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    604 E Grant Hwy Marengo, IL 60152
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    Property profile & analytics

    604 E Grant Hwy Marengo, IL 60152

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    • Apartment buildings
    • 49,680 SF
    Off-Market
    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.
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Apartment buildings

    Property Details for 604 E Grant Hwy

    Year built
    1978
    Property size
    49,680 SF
    Property type
    Apartment buildings

    Description

    **Incredible Investment Opportunity!** This fully occupied apartment complex features long-term tenants with current rents significantly below market value, offering substantial potential for income growth. Recent updates include a newer roof (2019) and brand-new windows and patio doors (2023). The property consists of two garden-style, two-story buildings totaling 48 units: 36 two-bedroom and 12 one-bedroom apartments, each with separate utilities. The two-bedroom units in Building 620 include in-closet washers and dryers. Additionally, there is a one-story structure between the buildings that serves as an office and storage space. With 85 paved parking spaces, this property is not only a strong rental investment but also presents an excellent condo conversion opportunity. Don't miss this chance to capitalize on a fantastic income-producing asset with significant growth potential!

    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
    Marengo
    County
    McHenry
    State
    Illinois
    Longitude
    -88.6008731
    Latitude
    42.246138

    Comparable in this City

    • $1,025,000
      10.00 Acres

      Residential Oasis with Warehouse

      10-acre residential-zoned land with warehouse near Chicago.
      813 Menge Rd, Marengo, IL 60152
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    • $200,000
      1,176 SF

      Commercial Building in Prime Location

      B1 zoned building near Rt 20/23 intersection, suitable for retail/service.
      120 W Grant Hwy, Marengo, IL 60152
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    • $76,900

      Land For Sale

      Land available for sale.
      38 Saint Andrews Dr, Marengo, IL 60152
      View Details
    • $75,900
      1.07 Acres

      Marengo Land: Build Your Dream

      Beautiful 1.07 acre lot near I-90 in Marengo, IL.
      10817 Hill Crest Ln, Marengo, IL 60152
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    • $220,000
      0.09 Acres

      Commercial Property in Marengo, Illinois

      Commercial property for sale in Marengo, Illinois.
      225 S State St, Marengo, IL 60152
      View Details

    Similar Nearby for Sale

    • $1,025,000
      10.00 Acres

      Residential Oasis with Warehouse

      10-acre residential-zoned land with warehouse near Chicago.
      813 Menge Rd, Marengo, IL 60152
      View Details
    • $200,000
      1,176 SF

      Commercial Building in Prime Location

      B1 zoned building near Rt 20/23 intersection, suitable for retail/service.
      120 W Grant Hwy, Marengo, IL 60152
      View Details
    • $76,900

      Land For Sale

      Land available for sale.
      38 Saint Andrews Dr, Marengo, IL 60152
      View Details
    • Contact for pricing

      Land Available For Build-To-Suit

      Land available for build-to-suit on I-90 in Marengo, IL.
      I-90, Marengo, IL 60152
      View Details
    • Contact for pricing
      279,200 SF

      93 Acre Campus with Buildings

      93-acre campus with 5 buildings for lease or sale.
      300 West St, Marengo, IL 60152
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      3,324 SF

      Marengo Commercial Property For Lease

      Commercial property for lease with modern, open layout.
      212 Lindow Ln, Marengo, IL 60152
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    • $1,000 /Mo
      900 SF

      Renovated Retail Space in Marengo

      900 SF retail space in downtown Marengo for rent.
      110 N State St, Marengo, IL 60152
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    • $98 SF/Yr

      16917 Harmony Rd, Marengo, IL 60152

      Warehouses
      16917 Harmony Rd, Marengo, IL 60152
      View Details
    • Contact for pricing

      Commercial Property for Lease

      Commercial property available for lease in Marengo, Illinois.
      300 West St, Marengo, IL 60152
      View Details
    • $14 SF/Yr
      1,200 SF

      Downtown Marengo Retail/Office Space

      Retail/office space in vibrant downtown Marengo with updated facade.
      112 S State St, Marengo, IL 60152
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    • Contact for pricing
      279,200 SF

      93-Acre Industrial Campus Available

      Five buildings on 93 acres available for lease/sale.
      300 West St, 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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