928 W Hillcrest Dr 15,106 SF Specialty Building Offered at $1,292,484 CAD at a 8.84% Cap Rate in Dekalb, IL 60115

Positioned in the core of Northern Illinois University’s premier Greek Row, 928 W Hillcrest offers investors a fully leased, cash-flowing fraternity asset in one of the most supply-constrained student housing niches in the Midwest.
The property is secured by a net lease to Sigma Alpha Epsilon with 100% occupancy commencing 2025, delivering predictable income with minimal landlord responsibility. The building consists of approximately 30 rooms and is purpose-built for fraternity operations, including communal baths, chapter rooms, study areas, dining facilities, and a commercial kitchen.
Recent capital improvements—including new fire suppression systems, upgraded mechanicals, and a 2024 boiler refurbishment—significantly reduce near-term capex and ensure compliance with modern safety standards.
Additional features include a 32-car parking lot, outdoor deck, and recreation space, enhancing tenant retention and long-term usability.
Located within walking distance to NIU and near the planned $16M Greek Life Center, this asset benefits from institutional investment and sustained demand.