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Elgin 60123 Southwest Elgin
514 Willis Street
$145,000
● House - Off Market

514 Willis Street

Elgin, IL 60123
bedrooms
2 Beds
bathrooms
1 Bath
square feet
725 Ft²
$167,260
RealtyHop Estimate
11.51%
Since Dec 1, 2021
National-US
Primary Model

About This Property

Great Investments Opportunity!!!.  Selling a cute 2 bedroom rental property in the Grohlic Park neighborhood.  Minutes from downtown Elgin, public transportation and Rt 20.  Current tenants are current on rent and have a lease ending May 20, 2022.  Call me to make an appointment!
Unit Size
725 Ft²
Days on Market
-
Land Size
0.15 acres
Price per sqft
$207
Property Type
House
Property Taxes
$269
HOA Dues
-
Year Built
1951

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Cap Rate Calculator

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Cap Rate 100% Occupancy
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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 #11184728)

Price History

Date / Event Date Event Price
Nov 3, 2021 Sold
Premium
Sold
Aug 10, 2021 Listed by Kale Realty $149,999
Listed by Kale Realty

Property Highlights

Garage
Air Conditioning

Building Info

Overview

    General

  • Year Built: 1951
  • Effective Year Built: 1951
  • Building Count: 1
  • Total Rooms: 4
  • Bedroom Count: 2
  • Bathroom Count: 1
  • Full Bathrooms: 1
  • Partial Bathrooms: 1
  • 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: 725
  • Garage Type: 4
  • Parking Space Count: 1
  • Patio Type: 0
  • Porch Type: 0
  • Pool Type: 0

    Dimensions

  • Lot Size Square Feet: 6,435
  • Lot Size Depth Feet: 1,320
  • Lot Size Frontage Feet: 490
  • Total Building Area: 1,450
  • Gross Building Area: 1,450
  • Building Area: 725
  • Building Area Measurement: L

    Heating and Cooling

  • Air Conditioning: 13
  • Heating: 0
  • Heated Square Feet: 725
  • Heating Fuel Type: 0

    Utilities

  • Sewer System: 0
  • Water Service: 0

Building

  • Building Type: 0
  • Property Class: R
  • Subdivision: R D JOHNSONS ADDN
  • Land Acres: 0000000148
  • Standard Land Use Code: 1000
  • County Land Use Code: 0040
  • State Land Use Code: 0040
  • Legal Description 1: R D JOHNSONS ADDN LOT 4

Neighborhood

  • School District Name: School District U-46
  • Census Tract: 851600

Geography

  • Parcel: 06-24-162-013
  • Lot: 4
  • Municipality: ELGIN
  • Latitude: 42.0228
  • Longitude: -88.2786

    Address

  • Full Address: 514 Willis St
  • Address - House Number: 514
  • Address - Street Name: Willis
  • Address - Suffix Type: St
  • State: IL
  • City Name: Elgin
  • Carrier Code: C046
  • 4-Digit Zip Code: 7746
  • Zip Code: 60123

Valuation

    Tax

  • Tax Year: 2022
  • Tax Amount: $343,316
  • Tax Rate Code Area: EL005

    Appraisal Valuation

  • Standard Deviation: 0.1586
  • Valuation Date: Feb 14, 2024
  • Confidence Score: 80
  • Final Value: 172,721
  • High Value: 200,126
  • Low Value: 145,316

    Market Valuation

  • Market Total Value: $118,827
  • Market Land Value: $29,856
  • Market Improvement Value: $88,971

    Assessments Valuation

  • Assessed Year: 2022
  • Assessed Total Value: $39,593
  • Assessed Land Value: $9,948
  • Assessed Improvements Value: $29,645

    Sales

  • Current Sale Contract Date: Oct 29, 2021
  • Current Sale Recording Date: Nov 08, 2021
  • Current Sale Price:
    Premium
  • Current Sale Document Type: 71
  • Current Sale Input Document Number: 2021K084263
  • Previous Sale Recording Date: Nov 08, 1995
  • Previous Sale Contract Date: May 06, 1995
  • Previous Sale Document Type: 51

    Financing

  • First Mortgage Financing Type: FIX
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 Southwest Elgin

Stats & Trends

Median Asking:

$299,000

Sale Price/ft²

$203

Below Asking

0.01%

Average Days on Market

43

Average Home Size

1911 ft²

Average Home Age

49.8 years

Currently For Sale

13 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 653 Jay Street, Elgin, IL, 60120

$1,800 /mo

  • 2 Beds
  • 1 Bath
  • 720 ft²
653 Jay Street, Elgin, IL, 60120 Listing by Arthur Stec

Rentals Near You

Click here to view more rentals in the neighborhood.
MRED

Listed by: Joshua Chou, Kale Realty
Last Updated: 3 years ago
Data Source: MRED, MLS# 11184728
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 514 Willis Street built and last sold?
The property at 514 Willis Street was built in 1951 and last sold on Oct 29, 2021 for $145,000.
How much is this home worth?
The estimated value of the home located at 514 Willis Street is $152,150.
What are some comparable homes to 514 Willis Street?
There are currently no comparable homes to 514 Willis Street.
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