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    10-Unit Multifamily Investment Property Title is generated by Realmo AI

    605 Orchard Street, Macomb, IL 61455

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    New
    For Sale
    $450,000

    MULTI_FAMILY - Macomb, IL

    Lot size:
    0.64 Acres
    Added:
    Jun 2, 2026
    Days on Market:
    4
    Last Refresh:
    Jun 5 at 2:06 pm

    Property Features for 605 Orchard Street

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Other
    Zoning
    MULTI
    Standard status
    Active
    APN
    11100845000000
    Lot size
    0.64 Acres

    Taxes and HOA fees

    Tax Year
    2024
    Tax Annual Amount
    12660

    Building Details

    Year built
    2006
    Floors in Building
    2
    Number of units
    10

    We can help!

    Listing Contact
    Jon Fisher
    Jon Fisher

    Listing agent Jon Fisher License #819440

    Listing office MR. LANDMAN 968 County Road 1000 N, Champaign, IL

    Listing date Jun 2, 2026

    MLS# 12665610 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

    • 10‑unit multifamily property built in 2006 near Western Illinois University in Macomb
    • Unit mix includes 7 three‑bedroom/one‑bath units, 1 two‑bedroom/one‑bath unit, 1 one‑bedroom/one‑bath unit, and 1 studio unit
    • Current rents range from approximately $600 to $750 per month based on unit size and configuration
    • Currently approximately 90% occupied, with anticipated full occupancy by August
    • Staggered lease expiration dates help reduce turnover concentration and vacancy exposure

    Overview

    This 10-unit multifamily investment opportunity is currently approximately 90% occupied and is expected to reach full occupancy by August. The property is a mix of unit types designed to serve a range of household needs, including seven three-bedroom, one-bath units, one two-bedroom, one-bath unit, one one-bedroom, one-bath unit, and one studio unit. Lease terms are staggered, which helps spread turnover risk and reduce the impact of vacancy clustering.

    Located just blocks from Western Illinois University in Macomb, the property benefits from rental demand tied to the WIU market and nearby employers. The tenant base currently includes both students and young professionals, supporting a diversified occupancy profile rather than relying solely on student housing demand.

    For investors, this configuration can offer steadier cash-flow characteristics given the current in-place occupancy and the expectation of continued leasing through August. The mix of unit sizes can also appeal to buyers seeking flexibility in resident demographics and longer-term demand drivers tied to the university and surrounding workforce. Prospective purchasers should review current lease terms and unit-level details to confirm income potential and occupancy timing.
    Property Profile Location Intelligence

    Current Use by Public Records

    Apartment buildings

    Suggested Use

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

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

    Location Insight

    • Map
    • Local Demand
    City
    Macomb
    County
    McDonough
    State
    Illinois
    Longitude
    -90.68071
    Latitude
    40.467109

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    FAQs

    What type of property is this?
    Apartment building - A 10-unit multifamily building with a diversified tenant mix and mostly in-place occupancy near Western Illinois University.
    Where is this apartment building located?
    The property is located at 605 Orchard Street Macomb, IL.
    What is the asking price?
    The asking price for this property is $450,000.
    What are key features of this property?
    This property features: 10‑unit multifamily property built in 2006 near Western Illinois University in Macomb; Unit mix includes 7 three‑bedroom/one‑bath units, 1 two‑bedroom/one‑bath unit, 1 one‑bedroom/one‑bath unit, and 1 studio unit; Current rents range from approximately $600 to $750 per month based on unit size and configuration
    (217) 202-0924
    We can help!
    Listing Contact
    Jon Fisher
    Jon Fisher
    Real Estate License ID: 819440
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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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