465 N Mill Rd - Apartments FOR SALE


Addison, IL 60101
$1,946,700 USD
630-707-1776
465 N Mill Rd, Addison, IL for Sale
$1,946,700 USD
Apartments - FOR SALE
1/34
null | 8.2% Cap Rate

465 N Mill Rd
Addison, IL 60101


OVERVIEW

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, 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.

FOR SALE DETAILS

PRICE

$1,946,700 USD

PRICE/SF

$161 USD /SF

# OF UNITS

12

PRICE/UNIT

$162,225

CAP RATE

8.2%

% LEASED

100%

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

Lake-Mill Apartments

PROPERTY TYPE

Multi-Family

APARTMENT STYLE

Low-Rise

PROPERTY SUBTYPE

Apartments

TOTAL BUILDING SIZE

-

STORIES

3

YEAR BUILT

1970

PARKING SPACES

28

LAND DETAILS

LAND ACRES

-

LAND SF

-

ZONING

-

APN/PARCEL ID

03-20-416-004

ASK ABOUT THIS PROPERTY

Ralph BinettiRE/MAX SuburbanMore Info
630-707-1776

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Ralph BinettiRE/MAX SuburbanMore Info
630-707-1776

By clicking the button, you agree to Showcase's Terms of Use and Privacy Policy.