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506 N Linden St 8 Unit Apartment Building $929,000 ($116,125/Unit) 7.18% Cap Rate Normal, IL 61761
INVESTMENT HIGHLIGHTS
- Strong student rental market
- 1 and 2 bedroom units that are affordable for students and easily rentable.
- Great brick building with newer roof!
EXECUTIVE SUMMARY
Well-maintained 8-unit multifamily property in a prime location just minutes from Illinois State University, offering a strong and proven student rental market. The building features a desirable mix of highly rentable 1- and 2-bedroom units with consistent demand and solid cash-flow potential. Significant capital improvements have been completed, including a new roof in 2024 along with numerous interior and exterior upgrades that have positioned rents at nearly double their prior levels. These updates reduce future maintenance concerns while enhancing tenant appeal and long-term value. Ideal for investors seeking a stabilized asset in a high-demand rental corridor with continued upside. Strong location, quality improvements, and reliable tenant base make this a compelling addition to any portfolio. All numbers in this listing are based on rental projections for 2026/27 school year.
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
| Price | $929,000 | Property Subtype | Apartment |
| Price Per Unit | $116,125 | Apartment Style | Low-Rise |
| Sale Type | Investment | Building Class | C |
| Cap Rate | 7.18% | Lot Size | 0.40 AC |
| Gross Rent Multiplier | 7.37 | Building Size | 9,729 SF |
| No. Units | 8 | No. Stories | 2 |
| Property Type | Multifamily | Year Built | 1971 |
| Zoning | R-1B | ||
| Price | $929,000 |
| Price Per Unit | $116,125 |
| Sale Type | Investment |
| Cap Rate | 7.18% |
| Gross Rent Multiplier | 7.37 |
| No. Units | 8 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.40 AC |
| Building Size | 9,729 SF |
| No. Stories | 2 |
| Year Built | 1971 |
| Zoning | R-1B |
AMENITIES
UNIT AMENITIES
- Kitchen
- Tub/Shower
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| 1+1 | 4 | $1,159 | 711 |
| 2+1 | 4 | $1,378 | 825 |
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PROPERTY TAXES
| Parcel Number | 14-27-113-001 | Total Assessment | $123,747 (2024) |
| Land Assessment | $25,241 (2024) | Annual Taxes | ($1) ($0.00/SF) |
| Improvements Assessment | $98,506 (2024) | Tax Year | 2026 |
PROPERTY TAXES
Parcel Number
14-27-113-001
Land Assessment
$25,241 (2024)
Improvements Assessment
$98,506 (2024)
Total Assessment
$123,747 (2024)
Annual Taxes
($1) ($0.00/SF)
Tax Year
2026
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506 N Linden St
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