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    604-620 E Grant Hwy Marengo, IL 60152

    Sponsored
    For Sale
    $6,999,970

    MULTI_FAMILY - Marengo, IL

    Lot size:
    2.42 Acres
    Days on Market:
    72
    Last Refresh:
    Feb 19 at 10:06 pm

    Property Features for 604-620 E Grant Hwy

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Other
    Standard status
    Active
    Zoning
    MULTI
    Rooms
    Bedroom 4, Bathroom 41, Bedroom 6, Bathroom 12, Bedroom 82, Bathroom 29, Bedroom 35, Bedroom 46, Bathroom 33, Bedroom 33, Bathroom 4, Bathroom 40, Bedroom 1, Bedroom 54, Bedroom 60, Bathroom 6, Bedroom 80, Bedroom 61, Bathroom 39, Bedroom 39, Bedroom 48, Bedroom 55, Bedroom 67, Bedroom 27, Bathroom 32, Bedroom 3, Bedroom 24, Bedroom 49, Bathroom 5, Bathroom 31, Bedroom 47, Bedroom 8, Bedroom 36, Bedroom 63, Bathroom 42, Bedroom 68, Bathroom 23, Bathroom 43, Bathroom 48, Bathroom 7, Bedroom 28, Bathroom 46, Bathroom 16, Bedroom 51, Bathroom 10, Bedroom 21, Bathroom 19, Bedroom 7, Bathroom 20, Bedroom 10, Bathroom 47, Bathroom 36, Bedroom 62, Bedroom 57, Bedroom 18, Bedroom 74, Bathroom 26, Bathroom 13, Bedroom 13, Bedroom 71, Bedroom 11, Bedroom 44, Bedroom 40, Bedroom 64, Bathroom 15, Bedroom 58, Bedroom 15, Bathroom 38, Bedroom 23, Bedroom 9, Bathroom 17, Bathroom 14, Bedroom 65, Bedroom 53, Bedroom 69, Bathroom 34, Bathroom 27, Bedroom 73, Bedroom 77, Bedroom 38, Bedroom 56, Bedroom 26, Bedroom 83, Bedroom 29, Bathroom 37, Bedroom 22, Bedroom 30, Bedroom 17, Bathroom 11, Bedroom 34, Bathroom 35, Bedroom 75, Bedroom 81, Bedroom 66, Bathroom 22, Bedroom 52, Bedroom 78, Bedroom 5, Bathroom 25, Bathroom 45, Bedroom 19, Bedroom 76, Bedroom 84, Bathroom 30, Bedroom 12, Bathroom 21, Bedroom 41, Bathroom 28, Bedroom 79, Bedroom 32, Bedroom 2, Bedroom 25, Bathroom 9, Bathroom 24, Bathroom 2, Bedroom 42, Bathroom 44, Bedroom 72, Bedroom 43, Bedroom 45, Bedroom 31, Bathroom 18, Bathroom 1, Bedroom 59, Bedroom 70, Bathroom 3, Bedroom 14, Bedroom 20, Bedroom 37, Bathroom 8, Bedroom 16, Bedroom 50
    Bedrooms
    84
    APN
    1136327042
    Lot size
    2.42 Acres

    Utilities

    Cooling system
    Window Unit(s)

    Building Details

    Year built
    1978
    Floors in Building
    2
    Number of units
    48
    Building materials
    Brick, Block
    Roof type
    Composition

    We can help!

    Listing Contact
    Basel Tarabein
    Basel Tarabein

    TARABEIN INC. D/BA RE/MAX AT HOME (847) 255-1000

    Listing agent Basel Tarabein (847) 255-1970

    Listing date Dec 10, 2025

    MLS# 12443014

    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.

    Learn more

    Property Insight Report

    Overview

    Marengo Multifamily Investment Opportunity

    This fully occupied apartment complex presents an investment opportunity with potential for income growth due to below-market rents. The property comprises two two-story, garden-style buildings totaling 48 units. There are 36 two-bedroom apartments and 12 one-bedroom apartments, each with separate utilities. Select two-bedroom units in Building 620 feature in-closet washers and dryers. A one-story structure situated between the buildings provides office and storage space. The property includes 85 paved parking spaces. Recent updates include a newer roof installed in 2019, along with new windows and patio doors installed in 2023. The property, situated on 2.42 acres, is zoned MULTI and presents a condo conversion opportunity. It is located in Marengo, Illinois, in McHenry County.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Apartment buildings

    Suggested Use

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

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

    Location Insight

    • Map
    • Local Demand
    City
    Marengo
    County
    McHenry
    State
    Illinois
    Longitude
    -88.6008731
    Latitude
    42.246138

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    FAQs

    What type of property is this?
    Apartment building - Fully occupied apartment complex with significant income growth potential.
    Where is this apartment building located?
    The property is located at 604-620 E Grant Hwy Marengo, IL.
    What is the asking price?
    The asking price for this property is $6,999,970.
    What are key features of this property?
    This property features: - Substantial income growth potential due to below-market rents.; - 48 units (36 two-bedroom, 12 one-bedroom) providing a diverse rental income stream.; - Recent capital improvements: newer roof (2019) and new windows/patio doors (2023).
    (847) 255-1970
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    604-620 E Grant Hwy Marengo, IL 60152
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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
    604-620 E Grant Hwy Marengo, IL 60152
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    We can help!
    Listing Contact
    Basel Tarabein
    Basel Tarabein
    Real Estate License ID: IL 471008459
    (847) 255-1970 (847) 255-1000 (847) 828-2243
    Learn more
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