45, STE # 207, Grayslake, IL

    Listing date Jan 22, 2026

    MLS# 12552481 Listing URL

    Copyright © 2026 Midwest Real Estate Data, LLC. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    HighLights

    • 9‑unit multifamily in Aurora with a unit mix of six 2‑bedroom units and three 1‑bedroom units
    • Fully occupied building with long‑term tenants and no association
    • Renovations noted in most units, including upgraded electrical circuits and breakers, newer windows, and new fixtures
    • Heating and cooling include split ductless heat/AC systems with backup electric heating
    • Newer roof plus wood‑frame construction with a composition roof
    • Each unit includes two designated parking spaces, with additional income from coin‑operated laundry and private basement storage units

    Overview

    304 Hankes Avenue presents a turnkey 9-unit apartment building on a professionally landscaped property. The unit mix includes six 2-bedroom units and three 1-bedroom units. Many units have been updated with new fixtures, upgraded electrical circuits and breakers, newer windows, and modern split ductless heating and air conditioning, along with backup electric heating. Flooring is described as hardwood with durable luxury vinyl plank coverage, and kitchens include oak cabinetry. Each unit has two designated parking spaces, and the building also offers additional income opportunities through coin-operated laundry and rentable private basement storage units.

    The property is located in Aurora, Illinois, in the Pigeon Hill neighborhood. It is described as fully occupied. Recent capital improvements include a newer roof, and the building is maintained in a well-kept condition.

    For investors or owner-operators, the combination of a stable 9-unit configuration, renovated interiors, and on-site add-ons like coin laundry and storage is designed to support straightforward day-to-day leasing and maintenance. The updates to electrical systems, windows, and HVAC components are intended to reduce near-term replacement and service needs. Please do not disturb tenants.
    Property Profile Location Intelligence

    Current Use by Public Records

    Make The Way Ministries Church

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Gym & Fitness Center Building Supply Daycare Center

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Aurora
    County
    Kane
    State
    Illinois
    Longitude
    -88.304185
    Latitude
    41.776407

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    FAQs

    What type of property is this?
    Apartment building - Well-renovated 9-unit multifamily with split ductless HVAC, coin laundry, and designated parking for each unit.
    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 multifamily in Aurora with a unit mix of six 2‑bedroom units and three 1‑bedroom units; Fully occupied building with long‑term tenants and no association; Renovations noted in most units, including upgraded electrical circuits and breakers, newer windows, and new fixtures
    (847) 454-7739
    We can help!
    Listing Contact
    Venkat Chatakondu
    Venkat Chatakondu
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

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