Remodeled Duplex with Detached
472 North Spring Street Elgin, IL 60120
472 North Spring Street, Elgin, IL, 60120
$420,000
For Sale
$420,000
Remodeled duplex with separately metered utilities, coin-operated laundry, and a large detached garage for storage or rental income.
Property Size2,400 SF
Price / SF$175
Days on Market8
Property Features for 472 North Spring Street
General Information
- Standard status
- Active
- Size
- 2,400 SF
- Property subtype
- Two to Four Units / 2 Flat
Listing agency
HomeSmart Connect
(847) 323-3136
Listed by
Kevin Williams · License #475167087
(847) 323-3136
Source
Compass
Added: Jul 16 Updated: Jul 22 at 3:12PM Checked: Jul 22 at 3:12PM
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 HomeSmart Connect
Investment Insights
Based on property information with market context.
This remodeled duplex is a turnkey rental with two leased apartments and shared basement laundry. The 2020 remodel included two new eat-in kitchens with granite countertops and appliances, new bathrooms, and a new gas forced-air HVAC system with central air conditioning units, furnaces, and hot water heaters. The property also received a new roof on the house and garage, along with copper pipe replacements for old galvanized plumbing. A large detached two-story garage (currently used for owner's storage) can be rented for indoor parking or evaluated for potential coach house development. Utilities are separately metered for gas and electric.
A coin-operated washer and dryer operates in the basement and serves both units for additional income. Per the current arrangement, second-floor tenants maintain the lawn and bushes and are responsible for snow removal in exchange for a $60 per month reduction in rent, which is reflected in the stated adjusted Unit 2 lease amount.
Both apartments are currently leased, and photos provided were taken before tenant occupancy.
A coin-operated washer and dryer operates in the basement and serves both units for additional income. Per the current arrangement, second-floor tenants maintain the lawn and bushes and are responsible for snow removal in exchange for a $60 per month reduction in rent, which is reflected in the stated adjusted Unit 2 lease amount.
Both apartments are currently leased, and photos provided were taken before tenant occupancy.
Key Highlights
- Remodeled duplex with both apartments currently leased for immediate cash flow
- Remodel in 2020: 2 eat‑in kitchens with granite countertops and new appliances
- 2020 upgrades include new bathrooms plus all‑new gas forced‑air HVAC, central A/C units, furnaces, and hot water heaters
Local Financial Insights For Multifamily LT 5
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 | $48.1k | $20.04 |
| − Vacancy | −$3.6k | −$1.50 |
| EGI | $44.5k | $18.54 |
| − OpEx | −$13.3k | −$5.56 |
| NOI | $31.1k | $12.98 |
2,400 SF · lease $20.04/SF/yr · vacancy 7.50% · expense 30.00%
Alternative Uses
Best Use
Multifamily LT 5
$444.9K
$389.3K – $519.0K
NOI $31,142 @ 7.0% cap · market cap 7.41%
Second Best
Apartment 5plus
$397.7K
$348.0K – $464.0K
NOI $27,842 @ 7.0% cap · market cap 6.63%
Theoretical Best
Office A
$828.6K
$725.0K – $966.7K
NOI $58,003 @ 7.0% cap · market cap 13.81%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Duplexes
Similar For Sale Nearby
FAQs
What type of property is this?
Duplex - Remodeled duplex with separately metered utilities, coin-operated laundry, and a large detached garage for storage or rental income.
Where is this duplex located?
The property is located at 472 North Spring Street Elgin, IL.
What is the asking price?
The asking price for this property is $420,000.
What are key features of this property?
This property features: Remodeled duplex with both apartments currently leased for immediate cash flow; Remodel in 2020: 2 eat‑in kitchens with granite countertops and new appliances; 2020 upgrades include new bathrooms plus all‑new gas forced‑air HVAC, central A/C units, furnaces, and hot water heaters
