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Cortland Estates 230 McMillan Ct 96 Unit Apartment Building For Sale Cortland, IL 60112
Investment Highlights
- Placed in service in 1998 and all units are restricted to residents earning under 60% AMI
- Conveniently located near shopping, schools, and community parks.
- Located in Chicago market, adjacent to the city of Dekalb
- Offers a mix of two- and three-bedroom units suitable for families.
Executive Summary
Cortland Estates offers a rare opportunity to acquire a 96-unit LIHTC community in Dekalb County, one of Illinois’ fastest-growing regions. Located approximately 40 miles west of the Chicagoland area, this property was built in 1998 and operates under a 40-year income restriction agreement, providing long-term affordability compliance. The unit mix includes spacious two- and three-bedroom layouts, catering to families of various sizes and ensuring strong demand.
The property maintains a consistently high occupancy rate and features a range of amenities designed to enhance resident satisfaction. Positioned near Grove Shopping Center, Cortland Elementary School, and Cortland Area Community Park, the location offers convenient access to retail, dining, and recreational options. Residents also enjoy proximity to Town Center Park and nearby nature trails, creating a balanced lifestyle of convenience and outdoor activity.
For investors, Cortland Estates represents a stable, income-restricted asset with potential for operational optimization. Its location within a growing county and its established community appeal make it a compelling addition to any multifamily portfolio focused on affordable housing.
The property maintains a consistently high occupancy rate and features a range of amenities designed to enhance resident satisfaction. Positioned near Grove Shopping Center, Cortland Elementary School, and Cortland Area Community Park, the location offers convenient access to retail, dining, and recreational options. Residents also enjoy proximity to Town Center Park and nearby nature trails, creating a balanced lifestyle of convenience and outdoor activity.
For investors, Cortland Estates represents a stable, income-restricted asset with potential for operational optimization. Its location within a growing county and its established community appeal make it a compelling addition to any multifamily portfolio focused on affordable housing.
Financial Summary (Pro Forma - 2026) 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 (Pro Forma - 2026) 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
| Sale Type | Investment | Lot Size | 7.46 AC |
| No. Units | 96 | Building Size | 101,784 SF |
| Property Type | Multifamily | Average Occupancy | 93% |
| Property Subtype | Apartment | No. Stories | 2 |
| Apartment Style | Garden | Year Built | 2017 |
| Building Class | B |
| Sale Type | Investment |
| No. Units | 96 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Garden |
| Building Class | B |
| Lot Size | 7.46 AC |
| Building Size | 101,784 SF |
| Average Occupancy | 93% |
| No. Stories | 2 |
| Year Built | 2017 |
Amenities
Unit Amenities
- Cable Ready
- Dishwasher
- Disposal
- Washer/Dryer
- Washer/Dryer Hookup
- Kitchen
Site Amenities
- Clubhouse
- Fitness Center
- Picnic Area
- Playground
- Property Manager on Site
- Grill
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 2+1 | 24 | $1,293 | 888 |
| 3+2 | 72 | $1,493 | 1,121 |
Somewhat walkable
20/100
Exceptionally drivable
90/100
Somewhat bikeable
30/100
Property Taxes
| Parcel Number | 09-20-102-001 | Total Assessment | $1,740,364 (2024) |
| Land Assessment | $275,458 (2024) | Annual Taxes | ($1) ($0.00/SF) |
| Improvements Assessment | $1,464,906 (2024) | Tax Year | 2026 |
Property Taxes
Parcel Number
09-20-102-001
Land Assessment
$275,458 (2024)
Improvements Assessment
$1,464,906 (2024)
Total Assessment
$1,740,364 (2024)
Annual Taxes
($1) ($0.00/SF)
Tax Year
2026
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Cortland Estates | 230 McMillan Ct
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