Two-Building Multifamily
For Sale
Contact for pricing
Pending
921 College Avenue, Wheaton, IL 60187
Two well-maintained multifamily buildings offer nine total units, including eight two-bedroom apartments and one renovated three-bedroom unit.
Property Size11,150 SF
Days on Market92
Property Features for 921 College Avenue
General Information
Standard status
Pending
Size
11,150 SF
Property subtype
Multifamily
Zoning
R5
Occupancy
100%
Investment Type
Value Add
Additional Details
Multifamily Units
9
Building Details
Year Built
1962
Year Renovated
2026
Buildings
2
Stories
2
Units
9
Tenancy
Multi
Listing Agency:
Triad Real Estate Partners
Listed By:
Daniel Deja · License #IL 475199103
Source:
Crexi
Added: Jun 8
Changed: Aug 8
Last Checked: Jul 25 at 2:21PM
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 Triad Real Estate Partners
Investment Insights
Based on property information with market context.
Triad presents 921 & 933 N College Ave, a multifamily investment featuring two well-maintained buildings totaling nine apartment units. The unit mix includes eight two-bedroom residences and one three-bedroom unit that was fully renovated and updated in 2026. Each unit has separately metered utilities, supporting straightforward operational management.
The property provides garage and surface parking and includes on-site laundry. It is located within walking distance of downtown Wheaton, the train station, shopping, dining, and Wheaton College.
For investors, the offering also includes opportunities tied to future renovations and potential reconfiguration of surplus space.
The property provides garage and surface parking and includes on-site laundry. It is located within walking distance of downtown Wheaton, the train station, shopping, dining, and Wheaton College.
For investors, the offering also includes opportunities tied to future renovations and potential reconfiguration of surplus space.
Key Highlights
- Two multifamily buildings totaling 9 apartment units: 8 two‑bedroom units plus 1 renovated three‑bedroom unit
- Renovated three‑bedroom unit updated in 2026
- Year built: 1962
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$129,349
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
6.34%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$2,586,980
$2.6M
Cap Rate 7%
$1,847,843
$1.8M
Cap Rate 9%
$1,437,211
$1.4M
Market Conditions
NOI Build-Up for 11,150 SF
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.
Gross rent
$252.9K $22.68/SF
− Vacancy
−$17.7K −$1.59/SF
EGI
$235.2K $21.09/SF
− OpEx
−$105.8K −$9.49/SF
NOI
$129.3K $11.60/SF
Area
DuPage 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 rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$2,586,980
Cap Rate 7%
$1,847,843
Cap Rate 9%
$1,437,211
Alternative Uses
Best Use
Apartment 5plus
$1.85M
$1.62M – $2.16M
NOI $129,349 @ 7.0% cap · market cap 6.34%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.85M
$3.37M – $4.49M
NOI $269,471 @ 7.0% cap · market cap 13.21%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
9
Residential units
Location Intelligence
Trade Area within ½ mile
750
Businesses Nearby
Explore this area
Business Placement
Demographics for 60187, IL
30,059
Population
10,619
Households
2.8
Avg Household Size
37
Median Age
62%
College-Educated
95%
High-School Grad
6.6 sq mi
ZIP Area
4,554
Density / Sq Mi
$119,048
Median Household Income
$49,625
Median Earnings
$1,744
Median Rent
$432,200
Median Home Value
Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - Two well-maintained multifamily buildings offer nine total units, including eight two-bedroom apartments and one renovated three-bedroom unit.
Where is this apartment building located?
The property is located at 921 College Avenue Wheaton, IL.
What is the asking price?
The asking price for this property is $2,040,000.
What are key features of this property?
This property features: Two multifamily buildings totaling 9 apartment units: 8 two‑bedroom units plus 1 renovated three‑bedroom unit; Renovated three‑bedroom unit updated in 2026; Year built: 1962
