eXp Commercial is pleased to present to the market 924 Greenbrier, a 24-unit multifamily property in DeKalb, IL, just north of Northern Illinois University and approximately sixty-five miles west of Chicago. The building, which the City of DeKalb has designated as a rooming house, has 24 one-room units—twelve on each floor—along with a 3-stall, 3-shower community bathroom on each level and a half bathroom on the first floor. It includes communal living and eating areas, a commercial kitchen that meets code requirements, and a dining area.

Fully licensed through August 2024 with no outstanding building code violations, this property has significant upside potential after its recent transition from student housing to affordable, all-inclusive market-rate rentals. Constructed with brick and block flexicore, this two-story building has a gabled, shingled roof, replaced about ten years ago, and a newly installed, efficient gas-powered radiant floor heating system as of February 2024.

Fully equipped with sprinklers, it offers excellent sound insulation between units and floors, in addition to reduced insurance rates. The property as well as a professionally installed, monitored fire alarm system. The parking lot is in good condition, having been recently patched, slurry coated, and re-striped, with numbered assigned parking spaces.

Ideally located just north of Northern Illinois University, it benefits from the rental demand of both students and local residents. DeKalb's economic drivers, including Northwestern Medicine, General Electric, Monsanto, 3M, Nestlé, and Ferrara Candy Company, along with its status as a satellite city to Chicago, make it a solid investment.

Gross Income: $114,600

NOI $74,168.00

Cao Rate: 6.18%

Proforma Cap Rate: 9.09%