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465 N Mill Road 465 North Mill Road, Addison, IL 60101
Property Description
This is a very solid, income-producing 12-unit building that's easy to manage. With 10 two-bedroom units and 2 one-bedroom units-all fully leased-this property offers strong, steady rental income and an excellent cap rate. It's all brick, has been well cared for by a hands-on landlord, and sits in a convenient location near expressways, shopping, and parks. What makes this opportunity even more attractive is the significant amount of capital improvement already completed, eliminating the need for major work in the near future. Seven of the twelve units have been remodeled between 2016 and 2024, with the others updated through the years (all but one). In addition, the property features a brand new 26-space parking lot completed in 2025, a new A.O. Smith water heater (2024), upgraded attic insulation with R-38 Energy 360 (2020), a new boiler and control system (2020), and a new roof installed in 2018. There's no association, plenty of parking, double wide lot and minimal ongoing maintenance-making this an extremely investor-friendly property. It's rare to find a building this well-positioned, both physically and financially. If you're looking for a strong-performing asset in a great location with long-term upside, don't miss out on this one.
Full Address: 465 North Mill Road, Addison, IL 60101
Listing Type: FOR SALE
Status: Active
Zoning: R-4
Region: M-EN
County: DuPage County
Closest Cross Streets: N Mill Rd S of W Lake St
Use Type: Residential-Multi-Family
Property ID: 4080608
Heating: Yes
Parcel Num: 0320416004
Number Units: 12
Year Built: 1970
Free Standing: Yes
Number Parking Spaces: 26
Tenancy Type: Multi-Tenant
Consider Exchange: 1
Cash Flow Type: Actual
Cf Op Expenses: 59025
Cf Pre Tax: 156568
Cf Net Op Income: 4440