8-Unit Apartment
New
For Sale
$749,000
809 South Street, Elgin, IL 60123
All eight apartments are rented, with boiler heat and individual window air-conditioning units.
Property Size2,880 SF
Price / SF$260.07
Days on Market3
Property Features for 809 South Street
General Information
Standard status
Active
Size
2,880 SF
Property subtype
Commercial
Zoning
MULTI
Occupancy
100%
Additional Details
Multifamily Units
8
Tenant in Place
Yes
Taxes and HOA fees
Annual Taxes
$13,843
Amenities
window A/C units
Building Details
Building Size
2,880 SF
Year Built
1956
Buildings
1
Stories
2
Units
8
Tenancy
Multi
Listing Agency:
HomeSmart Connect
Listed By:
Andy Walton · License #475191288
(847) 495-5000
Source:
Fishmangroup
Added: Oct 22
Changed: Oct 23
Last Checked: Oct 23 at 1:23PM
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
Ask AI about this property
Review the available facts, identify missing information and prepare questions for the agent.
Investment Insights
Based on property information with market context.
This 8-unit apartment building in Elgin contains 2,880 square feet and dates to 1956. Six apartments received updates after September 2023; Units #2 and #4 have not been updated. A tear-off roof was completed in 2024, and the property’s water heater was installed in 2022. Heat is provided by a boiler, with a window A/C unit in each apartment. The property is zoned MULTI and is being sold as-is.
All eight apartments are currently rented. Restaurants, convenience stores, business offices, and established single-family neighborhoods are nearby.
All eight apartments are currently rented. Restaurants, convenience stores, business offices, and established single-family neighborhoods are nearby.
Key Highlights
- Eight apartments; all are currently rented
- 2,880 square feet in a 1956 building
- Six of eight units updated since September 2023; Units #2 and #4 remain unimproved
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$33,410
Cap Rate
4.46%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$668,200
$668.2K
Cap Rate 7%
$477,286
$477.3K
Cap Rate 9%
$371,222
$371.2K
Market Conditions
NOI Build-Up for 2,880 SF
Gross rent
$65.3K $22.68/SF
− Vacancy
−$4.6K −$1.59/SF
EGI
$60.7K $21.09/SF
− OpEx
−$27.3K −$9.49/SF
NOI
$33.4K $11.60/SF
Area
Kane County, IL
Vacancy
7.00%
Lease Rate
$22.68 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$668,200
Cap Rate 7%
$477,286
Cap Rate 9%
$371,222
Alternative Uses
Best Use
Apartment 5plus
$477.3K
$417.6K – $556.8K
NOI $33,410 @ 7.0% cap · market cap 4.46%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$994.3K
$870.0K – $1.16M
NOI $69,603 @ 7.0% cap · market cap 9.29%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Unlock full access to Insights
Subscribe to Realmo Intelligence
Open Analytics
Lease Details
8
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
368
Businesses Nearby
Explore this area
Business Placement
Demographics for 60123, IL
47,932
Population
18,129
Households
2.6
Avg Household Size
37
Median Age
24%
College-Educated
84%
High-School Grad
14.0 sq mi
ZIP Area
3,424
Density / Sq Mi
$86,762
Median Household Income
$40,288
Median Earnings
$1,226
Median Rent
$242,200
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Multifamily in Midwest region
Frequently Asked Questions
What type of property is this?
Apartment building - All eight apartments are rented, with boiler heat and individual window air-conditioning units.
Where is this apartment building located?
The property is located at 809 South Street Elgin, IL.
What is the asking price?
The asking price for this property is $749,000.
What are key features of this property?
This property features: Eight apartments; all are currently rented; 2,880 square feet in a 1956 building; Six of eight units updated since September 2023; Units #2 and #4 remain unimproved
