501 College Ave DeKalb, IL 60115
- Commercial real estate
Current Use by Public Records
- Commercial real estate
Property Details for 501 College Ave
- Year built
- 1900
- Property type
- Commercial real estate
Description
This exceptional investment opportunity presents two adjacent, well-maintained multi-unit buildings ideally situated near Northern Illinois University's campus in DeKalb, Illinois. The properties, sold together as a single parcel, offer a combined nine units providing immediate cash flow. 501 College Avenue is a six-unit building complete with laundry facilities and ample parking. Currently, five of the six units are occupied by long-term tenants, with one unit soon to become available. The adjacent 3-unit building at 503 College Avenue has recently undergone a complete rehabilitation, also featuring laundry facilities and parking. All units are currently occupied. Tenants are responsible for all utilities, while landscaping and snow removal are handled by the owner. This turnkey operation benefits from the services of a local property management company, minimizing owner involvement. The strong rental history and prime location near NIU ensure consistent occupancy and a high return on investment. This is a rare opportunity to acquire a stable, income-producing portfolio in a desirable college town setting. An additional unit is also available for potential purchase, separate from this offering. The asking price for this combined nine-unit property is $935,000.
Value Estimation
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- DeKalb
- County
- DeKalb
- State
- Illinois
- Longitude
- -88.75897
- Latitude
- 41.93385
