Renovated 2-Unit Multifamily
649 Wellington Avenue Elgin, IL 60120
New
649 Wellington Avenue, Elgin, IL, 60120
$339,900
For Sale
$339,900
Completely renovated duplex with an unfinished basement and 8-car parking, offering a 2-bedroom and 1-bedroom unit.
Property Size1,100 SF
Price / SF$309
Days on Market4
Property Features for 649 Wellington Avenue
General Information
- Standard status
- Active
- Size
- 1,100 SF
- Property subtype
- Two to Four Units / 2 Flat
Building Details
- Year Built
- 1880
Listing agency
New Market Realty Inc
(847) 338-6898
Listed by
Michael Kevorkian · License #471001752
(847) 338-6898
Source
Compass
Added: Jul 18 Updated: Jul 21 at 8:57AM Checked: Jul 21 at 8:57AM
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 New Market Realty Inc
Investment Insights
Based on property information with market context.
Completely renovated 2-unit multifamily property (duplex) with additional work still being completed. The building includes a spacious 2-bedroom unit and a well-appointed 1-bedroom unit, each updated with new finishes throughout. An unfinished basement provides added storage and future possibilities, and the property offers an 8-car parking area.
Located along the Fox River in Elgin at 649 Wellington Avenue, with convenient access to downtown Elgin, parks, shopping, restaurants, commuter routes, and the Fox River Trail.
Projected rental income is approximately $1,800 per month for the 2-bedroom unit and approximately $1,500 per month for the 1-bedroom unit. Total property size is approximately 1,100 square feet.
Located along the Fox River in Elgin at 649 Wellington Avenue, with convenient access to downtown Elgin, parks, shopping, restaurants, commuter routes, and the Fox River Trail.
Projected rental income is approximately $1,800 per month for the 2-bedroom unit and approximately $1,500 per month for the 1-bedroom unit. Total property size is approximately 1,100 square feet.
Key Highlights
- Completely renovated 2‑unit duplex (built 1880) with updated finishes throughout both units
- 2‑bedroom unit with projected rental income of approximately $1,800 per month
- 1‑bedroom unit with projected rental income of approximately $1,500 per month
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 | $22.0k | $20.04 |
| − Vacancy | −$1.7k | −$1.50 |
| EGI | $20.4k | $18.54 |
| − OpEx | −$6.1k | −$5.56 |
| NOI | $14.3k | $12.98 |
1,100 SF · lease $20.04/SF/yr · vacancy 7.50% · expense 30.00%
Alternative Uses
Best Use
Multifamily LT 5
$203.9K
$178.4K – $237.9K
NOI $14,273 @ 7.0% cap · market cap 4.20%
Second Best
Apartment 5plus
$182.3K
$159.5K – $212.7K
NOI $12,761 @ 7.0% cap · market cap 3.75%
Theoretical Best
Office A
$379.8K
$332.3K – $443.1K
NOI $26,585 @ 7.0% cap · market cap 7.82%
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 - Completely renovated duplex with an unfinished basement and 8-car parking, offering a 2-bedroom and 1-bedroom unit.
Where is this duplex located?
The property is located at 649 Wellington Avenue Elgin, IL.
What is the asking price?
The asking price for this property is $339,900.
What are key features of this property?
This property features: Completely renovated 2‑unit duplex (built 1880) with updated finishes throughout both units; 2‑bedroom unit with projected rental income of approximately $1,800 per month; 1‑bedroom unit with projected rental income of approximately $1,500 per month
