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    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    604-620 E Grant Hwy Marengo, IL 60152

    • Commercial real estate
    • 49,680 SF
    • 2.42 lot acres
    For Sale
    View listing
    $6,999,970
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US28-1842416
    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.

    Current Use by Public Records

    • Commercial real estate

    Property Details for 604-620 E Grant Hwy

    Year built
    1978
    Lot size
    2.42 lot acres
    Property size
    49,680 SF
    Property type
    Commercial real estate
    APN
    1136327042

    Description

    This exceptional investment opportunity presents the SunnySide Apartments, a 48-unit multifamily complex located at 604 E Grant Hwy, Marengo, IL 60152. The property, situated on a 2.42-acre lot, consists of six buildings, offering a mix of 36 two-bedroom and 12 one-bedroom apartments. Built in 1978 and extensively renovated in 2023, the property boasts a Class B designation and features a new roof (installed in 2019), brand-new windows and patio doors (2023), and 86 paved parking spaces. Each unit has separate utilities, with in-closet washers and dryers in the two-bedroom units of one building. An additional one-story structure provides office and storage space. Currently 100% occupied, with an occupancy date of January 4, 2025, the property generates a substantial net operating income (NOI) of $560,700, resulting in an 8.01% cap rate. The asking price is $6,999,970, translating to $145,832.71 per unit and $140.90 per square foot. The total square footage is 49,680, all net rentable. The property is zoned residential and offers significant potential for increased rental income due to current rents being below market value. This property presents a strong rental investment and a potential condo conversion opportunity. The legal description is APN 1136327042, and ownership is held by a corporation.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

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

    Location Insight

    • Map
    • Local Demand
    City
    Marengo
    County
    McHenry
    State
    Illinois
    Longitude
    -88.6004695
    Latitude
    42.2463525

    Comparable in this City

    • $6,999,970
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      Marengo Multifamily Investment Opportunity

      Fully occupied apartment complex with significant income growth potential.
      604-620 E Grant Hwy, Marengo, IL 60152
      View Details
    • New
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      Fully Occupied Investment Property

      Investment property with impressive cash flow in a prime location.
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    • $1,170,000
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      Prime Marengo Development Land

      38 Acres, R-1 Zoning, Excellent Location
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      4.00 Acres

      Versatile Live/Work/Invest Opportunity

      4-acre Marengo campus with home, shop, and commercial land.
      9314 S Il Route 23, Marengo, IL 60152
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    • $2,250,000
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      Prime Marengo Development Land

      90 Acres E-1 Zoned Residential Land
      0 Church Rd & Grant Hwy, Marengo, IL 60152
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    • $1,286,000
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      Marengo Development Land

      25 Acres, B-3 Zoned, Prime Location
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      View Details

    Similar Nearby for Sale

    • $6,999,970
      2.42 Acres

      Marengo Multifamily Investment Opportunity

      Fully occupied apartment complex with significant income growth potential.
      604-620 E Grant Hwy, Marengo, IL 60152
      View Details
    • New
      $499,900
      0.24 Acres

      Fully Occupied Investment Property

      Investment property with impressive cash flow in a prime location.
      455 Park Dr, Marengo, IL 60152
      View Details
    • $1,170,000
      38.00 Acres

      Prime Marengo Development Land

      38 Acres, R-1 Zoning, Excellent Location
      0 Forest St, Marengo, IL 60152
      View Details
    • $2,250,000
      90.00 Acres

      Prime Marengo Development Land

      90 Acres E-1 Zoned Residential Land
      0 Church Rd & Grant Hwy, Marengo, IL 60152
      View Details
    • Contact for pricing
      4.00 Acres

      Versatile Live/Work/Invest Opportunity

      4-acre Marengo campus with home, shop, and commercial land.
      9314 S Il Route 23, Marengo, IL 60152
      View Details
    • $1,286,000
      25.20 Acres

      Marengo Development Land

      25 Acres, B-3 Zoned, Prime Location
      0 Grant Hwy & Church Rd, Marengo, IL 60152
      View Details

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    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
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