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    501 College Ave Dekalb, IL 60115
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    501 College Ave Dekalb, IL 60115

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    • Apartment buildings
    Off-Market
    Property ID
    US28-0532505
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Apartment buildings

    Property Details for 501 College Ave

    Year built
    1900
    Property type
    Apartment buildings

    Description

    Investment Opportunity with these well maintained multi units next to NIU campus. 2 units that must be sold together, under one parcel. 501: 6 unit with laundry and parking. 503: recently rehabbed, 3 unit with laundry and parking. Tenants pay all utilities, owner pays landscaping and snow remova ... l. Both units are fully occupies and rarely have turnover. Owner has another unit he would consider selling. Turn Key Opportunity, buildings are already managed by local management company.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Get a detailed, property-specific estimation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Dekalb
    County
    DeKalb
    State
    Illinois
    Longitude
    -88.759048
    Latitude
    41.933826

    Comparable in this City

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      DeKalb Multifamily Investment

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      DeKalb Triplex Near Downtown

      Three-unit property near downtown DeKalb, fully rented, positive cash flow.
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      DeKalb Golf Course Opportunity

      48+ acre site with clubhouse and income-producing units.
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      7,200 SF

      Turnkey Salon with Expansion Potential

      Fully improved salon with suite rental income potential.
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      226+ Acres on Peace Road

      226+ acres of land with potential for industrial development.
      226.83 Acres On Peace Rd, Dekalb, IL 60115
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    Similar Nearby for Sale

    • $225,000
      0.06 Acres

      DeKalb Storefront with Apartment Potential

      Storefront with two apartments in downtown DeKalb, Illinois.
      157 E Lincoln Hwy, Dekalb, IL 60115
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    • $510,000
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      DeKalb Multifamily Investment

      28-Unit Apartment Building, Prime Location
      900 Greenbrier Rd, DeKalb, IL 60115
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    • New
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      DeKalb Triplex Near Downtown

      Three-unit property near downtown DeKalb, fully rented, positive cash flow.
      204 W Locust St, Dekalb, IL 60115
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    • $749,900
      Pending

      DeKalb Golf Course Opportunity

      48+ acre site with clubhouse and income-producing units.
      6236 Il. Rte 38 Hwy, Dekalb, IL 60115
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      7,200 SF

      Turnkey Salon with Expansion Potential

      Fully improved salon with suite rental income potential.
      2525 Bethany Rd, Dekalb, IL 60115
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      226+ Acres on Peace Road

      226+ acres of land with potential for industrial development.
      226.83 Acres On Peace Rd, Dekalb, IL 60115
      View Details

    Similar Nearby for Lease

    • Contact for pricing

      Retail Space Near University

      Retail spaces available near Northern Illinois University campus.
      1015 W Lincoln Hwy, Dekalb, IL 60115
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      Retail Build-to-Suit Space Available

      Up to 5,000 SF retail space for lease.
      1127 W Lincoln Hwy, Dekalb, IL 60115
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      Industrial Space Available For Lease

      211,591 SF industrial space available for lease.
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      3,500 SF

      Retail Space Near NIU

      Retail space available near Northern Illinois University.
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      8,425 SF

      DeKalb Retail Space Available

      Retail space available near Northern Illinois University.
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      11,833 SF

      Retail Space Near Northern Illinois University

      Retail space anchored by Target with high visibility and foot traffic.
      2341-2371 Sycamore Rd, Dekalb, IL 60115
      View Details
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    501 College Ave
    Dekalb, IL 60115
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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
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