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Fully Leased Multifamily Investment in Prime 109 Cary St

7 Unit Apartment Building $875,000 ($125,000/Unit) 6.65% Cap Rate Cary, IL 60013

Investment Highlights

  • 100% occupancy offering stable, reliable cash flow
  • Recently updated units featuring new appliances, renovated bathrooms, and modern flooring
  • On-site laundry facility and private parking for tenant convenience
  • Seven-unit property with a mix of two studios and five one-bedroom/one-bathroom units
  • Two units with private balconies for added tenant appeal
  • 408 sq. ft. unfinished basement with potential for additional income (storage or office space)

Executive Summary

Proano Commercial Group presents Cary Street Apartments, a fully occupied, seven-unit multifamily property in the heart of Cary, Illinois. The building features a mix of two studios and five one-bedroom units, with several recently updated, modernized apartments. With 100% occupancy, this well-maintained property ensures stable cash flow for investors, while offering additional income potential from an unfinished 408 sq. ft. basement that can be converted into storage or office space. Capital Improvements: 2022 full renovation Unit 104, 2022 full renovation Unit 111, 2023 full renovation unit 109C, 2023 full renovation unit 109 B, 2024 full renovation unit 109 D, 2022 new boiler, 2022 new water heater, 2024 new roof, 2024 new gutters, 2024 sealcoating, 2024 re-stripe parking lot.
Located just 200 feet from the Metra station, tenants enjoy easy access to downtown Cary and major transportation routes. The property also offers on-site laundry, private parking, and balconies in select units. With tenant-paid utilities such as water and electric, this is a prime investment opportunity for those seeking a reliable, income-generating asset in a highly accessible location.
The Village of Cary spans 5.9 square miles and is home to a population of 17,830. It is surrounded by a network of vibrant communities, with the Village of Algonquin to the south, the City of Crystal Lake to the northwest, the Village of Lake in the Hills to the west, Oakwood Hills to the north, and Fox River Grove to the east. The scenic Fox River forms Cary’s southern boundary, adding to the village’s natural charm. The property is conveniently located near residential and commercial properties, offering excellent access to both local amenities and business opportunities. Cary is a recipient of the prestigious Governor’s Hometown Award and has been recognized as a Tree City USA community since 2008. With its unique small-town character, Cary provides abundant opportunities for both residents and businesses, making it an ideal location for growth and community engagement.

Financial Summary (Actual - 2023) Click Here to Access

Annual Annual Per SF
Gross Rental Income $99,999 $9.99
Other Income $99,999 $9.99
Vacancy Loss $99,999 $9.99
Effective Gross Income $99,999 $9.99
Taxes $99,999 $9.99
Operating Expenses $99,999 $9.99
Total Expenses $99,999 $9.99
Net Operating Income $99,999 $9.99

Financial Summary (Actual - 2023) Click Here to Access

Gross Rental Income
Annual $99,999
Annual Per SF $9.99
Other Income
Annual $99,999
Annual Per SF $9.99
Vacancy Loss
Annual $99,999
Annual Per SF $9.99
Effective Gross Income
Annual $99,999
Annual Per SF $9.99
Taxes
Annual $99,999
Annual Per SF $9.99
Operating Expenses
Annual $99,999
Annual Per SF $9.99
Total Expenses
Annual $99,999
Annual Per SF $9.99
Net Operating Income
Annual $99,999
Annual Per SF $9.99

Property Facts

Price $875,000
Price Per Unit $125,000
Sale Type Investment
Cap Rate 6.65%
Gross Rent Multiplier 9.13
No. Units 7
Property Type Multifamily
Property Subtype
Apartment
  • Multifamily Dormitory
Apartment Style Low Rise
Building Class B
Lot Size 0.13 AC
Building Size 3,100 SF
Average Occupancy 100%
No. Stories 2
Year Built/Renovated 1865/2016
Parking Ratio 2.26/1,000 SF

Unit Amenities

  • Air Conditioning
  • Balcony
  • Microwave
  • Storage Space
  • Washer/Dryer
  • Heating
  • Ceiling Fans
  • Kitchen
  • Hardwood Floors
  • Refrigerator
  • Oven
  • Carpet
  • Porch

Site Amenities

  • Laundry Facilities
  • Public Transportation

Unit Mix Information

Description No. Units Avg. Rent/Mo SF
Studios 2 $1,050 225 - 300
1+1 5 $1,188 450 - 600

PROPERTY TAXES

PROPERTY TAXES

Parcel Number
19-13-279-008
Land Assessment
$26,315
Improvements Assessment
$141,266
Total Assessment
$167,581
Annual Taxes
($1) ($0.00/SF)
Tax Year
2023

zoning

Zoning Code B2
B2
  • Listing ID: 33506438

  • Date on Market: 10/13/2024

  • Last Updated:

  • Address: 109 Cary St, Cary, IL 60013

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