5 Illinois Avenue
About This Property
Bring your tools, vision, and creativity - this split-level home is ready for a full makeover! With solid bones and a classic layout, it's the kind of property that rewards effort. The exterior needs attention, the interior is due for updates, and the whole space is waiting for someone to give it the TLC it deserves. Whether you're planning a full renovation, a flip, or a personalized dream home project, this is the perfect blank canvas to make it happen. Set in the highly sought-after Brookwood 1 neighborhood, this property offers an unbeatable location on a quiet, tree-lined street surrounded by well-kept homes. It features a wide driveway, attached garage, and a spacious front yard with mature trees providing the perfect backdrop for enhancing curb appeal. The brick and shingle facade has vintage character that can easily be brought back to life with some paint, landscaping, and elbow grease.
Inside, you'll find a flexible layout that lends itself beautifully to a modern redesign. With the right updates, this home could easily become a showpiece in one of Jackson's most desirable communities. Perfect for investors, contractors, or end users looking to add value through renovation this one's a diamond in the rough waiting to shine again.
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Cap Rate Calculator
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.
Price History
| Date / Event | Date | Event | Price |
|---|---|---|---|
| Dec 4, 2025 | Sold | ||
| Sold | |||
| Nov 10, 2025 | In contract | - | |
| In contract | |||
| Nov 5, 2025 | Listed by HomeSmart First Advantage | $499,000 | |
| Listed by HomeSmart First Advantage | |||
Phone: 425-283-2930
Address: 335 Madison Avenue, New York, NY 10017