Updated Side-by-Side
For Sale
$349,900
412 South State Street, Aurora, IL 60505
Two occupied residential units with separate utilities, in-unit laundry areas, and off-street parking.
Property Size1,500 SF
Price / SF$233.27
Days on Market73
Property Features for 412 South State Street
General Information
Standard status
Active
Size
1,500 SF
Total Parking Spaces
7
Property subtype
Two to Four Units / 1 Story Unit/S
Zoning
MULTI
Occupancy
100%
Units
Unit Mix
2 x 2BR/1BA
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$4,986
Amenities
in-unit laundry
window A/C
storage shed
off-street parking
Building Details
Year Built
1973
Buildings
1
Listing Agency:
Keller Williams Innovate
Listed By:
Sheena Baker · License #475144212
(708) 966-9743
Source:
Compass
Added: Jul 15
Changed: Sep 25
Last Checked: Sep 24 at 3:21PM
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 Keller Williams Innovate
Investment Insights
Based on property information with market context.
This side-by-side duplex contains two matching two-bedroom, one-bath units within approximately 1,500 square feet. Each residence includes a living room, kitchen, vinyl flooring, stainless steel refrigerator, electric range, window A/C, and an in-unit laundry area. Recent work includes plumbing, electrical components and outlets, flooring, toilets, appliances, and ceiling fans. The all-electric building has individually controlled heat for each unit. Both units are tenant occupied and leased through January 1, 2027.
The property sits at 412 South State Street in Aurora, Illinois, with a long asphalt driveway providing off-street parking for approximately seven vehicles. A storage shed has been refreshed with new doors. Tenants pay their own electric, water, sewer, and trash expenses. The property is zoned MULTI and was built in 1973.
The property sits at 412 South State Street in Aurora, Illinois, with a long asphalt driveway providing off-street parking for approximately seven vehicles. A storage shed has been refreshed with new doors. Tenants pay their own electric, water, sewer, and trash expenses. The property is zoned MULTI and was built in 1973.
Key Highlights
- Two matching 2‑bedroom, 1‑bath units
- Approximately 1,500 square feet with both units tenant occupied
- Both leases run through January 1, 2027
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
$14,791
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
4.23%
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%
$295,820
$295.8K
Cap Rate 7%
$211,300
$211.3K
Cap Rate 9%
$164,344
$164.3K
Market Conditions
NOI Build-Up for 1,500 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
$22.1K $14.76/SF
− Vacancy
−$1.0K −$0.67/SF
EGI
$21.1K $14.09/SF
− OpEx
−$6.3K −$4.23/SF
NOI
$14.8K $9.86/SF
Area
Aurora, IL
Vacancy
4.56%
Lease Rate
$14.76 /SF/Yr
Expense Ratio
30.00%
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%
$295,820
Cap Rate 7%
$211,300
Cap Rate 9%
$164,344
Alternative Uses
Best Use
Multifamily LT 5
$211.3K
$184.9K – $246.5K
NOI $14,791 @ 7.0% cap · market cap 4.23%
Second Best
Apartment 5plus
$184.5K
$161.4K – $215.2K
NOI $12,912 @ 7.0% cap · market cap 3.69%
Theoretical Best
Office A
$429.4K
$375.8K – $501.0K
NOI $30,060 @ 7.0% cap · market cap 8.59%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
519
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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Midwest region
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Frequently Asked Questions
What type of property is this?
Duplex - Two occupied residential units with separate utilities, in-unit laundry areas, and off-street parking.
Where is this duplex located?
The property is located at 412 South State Street Aurora, IL.
What is the asking price?
The asking price for this property is $349,900.
What are key features of this property?
This property features: Two matching 2‑bedroom, 1‑bath units; Approximately 1,500 square feet with both units tenant occupied; Both leases run through January 1, 2027
