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    511 Aurora Ave, Unit 116 Naperville, IL 60540

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    For Lease
    $1,975 /Mo

    Updated condo in downtown Naperville with all-inclusive utilities.

    Property Features for 511 Aurora Ave

    General Information

    Exterior features
    exterior_features, : ["Patio"]
    Interior features
    Interior Feature 1, : "Electric", "Interior Feature 2": "Central Air", "Interior Feature 3": "Range", "Interior Feature 4": "Microwave", "Interior Feature 5": "Dishwasher", "Interior Feature 6": "Refrigerator", "Interior Feature 7": "Washer", "Interior Feature 8": "Dryer"

    Building Details

    Year built
    1986

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    Listing Contact
    Gina DamoreGina DamoreGina Damore
    Source: Kw

    Listing Agency: Keller Williams Premiere PropertiesKeller Williams Premiere PropertiesKeller Williams Premiere Properties Listing Agent: Gina DamoreGina DamoreGina Damore

    Displayed information is deemed reliable but is not guaranteed and should be independently verified.

    Learn more

    Overview

    Downtown Naperville Riverwalk Condo

    This fully updated River Place condo is located in the heart of Downtown Naperville alongside the Riverwalk. This is a luxury, first-floor home with stair-free and maintenance-free living. The building features landscaping grounds and well-maintained common area hallways and amenities. The spacious and open kitchen includes quartz countertops, white shaker cabinetry, stainless steel appliances, and a large pantry. The open floor plan to the living area features floor-to-ceiling sliding glass doors leading to a private patio. The bedroom has multiple closets and additional storage space. A large laundry room includes a full-size washer and dryer and additional storage space. Resort-style living is available with on-site concierge service, secured building entry, a fully equipped 24-hour fitness center, and a sundeck. The condo includes an all-inclusive utility package where the tenant pays a fixed $200 per month for all utilities, including electric, gas, water, high-speed internet, over 200 channel cable TV, parking, sewer, and garbage. RiverPlace Condominiums is nestled on wooded grounds and enjoys a prime location in Naperville, close to downtown shopping, dining, parks, events, entertainment, and Centennial Beach. The Metra station is 1.6 miles away and close to Naperville schools and Edward Hospital.
    Location Intelligence

    Current Use by Public Records

    Cleaning Clicks Marketing Agency

    Suggested Use

    Restaurant Law Firm Realty agency Spa & Massage Hair Salon Dental Office Nail Salon Clothing Store Food Market Grocery Store

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

    Location Insight

    • Map
    • Local Demand
    City
    Naperville
    County
    Will
    State
    Illinois
    Longitude
    -88.1583465
    Latitude
    41.7688721

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    FAQs

    What type of property is this?
    Apartment building - Updated condo in downtown Naperville with all-inclusive utilities.
    Where is this apartment building located?
    The property is located at 511 Aurora Ave, Unit 116 Naperville, IL.
    What are key features of this property?
    This property features: - Prime location in Downtown Naperville on the Riverwalk, close to shopping, dining, parks, and entertainment.; - All-inclusive utility package for a fixed $200 per month.; - Luxury, first-floor condo with stair-free and maintenance-free living.
    Request Owner's contact information
    511 Aurora Ave, Unit 116 Naperville, IL 60540
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    Naperville, IL 60540
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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.

    More about this property
    511 Aurora Ave, Unit 116 Naperville, IL 60540
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    Listing Contact
    Gina DamoreGina DamoreGina Damore
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