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Property profile & analytics
OFF-MARKET
Estimated value
$6,970,000
Apartment buildings
51 Spg St, Elgin, IL 60120-6413
Individually Owned
14-yr Hold
~
Est. High Equity
Property ID
US28-1053236
Property profile
Verified
Property type
Apartment buildings
Use group
APARTMENT HOUSE (5+ UNITS)
Year built
1908
Total area
83,991 SF
Lot
0.01 ac (264 SF)
APN
06-13-305-001
UPID
US28-1053236
Cap rate & NOI
Priority signal for investors
Implied cap rate, NOI & suggested price
Cap rate vs submarket · NOI estimate · 3 price anchors
Implied cap rate, NOI & suggested price
Cap vs submarket · NOI estimate · 3 price anchors
Current use
Occupant on record · Public records
-
Elgin Artspace Lofts Apartment Building
-
Art for All Charitable Organization Social Service Agency
-
Guge Institute of Wildlife Art Vocational School
-
Dream in Color Artist
-
Ceramica an Art Affair Art Gallery
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$7.63M
Blend (final)
Blend
$6.97M
Owner & transaction history
Elgin Artspace Lofts Limited Partne · 14 yrs held
Elgin Artspace Lofts Limited Partne
since 2011
5 recorded transactions
Zoning & alternative use
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Cap rate
Implied · in-place · derived from last sale + estimated NOI
Implied Cap rate
#1
Implied · in-place · NOI ÷ last sale
In-place · derived from last sale + estimated NOI
Cap rate, NOI & submarket benchmark
Implied cap rate vs Elgin submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Elgin submarket · NOI estimate · typical band, median & reading
Refine your cap rate
8-question underwriting flow
1.
Property current status — Going-In vs Stabilized
2.
Price for denominator — asking / offer / market
3.
Leasing status & lease structure (NNN / Gross)
4.
Tenant risk profile & vacancy assumption
5.
Upload T12 / rent roll / OM (optional)
Refine in 60 seconds, get exact suggested price
T12 upload · Submarket benchmarks · Sensitivity grid
Suggested price · 3 cap rate anchors
Income approach @ 5% / 7% / 9% — aggressive / typical / conservative
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · Implied $/SF per anchor · Sensitivity grid
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · implied $/SF · sensitivity
Value
AI, CAP & Alternative Use estimations · Realmo proprietary blendValue Estimations
Based on Realmo’s proprietary methodology
AI Approach
Method
Estimation
Statistic approach
by Request
ML approach
by Request
CAP Approach
CAP Return
Estimation
6%
by Request
6.5%
by Request
7%
by Request
Alternative Use
Use
Estimation
COMMERCIAL (GENERAL)
$10,170,000
Change: -14% · Conversion: Moderate
Blend value · Realmo final
$6.97M
Range $6.27M – $7.67M · ±10%
Realmo estimate · informational only.
These numbers are calculated by our models from public records and may not reflect actual market value.
Not an appraisal.
Verify with a licensed appraiser before transacting. Realmo accepts no liability for divergence from real-world outcomes.
View the full estimation — every method, every assumption
Confidence drivers & risk notes · Custom comparable set · Free for first 3 / day
Full estimation methodology
Every method · every assumption · confidence drivers
Price per SF
Sale + rent benchmarks
Subject property
$83 / SF
Submarket sale & rent benchmarks
Median sale $/SF · Asking & closed rent · Submarket vacancy
Submarket sale & rent benchmarks
Median sale $/SF · asking & closed rent · submarket vacancy
Property tax & assessments
Tax year 2022Property tax & assessments
Tax year 2022
Tax billed
$106,607
Tax year 2022
Assessed value
$1,229,452
Assessed 2022
Previous assessed
$1,149,450
+7.0% YoY
Effective rate
8.67%
On assessed value
Assessed land
$200,359
Assessed improvement
$1,029,093
Land market value
$601,077
Improvement market value
$3,087,279
Total market value
$3,688,356
Comparables
6 recent transactions · within 1.5 miComparable in this city
6 recent transactions
Comparable in this City
Similar Nearby for Sale
Similar Nearby for Lease
Recent comparable sales
Sale price & price/SF · Sale date & distance · Adjustments & confidence
Recent comparable sales
Sale price & $/SF · sale date & distance · adjustments
Property description
Physical attributes from public recordsBuilding & lot
Public records
Property type
Apartment buildings
Use group
APARTMENT HOUSE (5+ UNITS)
Status
Off-Market
Year built
1908
Heating
NONE
Stories
2
Total area
83,991 SF
Lot
0.01 ac (264 SF)
APN
06-13-305-001
UPID
US28-1053236
Jurisdiction
KANE
Metro division
CHICAGO-NAPERVILLE-JOLIET, IL METROPOLITAN DIVISION
Zoning & alternative use
Zoning · permitted uses
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Alternative use value scenarios
Repositioning upside vs current use
COMMERCIAL (GENERAL)
Est. value
$10.2M
COMMERCIAL (GENERAL)
Alternative use deep dive — conversion cost, permits, timeline
Conversion cost estimate · Permit path & risks · Stabilized NOI per option
Alternative use deep dive
Conversion cost · permit path · stabilized NOI per option
Building & site characteristics
From public records
Year built
1908
Heating
NONE
Stories
2
Lot
0.01 ac
Current owner
From public records · entity-resolved
Elgin Artspace Lofts Limited Partne
Individual
Mailing address
250 3RD AVE N STE #500, MINNEAPOLIS, MN 55401-1641
Ownership since
2011
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
5 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Sep 30, 2011
—
Elgin Artspace Lofts Limited Partne
Artspace Projects INC
Corporation Deed
$2,027,163 · Artspace Projects INC
Mar 8, 2011
—
City Of Elgin
Community College District No
Grant Deed
—
Feb 18, 2004
—
Public Bldg Commission Kane Co
Elgin City (il)
Grant Deed
related
—
—
—
Elgin Artspace Lofts
—
Deed Of Trust
related
$750,000 · Bank Of America
—
—
Elgin Artspace Lofts LP
—
Deed Of Trust
related
$1,000,000 · Artspace Projects INC
Coming soon
Costs & Benchmarks
Operating expenses, capex projections, utility benchmarks, and submarket comparables — all in one view.
Coming soon
Risks
Flood, climate, environmental, title, and tenant-concentration risk — surfaced with mitigations and source citations.
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