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506 N Linden St 8 Unit Apartment Building $1,138,300 CAD ($142,287 CAD/Unit) 8.04% Cap Rate Normal, IL 61761
Investment Highlights
- Strong student rental market
- 1 and 2 bedroom units that are affordable for students and easily rentable.
- Great brick building with newer roof!
Executive Summary
Well-maintained 8-unit multifamily property in a prime location just minutes from Illinois State University, offering a strong and proven student rental market. The building features a desirable mix of highly rentable 1- and 2-bedroom units with consistent demand and solid cash-flow potential. Significant capital improvements have been completed, including a new roof in 2024 along with numerous interior and exterior upgrades that have positioned rents at nearly double their prior levels. These updates reduce future maintenance concerns while enhancing tenant appeal and long-term value. Ideal for investors seeking a stabilized asset in a high-demand rental corridor with continued upside. Strong location, quality improvements, and reliable tenant base make this a compelling addition to any portfolio. All numbers in this listing are based on rental projections for 2026/27 school year.
Financial Summary (Pro Forma - 2026) Click Here to Access |
Annual (CAD) | Annual Per SF (CAD) |
|---|---|---|
| Gross Rental Income |
$99,999
|
$9.99
|
| Other Income |
$99,999
|
$9.99
|
| Vacancy Loss |
$99,999
|
$9.99
|
| Effective Gross Income |
$99,999
|
$9.99
|
| Taxes |
$99,999
|
$9.99
|
| Operating Expenses |
$99,999
|
$9.99
|
| Total Expenses |
$99,999
|
$9.99
|
| Net Operating Income |
$99,999
|
$9.99
|
Financial Summary (Pro Forma - 2026) Click Here to Access
| Gross Rental Income (CAD) | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Other Income (CAD) | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Vacancy Loss (CAD) | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Effective Gross Income (CAD) | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Taxes (CAD) | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Operating Expenses (CAD) | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Total Expenses (CAD) | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Net Operating Income (CAD) | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
Property Facts
| Price | $1,138,300 CAD | Property Subtype | Apartment |
| Price Per Unit | $142,287 CAD | Apartment Style | Low-Rise |
| Sale Type | Investment | Building Class | C |
| Cap Rate | 8.04% | Lot Size | 0.41 AC |
| Gross Rent Multiplier | 7.37 | Building Size | 9,729 SF |
| No. Units | 8 | No. Stories | 2 |
| Property Type | Multifamily | Year Built | 1971 |
| Zoning | R-1B - Residential | ||
| Price | $1,138,300 CAD |
| Price Per Unit | $142,287 CAD |
| Sale Type | Investment |
| Cap Rate | 8.04% |
| Gross Rent Multiplier | 7.37 |
| No. Units | 8 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.41 AC |
| Building Size | 9,729 SF |
| No. Stories | 2 |
| Year Built | 1971 |
| Zoning | R-1B - Residential |
Amenities
Unit Amenities
- Air Conditioning
- Heating
- Kitchen
- Range
- Tub/Shower
Site Amenities
- 24 Hour Access
- Tenant Controlled HVAC
- Trash Pickup - Door to Door
- Walk-Up
- Smoke Detector
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 1 | $1,591 CAD | 711 |
| 2+1 | 7 | $1,892 CAD | 825 |
1 1
Moderately walkable
60/100
Moderately drivable
60/100
Some public transit
40/100
Fairly bikeable
50/100
Property Taxes
| Parcel Number | 14-27-113-001 | Total Assessment | $169,917 CAD (2024) |
| Land Assessment | $34,658 CAD (2024) | Annual Taxes | -$1 CAD ($0.00 CAD/SF) |
| Improvements Assessment | $135,259 CAD (2024) | Tax Year | 2026 |
Property Taxes
Parcel Number
14-27-113-001
Land Assessment
$34,658 CAD (2024)
Improvements Assessment
$135,259 CAD (2024)
Total Assessment
$169,917 CAD (2024)
Annual Taxes
-$1 CAD ($0.00 CAD/SF)
Tax Year
2026
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506 N Linden St
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