441 W Main St
- New Construction -- Built in 2024, Requiring Zero Near-Term Capital Expenditure
- Unique Adaptive Reuse Schoolhouse with 13-Foot Ceilings and Modern Finishes
- Strong Returns -- 7.33% Stabilized Capitalization Rate
- Exceptional Debt Coverage -- 1.50x Stabilized DSCR Reflecting Strong Operational Stability
- Additional Income Potential Through Garage Parking Monetization and Utility Billback Program
Property Description
Essex Realty Group, LLC has been exclusively engaged to market for sale Schoolhouse Apartments, a 10-unit multifamily portfolio consisting of three buildings located at 435, 441, and 447 W Main Street in Cary, Illinois. The portfolio features two newly constructed buildings completed in 2024 alongside the original schoolhouse at 441 W Main Street, which underwent a full gut renovation in 2024. The offering includes six (6) three-bedroom/two-bathroom apartments at 1,200 square feet and four (4) two-bedroom/one-bathroom apartments at 900 square feet. The centerpiece of the portfolio is 441 W Main Street, an adaptive reuse of a historic schoolhouse converted into four modern apartments featuring 13-foot ceilings, rustic finishes, and a distinctive vintage aesthetic. The flanking buildings at 435 and 447 W Main Street are newly constructed three-flat buildings, each containing three spacious three-bedroom/two-bathroom apartments units. All units feature in-unit washer and dryer, modern finishes, central air conditioning, and individual gas forced-air heat. The property includes ten (10) single-car garages, 10 slab spaces, security cameras, and individual sprinkler and alarm systems in each building. The Schoolhouse Apartments is 100% occupied and generates $276,000 in annual apartment income. Current rents are below market, presenting a clear path to increased cash flow through measured rent adjustments. Additional income potential exists through the monetization of garage parking and implementation of a water and scavenger utility billback program. At stabilization, the forecasted net operating income supports a 1.50x debt service coverage ratio, reflecting exceptional operational stability and providing substantial financing flexibility. As new construction, the property requires no near-term capital expenditure and offers a virtually maintenance-free ownership experience. The portfolio is located in Cary, a desirable McHenry County suburb served by the Cary Metra station on the Union Pacific Northwest Line, with direct access to U.S. Route 14 and proximity to Crystal Lake's expanding retail and employment corridors. The Village of Cary recently approved $12.35 million in public funding for a 236-unit mixed-use residential development at the former Maplewood School site, signaling strong municipal commitment to residential growth and long-term investment in the community.
Key Property Information
| Listing Status: | Unavailable |
|---|---|
| Listing Type: | Call for offers |
| Property Types: | Apartment Buildings |
| Price: | $2,750,000 |
| No. of Units: | 10 |
| Opportunity Zone: | No |
| Price per unit: | $275,000 |
| Property Website | Click Here |
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