Building Details

Building Size 3,062 SF

Year Built 1969

Buildings 2

Stories 2

Units 9

Listing Agency: Sancken Sole Realty

Listed By: William Sole · License #471000241 Show Phone

Source: Crossdavidson

Added: Oct 20 Changed: Oct 25 Last Checked: Oct 26 at 3:41AM

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Investment Insights

Based on property information with market context.

At 400 Main Street in Mazon, this 9-unit efficiency apartment property contains 3,062 square feet. The building dates to 1969, with siding and awnings updated in 2021 and a roof installed in 2015. Apartments have individual refrigerators and microwaves, while a shared kitchen and laundry area serve residents.

A detached 45' x 24' Morton building adds separate utility, with a 14' x 12' overhead door, service entry, 100-amp electrical service, floor drain, and insulated 6-inch walls and ceiling. The property is zoned COMMR.

Key Highlights

• Nine efficiency apartments in a 3,062‑square‑foot building
• Detached Morton building measures 45' x 24'
• Morton building has a 14' x 12' overhead garage door and separate service entry

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$35,522

Cap Rate

5.47%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$710,440 $710.4K

Cap Rate 7%

$507,457 $507.5K

Cap Rate 9%

$394,689 $394.7K

Is this asking price fair?

Market Conditions

NOI Build-Up for 3,062 SF

Gross rent

$69.4K $22.68/SF

− Vacancy

−$4.9K −$1.59/SF

EGI

$64.6K $21.09/SF

− OpEx

−$29.1K −$9.49/SF

NOI

$35.5K $11.60/SF

Area

Grundy County, IL

Vacancy

7.00%

Lease Rate

$22.68 /SF/Yr

Expense Ratio

45.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$710,440

Cap Rate 7%

$507,457

Cap Rate 9%

$394,689

Alternative Uses

Best Use

Apartment 5plus

$507.5K

$444.0K – $592.0K (±1% cap)

NOI $35,522 @ 7.0% cap · market cap 5.47%

Second Best

—

—

no second resolved use

Theoretical Best

Office A

$1.06M

$925.0K – $1.23M (±1% cap)

NOI $74,002 @ 7.0% cap · market cap 11.39%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

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Open Analytics

Lease Details

9

Residential units

Location Intelligence

Trade Area within ½ mile

81

Businesses Nearby

Explore this area Business Placement

Demographics for 60444, IL

1,784

Population

734

Households

2.4

Avg Household Size

37

Median Age

19%

College-Educated

94%

High-School Grad

49.7 sq mi

ZIP Area

36

Density / Sq Mi

$88,750

Median Household Income

$52,391

Median Earnings

$937

Median Rent

$219,800

Median Home Value

Market

Vacancy Rate% for Multifamily in Midwest region

6.5% 2022

7.5% 2023

7.8% 2024

8% 2025

Frequently Asked Questions

What type of property is this?

Apartment building - Residents share kitchen and laundry facilities, and each apartment has a refrigerator and microwave.

Where is this apartment building located?

The property is located at 400 Main Street Mazon, IL.

What is the asking price?

The asking price for this property is $649,900.

What are key features of this property?

This property features: Nine efficiency apartments in a 3,062‑square‑foot building; Detached Morton building measures 45' x 24'; Morton building has a 14' x 12' overhead garage door and separate service entry