465 N Mill Road — Sale in Addison, IL

  • Price: $1.9M
  • Listing type: For sale
  • Asset type: Multifamily Property
  • Location: Addison, IL 60101
  • Year built: 1970

Description

This is a very solid, income-producing 12-unit building that's easy to manage. With 10 two-bedroom units and 2 one-bedroom units-all fully leased-this property offers strong, steady rental income and an excellent cap rate. It's all brick, has been well cared for by a hands-on landlord, and sits in a convenient location near expressways, shopping, and parks. What makes this opportunity even more attractive is the significant amount of capital improvement already completed, eliminating the need for major work in the near future. Seven of the twelve units have been remodeled between 2016 and 2024, with the others updated through the years (all but one). In addition, the property features a brand new 26-space parking lot completed in 2025, a new A.O. Smith water heater (2024), upgraded attic insulation with R-38 Energy 360 (2020), a new boiler and control system (2020), and a new roof installed in 2018. There's no association, plenty of parking, double wide lot and minimal ongoing maintenance-making this an extremely investor-friendly property. It's rare to find a building this well-positioned, both physically and financially. If you're looking for a strong-performing asset in a great location with long-term upside, don't miss out on this one.

Market Context

This multifamily in Addison, IL is listed for sale at $1,946,700. The building dates to 1970. It has been on the market for 74 days. Compare it against other multifamily listings for sale in Addison, IL — view the full market.

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