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928 W Hillcrest Dr 15,106 SF Specialty Building Offered at $950,000 at a 8.21% Cap Rate in Dekalb, IL 60115
Executive Summary
Positioned in the core of Northern Illinois University’s premier Greek Row, 928 W Hillcrest offers investors a fully leased, cash-flowing fraternity asset in one of the most supply-constrained student housing niches in the Midwest.
The property is secured by a net lease to Sigma Alpha Epsilon with 100% occupancy commencing 2025, delivering predictable income with minimal landlord responsibility. The building consists of approximately 30 rooms and is purpose-built for fraternity operations, including communal baths, chapter rooms, study areas, dining facilities, and a commercial kitchen.
Recent capital improvements—including new fire suppression systems, upgraded mechanicals, and a 2024 boiler refurbishment—significantly reduce near-term capex and ensure compliance with modern safety standards.
Additional features include a 32-car parking lot, outdoor deck, and recreation space, enhancing tenant retention and long-term usability.
Located within walking distance to NIU and near the planned $16M Greek Life Center, this asset benefits from institutional investment and sustained demand.
The property is secured by a net lease to Sigma Alpha Epsilon with 100% occupancy commencing 2025, delivering predictable income with minimal landlord responsibility. The building consists of approximately 30 rooms and is purpose-built for fraternity operations, including communal baths, chapter rooms, study areas, dining facilities, and a commercial kitchen.
Recent capital improvements—including new fire suppression systems, upgraded mechanicals, and a 2024 boiler refurbishment—significantly reduce near-term capex and ensure compliance with modern safety standards.
Additional features include a 32-car parking lot, outdoor deck, and recreation space, enhancing tenant retention and long-term usability.
Located within walking distance to NIU and near the planned $16M Greek Life Center, this asset benefits from institutional investment and sustained demand.
Financial Summary (Actual - 2025) |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$122,707
|
$8.12
|
| Other Income |
-
|
-
|
| Vacancy Loss |
-
|
-
|
| Effective Gross Income |
$122,707
|
$8.12
|
| Taxes |
$17,700
|
$1.17
|
| Operating Expenses |
-
|
-
|
| Total Expenses |
$17,700
|
$1.17
|
| Net Operating Income |
-
|
-
|
Financial Summary (Actual - 2025)
| Gross Rental Income | |
|---|---|
| Annual | $122,707 |
| Annual Per SF | $8.12 |
| Other Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Effective Gross Income | |
|---|---|
| Annual | $122,707 |
| Annual Per SF | $8.12 |
| Taxes | |
|---|---|
| Annual | $17,700 |
| Annual Per SF | $1.17 |
| Operating Expenses | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Total Expenses | |
|---|---|
| Annual | $17,700 |
| Annual Per SF | $1.17 |
| Net Operating Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
Property Facts
| Price | $950,000 | Lot Size | 0.76 AC |
| Price Per SF | $62.89 | Building Size | 15,106 SF |
| Sale Type | Investment | No. Stories | 3 |
| Cap Rate | 8.21% | Year Built | 1969 |
| Property Type | Specialty | Parking Ratio | 2.12/1,000 SF |
| Property Subtype | Sorority/Fraternity House | Opportunity Zone |
Yes
|
| Building Class | B | ||
| Zoning | RM - Fraternity and sorority houses | ||
| Price | $950,000 |
| Price Per SF | $62.89 |
| Sale Type | Investment |
| Cap Rate | 8.21% |
| Property Type | Specialty |
| Property Subtype | Sorority/Fraternity House |
| Building Class | B |
| Lot Size | 0.76 AC |
| Building Size | 15,106 SF |
| No. Stories | 3 |
| Year Built | 1969 |
| Parking Ratio | 2.12/1,000 SF |
| Opportunity Zone |
Yes |
| Zoning | RM - Fraternity and sorority houses |
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Fairly walkable
40/100
Moderately drivable
70/100
Some public transit
50/100
Moderately bikeable
60/100
Property Taxes
| Parcel Number | 08-15-178-002 | Total Assessment | $218,762 (2024) |
| Land Assessment | $49,512 (2024) | Annual Taxes | $17,700 ($1.17/SF) |
| Improvements Assessment | $169,250 (2024) | Tax Year | 2025 |
Property Taxes
Parcel Number
08-15-178-002
Land Assessment
$49,512 (2024)
Improvements Assessment
$169,250 (2024)
Total Assessment
$218,762 (2024)
Annual Taxes
$17,700 ($1.17/SF)
Tax Year
2025
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928 W Hillcrest Dr
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