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Elgin 60123 Northwest Elgin
413 N melrose Avenue
$269,000
● House - Off Market

413 N melrose Avenue

Elgin, IL 60123
bedrooms
3 Beds
bathrooms
2 Baths, 1 Half Bath
square feet
1,440 Ft²
$1,792
Est. Monthly
9.31%
Cap Rate

About This Property

DON'T MISS OUT! Spacious ranch home nicely located in Wing Park. Home offers 3 bedrooms, 1.1 bathroom, finished basement and a 1-car garage on a nice-sized lot. Separate kitchen and dining room with lots of windows and pocket doors throughout. Home has an addition including a large family room and doors leading to the patio with separate furnace and A/C. Good sized bedrooms with walk in closets in each. Basement has a finished rec room, pool table area, half bath & plenty of storage. Pool table stays! Owner thinks the wood floors are under carpet. Property being sold as-is. Located near Kimball Middle School, shopping and transportation.
Unit Size
1,440 Ft²
Days on Market
-
Land Size
0.20 acres
Price per sqft
$197
Property Type
House
Property Taxes
$397
HOA Dues
-
Year Built
1959

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Cap Rate Calculator

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Cap Rate 100% Occupancy
N/A (extreme outlier)

What does this mean?

Based on our analysis, the cap rate of this property is 1.25%. A negative cap rate indicates that the property might not be feasible as an income-producing asset. The median cap rate for a near zip code 11238 is 4.23%.

How much can I actually make?

Actual monthly rental income may vary between $4,760 and $7,140 depending on unit-specific characteristics. You can change the amount using the slider to further explore.

How is cap rate calculated?

Cap Rate = Net Operating Income (NOI) / Property Asset Value.

When calculating the cap rate, we assume 100% occupancy. Leverage (mortgage) is not considered.

Cap Rate provided by RealtyHop and RentHop, learn more about cap rate here.

Last updated: 3 years ago (MRED MLS #11938941)

Price History

Date / Event Date Event Price
Dec 29, 2023 Sold
Premium
Sold
Nov 29, 2023 Listed by Berkshire Hathaway HomeServices Starck Real Estate $284,000
Listed by Berkshire Hathaway HomeServices Starck Real Estate

Property Highlights

Air Conditioning

Building Info

Overview

    General

  • Year Built: 1959
  • Effective Year Built: 1959
  • Building Count: 1
  • Total Rooms: 5
  • Bedroom Count: 3
  • Bathroom Count: 2
  • Full Bathrooms: 1
  • Partial Bathrooms: 2
  • Building Condition: 0
  • Building Quality: 0
  • Construction Type: 6
  • Building Style: 0
  • Exterior Walls Type: 0
  • Interior Walls Type: 0
  • Roof Shape Type: 0
  • Roof Cover Type: 0
  • Floor Count: 100
  • Living Units: 1
  • Floor Cover: 0
  • Basement Type: 8
  • Basement Area: 1,188
  • Garage Type: 1
  • Parking Space Count: 1
  • Patio Type: 0
  • Porch Type: 0
  • Pool Type: 0

    Dimensions

  • Lot Size Square Feet: 8,960
  • Lot Size Depth Feet: 1,120
  • Lot Size Frontage Feet: 800
  • Total Building Area: 2,628
  • Gross Building Area: 2,628
  • Building Area: 1,440
  • Building Area Measurement: L

    Heating and Cooling

  • Air Conditioning: 13
  • Heating: 0
  • Heated Square Feet: 1,440
  • Heating Fuel Type: 0

    Utilities

  • Sewer System: 0
  • Water Service: 0

Building

  • Building Type: 0
  • Property Class: R
  • Subdivision: WING PARK MANOR ADDN
  • Land Acres: 0000000206
  • Standard Land Use Code: 1001
  • County Land Use Code: 0040
  • State Land Use Code: 0040
  • Legal Description 1: WING PARK MANOR ADDN LOT 11 BLOCK 9

Neighborhood

  • School District Name: School District U-46
  • Census Tract: 851102

Geography

  • Parcel: 06-15-202-002
  • Block: 9
  • Lot: 11
  • Municipality: ELGIN
  • Latitude: 42.0437
  • Longitude: -88.3081

    Address

  • Full Address: 413 N Melrose Ave
  • Address - House Number: 413
  • Street Direction: N
  • Address - Street Name: Melrose
  • Address - Suffix Type: Ave
  • State: IL
  • City Name: Elgin
  • Carrier Code: C048
  • 4-Digit Zip Code: 3305
  • Zip Code: 60123

Valuation

    Tax

  • Tax Year: 2022
  • Tax Amount: $476,384
  • Tax Rate Code Area: EL005

    Appraisal Valuation

  • Standard Deviation: 0.0882
  • Valuation Date: Jan 17, 2024
  • Confidence Score: 92
  • Final Value: 281,650
  • High Value: 306,515
  • Low Value: 256,786

    Market Valuation

  • Market Total Value: $197,896
  • Market Land Value: $52,992
  • Market Improvement Value: $144,904

    Assessments Valuation

  • Assessed Year: 2022
  • Assessed Total Value: $65,939
  • Assessed Land Value: $17,657
  • Assessed Improvements Value: $48,282

    Exemptions

  • Senior Citizen Exemption : Yes
  • Homeowner Exemption: Yes

    Sales

  • Current Sale Contract Date: Dec 29, 2023
  • Current Sale Recording Date: Jan 08, 2024
  • Current Sale Price:
    Premium
  • Current Sale Document Type: 33
  • Current Sale Input Document Number: 657
Data used for valuation calculations is provided by RealtyHop, and other third party sources
Request mortgage information redaction

Comparables

Unit
Status
Type
Beds
Baths
ft²
Price/ft²
Asking Price
Listed On
Closing Price
Sold On
HOA + Taxes

About Northwest Elgin

Stats & Trends

Median Asking:

$370,000

Sale Price/ft²

$201

Below Asking

0.01%

Average Days on Market

44

Average Home Size

1570 ft²

Average Home Age

45.3 years

Currently For Sale

37 Listings
Based on RH Advisors, Inc. calculations of home data from MLS and/or public records.

Similar Homes for Sale

Currently no similar homes around

Nearby Rentals

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MRED

Listed by: Steve Olszewski, Berkshire Hathaway HomeServices Starck Real Estate
Last Updated: 3 years ago
Data Source: MRED, MLS# 11938941
All data is obtained from various sources and may not have been verified by broker or MLS GRID. Supplied Open House Information is subject to change without notice. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information. Some IDX listings have been excluded from this website. The listing broker’s offer of compensation is made only to participants of the MLS where the listing is filed.

Frequently Asked Questions

When was property at 413 North Melrose Avenue built and last sold?
The property at 413 North Melrose Avenue was built in 1959 and last sold on Dec 29, 2023 for $269,000.
How much is this home worth?
The estimated value of the home located at 413 North Melrose Avenue is $0.
What are some comparable homes to 413 North Melrose Avenue?
There are currently no comparable homes to 413 North Melrose Avenue.
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