109 Cary StCary, IL 60013

Property Details for 109 Cary St

Year built

1865

Lot size

0.13 AC

Property size (Sq ft)

3,668 SF

Property type

Apartment buildings

Description

This stabilized multifamily investment property, located at 109 Cary St, Cary, IL 60013, presents a compelling opportunity. The 3,668 square foot, two-story building boasts seven units: two studios and five one-bedroom apartments. Currently operating at 100% occupancy (as of October 13, 2024), it generates a substantial net operating income (NOI) of $58,164, yielding a 6.65% cap rate. The asking price is $875,000, translating to $238.55 per square foot of net rentable area (3,100 sq ft). Built in 1865 and extensively renovated in 2022 (including new boiler and water heater), the property features a new roof, gutters, and resealed parking lot (all completed in 2024). Seven parking spaces are available on-site. The property sits on a 0.13-acre lot, zoned B-2, and is conveniently located just 200 feet from the Metra train station. Recent renovations include complete overhauls of several units in 2022 and 2023. An unfinished 408 sq ft basement offers potential for additional income generation. Tenants enjoy on-site laundry and select units feature balconies. Water and electricity are tenant-paid. This fee-simple ownership opportunity is ideal for a 1031 exchange.

Location Insight

City

Cary

County

McHenry

State

Illinois

Latitude

42.2078

Longitude

-88.2416

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