1020 W Hillcrest DriveDeKalb, IL 60115
Due to the health concerns created by Coronavirus we are offering personal 1-1 online video walkthough tours where possible.
Presenting an exceptional opportunity to acquire fully leased "Greek Life Flagship Fraternity House," a 30-room housing investment within 1 mile to Northern Illinois University in DeKalb, IL (NIU - the largest local industry and employer). Located in the heart of famous Greek Row this flagship roaming house boasts an impressive 8 CAP. Additional 3 buildings with 20-80 rooms are available to make the new owner a high value player in this local, desirable, fraternity housing space. Positioned 65 miles west of Chicago and 38 miles southwest of Naperville, this asset features one well-maintained cinder block/brick building with a total of 30 rooms, 3 full baths, commercial kitchen, and various communal areas including meeting, study, dining, conference, TV, workout, and recreation rooms. The building, with total land of approx. 0.65 acres and approx. 14,700 total sf., offers great outdoor area with spacious deck and 22 parking spaces. This building, in the most desirable pocket of Greek Row, is fully occupied with long-term tenants (same tenant for the last 10 years with a new 6 year lease in place). It benefits from excellent public transportation and security, and is uniquely laid out to attract the Greek Life fraternity and sorority community. Under the same ownership for the past 10 years, with minimal involvement of the owners as the building comes with professional management in place! Sit back and collect rent on this passive investment! Recent upgrades include newer boiler, fire panels, and sprinkler systems. The property is annually inspected and approved for occupancy. With light to moderate interior and amenity upgrades, there is a clear potential to boost rents and further enhance value. The strategic location offers high visibility and easy access, positioned across from an approved by City Council est. 16M new "Greek Life Center", slated for completion in 2028. This will further enhance the desirability of this property. With long term tenants in place, this is an outstanding, investment in one of the Midwest's most popular student housing markets. The "Greek Life Fraternity Flagship House" not only offers immediate returns but also a promising future with some potential value-add opportunities. Inquire with the listing broker for a copy of the offering memorandum. Don't miss this chance to invest in a high-performing, strategically located asset that anchors the historic and thriving Greek Life community at NIU.
a month ago | Status changed to Active | |
2 months ago | Price changed to $1,150,000 | |
3 months ago | Listing first seen online | |
3 months ago | Listing updated with changes from the MLS® |
Based on information submitted to the MLS GRID as of 2024-10-30 12:00 AM UTC. All data is obtained from various sources and may not have been verified by broker or MLS GRID. Supplied Open House Information is subject to change without notice. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information.
Data last updated: 2024-10-30 12:00 AM UTC
MRED DMCA Copyright Information Copyright © 2024 Midwest Real Estate Data LLC. All rights reserved.
Did you know? You can invite friends and family to your search. They can join your search, rate and discuss listings with you.