Essex Realty Group, LLC has been exclusively engaged to market for sale James Street Apartments and Concord Manor Apartments, two adjacent multifamily properties totaling 63 units located in the heart of McHenry, Illinois.
James Street Apartments consists of four (4) studios, twenty-seven (27) 1Bd/1Ba units, and eight (8) 2Bd/1Ba units. Built in 1972 and 1976, recent improvements include full tear-off roofs in 2022, new electric panels, and a full parking lot replacement in 2018.
Concord Manor Apartments features twenty-four (24) 2Bd/1Ba units and has also undergone capital improvements including a new parking lot in 2025, full tear-off roofs in 2024, furnace and boiler replacements (2020–2025), and new decks in 2015.
James Street and Concord Manor present a well-maintained and well-located multifamily complex that offers a strong unit mix – 94% being large one (1) bedroom and two (2) bedroom units. Ownership has successfully increased rents the last several years, achieving a 78% retention rate with an average renewal increase of 7%. James Street and Concord Manor offer an investor immediate cash flow with a current cap rate of 6.73% and GRM of 8.58; furthermore, proven rental upside may afford a new owner with a strong stabilized cap rate of 7.84%.
Located within walking distance to the McHenry Metra Station, McHenry High School, Edgebrook Elementary, and the Green Street Commercial Corridor, the portfolio offers tenants convenient access to transit, schools, and retail.
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- Rarely Available 63-Unit Multifamily Complex
- 6.73% In-Place Cap Rate, 7.84% Stabilized Cap Rate
- Strong Unit Mix – 94% Large One-Bedroom and Two-Bedroom Units
- Extensive Recent CapEx Including New Parking Lots, New Roofs, Electric Panels, Windows, Decks, and Boiler/Furnace Upgrades
- Strong Value-Add Opportunity - 5-15% Rental Upside As-Is