Essex Realty Group, LLC is pleased to announce the successful sale of Schoolhouse Apartments, a 10-unit multifamily portfolio of three buildings at 435, 441, and 447 W Main Street in Cary, Illinois. The portfolio includes two newly constructed buildings completed in 2024 and the original schoolhouse at 441 W Main Street, which received a full gut renovation the same year. The unit mix is six (6) three-bedroom/two-bathroom apartments at 1,200 square feet and four (4) two-bedroom/one-bathroom apartments at 900 square feet.
The centerpiece of the portfolio is 441 W Main Street, a historic schoolhouse converted into four modern apartments with 13-foot ceilings, rustic finishes, and a distinctive vintage character. On either side, 435 and 447 W Main Street are newly constructed three-flats, each with three spacious three-bedroom/two-bathroom units. Every unit has an in-unit washer and dryer, modern finishes, central air conditioning, and individual gas forced-air heat. The property also offers ten (10) single-car garages, 10 slab spaces, security cameras, and individual sprinkler and alarm systems in each building.
The buyer acquired a new-construction asset with no near-term capital needs, in-place rents below market, and further upside from garage parking income and a water and scavenger utility billback program. The sale highlights continued investor demand for quality multifamily in McHenry County.
Cary is a well-established village in McHenry County, situated along the Northwest Highway (US Route 14) corridor approximately 38 miles northwest of downtown Chicago. From its origins as an agricultural community, Cary has grown into a thriving residential community of nearly 18,000 residents, a population that has increased more than 16% since 2000, offering an exceptional quality of life defined by abundant green space, top-rated schools, and the rare combination of small-town livability with direct access to the Chicago metropolitan employment base. The village is served by its own Metra stop on the Union Pacific Northwest Line, operating 52 weekday trains to Ogilvie Transportation Center, while immediate access to US Route 14, US Route 31, and Illinois Route 62 places the employment corridors of Algonquin, Crystal Lake, Elgin, and the I-90 industrial corridor within 20 to 30 minutes by car.
Cary’s demographics reflect a financially strong and stable resident base. The median household income stands at $113,026, approximately 25% above the Chicago metro area median, with an average annual household income of $134,467 and 95.4% of residents living above the poverty line. Major employers within the immediate draw include Northwestern Medicine (McHenry County’s largest healthcare employer), AptarGroup, Coilcraft, Baxter International, and McHenry County College, anchoring a diversified employment base across healthcare, manufacturing, and professional services. Cary-Grove Community High School further distinguishes the market, earning a Niche grade of A, a GreatSchools rating of 9 out of 10, a 96% graduation rate, and a ranking of 68th among all Illinois high schools, making Cary one of the most compelling suburban markets in McHenry County for multifamily investment.
- Multiple Tours & Offers
- New Construction -- Built in 2024, Requiring Zero Near-Term Capital Expenditure
- Unique Adaptive Reuse Schoolhouse with 13-Foot Ceilings and Modern Finishes
- Additional Income Potential Through Garage Parking Monetization and Utility Billback Program