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Normal 61761
502 Hovey Avenue
$159,900
● House - Off Market

502 Hovey Avenue

Normal, IL 61761
bedrooms
4 Beds
bathrooms
3 Baths
square feet
2,696 Ft²
$168,743
RealtyHop Estimate
5.53%
Since Dec 1, 2022
National-US
Primary Model

About This Property

One look and you'll fall in love with this historic home.   A rare find in that you have 4 bedrooms and 2 fulls bathroom along with potential income property to the outside walk up studio apartment with kitchenette and full bath.  9ft ceilings, pocket doors, original hardwoods along stylish flooring, unique lighting, replacement windows and some stainless style appliances.  The perfect mash up of old and new.  Nice size bedrooms with closets that are larger than the typical size of homes built in this era.   You also have alley access for additional parking and private backyard space.   You get the benefits of being in Glenn Elementary, a few blocks to ISU and uptown, parks, the constitution trial and all the things we love about this residential district.  Why not come and take a look for yourself?
Unit Size
2,696 Ft²
Days on Market
-
Land Size
-
Price per sqft
$59
Property Type
House
Property Taxes
$275
HOA Dues
-
Year Built
1918

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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 #11632726)

Price History

Date / Event Date Event Price
Nov 11, 2022 Sold
Premium
Sold
Sep 30, 2022 Listed by RE/MAX Rising $159,900
Listed by RE/MAX Rising

Property Highlights

Garage
Air Conditioning

Building Info

Overview

    General

  • Year Built: 1918
  • Effective Year Built: 1918
  • Building Count: 1
  • Total Rooms: 8
  • Bedroom Count: 3
  • Bathroom Count: 3
  • Full Bathrooms: 3
  • Partial Bathrooms: 3
  • Building Condition: 3
  • Building Quality: 7
  • Construction Type: 0
  • Building Style: 0
  • Exterior Walls Type: 0
  • Interior Walls Type: 0
  • Roof Shape Type: 0
  • Roof Cover Type: 15
  • Floor Count: 200
  • Floor Cover: 0
  • Basement Type: 8
  • Basement Area: 873
  • Garage Type: 7
  • Garage Square Area: 315
  • Parking Space Count: 0
  • Patio Type: 0
  • Porch Type: 81
  • Pool Type: 0

    Dimensions

  • Lot Size Square Feet: 6,607
  • Lot Size Depth Feet: 1,320
  • Lot Size Frontage Feet: 500
  • Total Building Area: 3,291
  • Building Area: 2,418
  • Building Area Measurement: L

    Heating and Cooling

  • Air Conditioning: 1
  • Heating: 4
  • Heated Square Feet: 2,418
  • Heating Fuel Type: 3

    Utilities

  • Sewer System: 0
  • Water Service: 0

Building

  • Building Type: 0
  • Property Class: R
  • Subdivision: BANES ADD
  • Land Acres: 0000000152
  • Standard Land Use Code: 1000
  • County Land Use Code: 0040
  • Legal Description 1: BANES ADD LOT 9 BLK 1

Neighborhood

  • School District Name: McLean County Unit School District 5
  • Census Tract: 000400

Zoning

  • Zoning: R-1B

Geography

  • District: 30
  • Parcel: 14-28-457-025
  • Block: 1
  • Lot: 9
  • Meridian: SEC 28 TWN 24N RNG 02E
  • Municipality: NORMAL
  • Latitude: 40.5027
  • Longitude: -88.9896

    Address

  • Full Address: 502 Hovey Ave
  • Address - House Number: 502
  • Address - Street Name: Hovey
  • Address - Suffix Type: Ave
  • State: IL
  • City Name: Normal
  • Carrier Code: C045
  • 4-Digit Zip Code: 3523
  • Zip Code: 61761

Valuation

    Tax

  • Tax Year: 2022
  • Tax Amount: $345,028
  • Tax Rate Code Area: 3001

    Appraisal Valuation

  • Standard Deviation: 0.1801
  • Valuation Date: Feb 28, 2024
  • Confidence Score: 76
  • Final Value: 171,257
  • High Value: 202,113
  • Low Value: 140,402

    Market Valuation

  • Market Total Value: $133,227
  • Market Land Value: $24,063
  • Market Improvement Value: $109,164

    Assessments Valuation

  • Assessed Year: 2022
  • Assessed Total Value: $44,409
  • Assessed Land Value: $8,021
  • Assessed Improvements Value: $36,388

    Sales

  • Current Sale Contract Date: Nov 10, 2022
  • Current Sale Recording Date: Nov 22, 2022
  • Current Sale Price:
    Premium
  • Current Sale Document Type: 71
  • Current Sale Input Document Number: 20517
  • Previous Sale Recording Date: Oct 19, 2010
  • Previous Sale Contract Date: Oct 08, 2010
  • Previous Sale Amount: $131,500
  • Previous Sale Document Type: 71
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 Normal

Stats & Trends

Median Asking:

$275,000

Sale Price/ft²

$120

Below Asking

0.01%

Average Days on Market

43

Average Home Size

2114 ft²

Average Home Age

42.1 years

Currently For Sale

41 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

Unit for rent at 1313 E Washington Street, Bloomington, IL, 61701

$2,400 /mo

  • 5 Beds
  • 2 Baths
  • 3,525 ft²
1313 E Washington Street, Bloomington, IL, 61701 Listing by Colleen Zerebny

Rentals Near You

Click here to view more rentals in the neighborhood.
MRED

Listed by: Allison Smith, RE/MAX Rising
Last Updated: 3 years ago
Data Source: MRED, MLS# 11632726
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 502 Hovey Avenue built and last sold?
The property at 502 Hovey Avenue was built in 1918 and last sold on Nov 10, 2022 for $160,000.
How much is this home worth?
The estimated value of the home located at 502 Hovey Avenue is $0.
What are some comparable homes to 502 Hovey Avenue?
There are currently no comparable homes to 502 Hovey Avenue.
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