Essex Realty Group, LLC has been exclusively engaged to market for sale Schoolhouse Apartments, a 10-unit multifamily portfolio consisting of three buildings located at 435, 441, and 447 W Main Street in Cary, Illinois. The portfolio features two newly constructed buildings completed in 2024 alongside the original schoolhouse at 441 W Main Street, which underwent a full gut renovation in 2024. The offering includes 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, an adaptive reuse of a historic schoolhouse converted into four modern apartments featuring 13-foot ceilings, rustic finishes, and a distinctive vintage aesthetic. The flanking buildings at 435 and 447 W Main Street are newly constructed three-flat buildings, each containing three spacious three-bedroom/two-bathroom apartments units. All units feature in-unit washer and dryer, modern finishes, central air conditioning, and individual gas forced-air heat. The property includes ten (10) single-car garages, 10 slab spaces, security cameras, and individual sprinkler and alarm systems in each building.

The Schoolhouse Apartments is 100% occupied and generates $276,000 in annual apartment income. Current rents are below market, presenting a clear path to increased cash flow through measured rent adjustments. Additional income potential exists through the monetization of garage parking and implementation of a water and scavenger utility billback program. At stabilization, the forecasted net operating income supports a 1.50x debt service coverage ratio, reflecting exceptional operational stability and providing substantial financing flexibility. As new construction, the property requires no near-term capital expenditure and offers a virtually maintenance-free ownership experience.

The portfolio is located in Cary, a desirable McHenry County suburb served by the Cary Metra station on the Union Pacific Northwest Line, with direct access to U.S. Route 14 and proximity to Crystal Lake’s expanding retail and employment corridors. The Village of Cary recently approved $12.35 million in public funding for a 236-unit mixed-use residential development at the former Maplewood School site, signaling strong municipal commitment to residential growth and long-term investment in the community.

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.

• New Construction -- Built in 2024, Requiring Zero Near-Term Capital Expenditure
• Unique Adaptive Reuse Schoolhouse with 13-Foot Ceilings and Modern Finishes
• Strong Returns -- 7.33% Stabilized Capitalization Rate
• Exceptional Debt Coverage -- 1.50x Stabilized DSCR Reflecting Strong Operational Stability
• Additional Income Potential Through Garage Parking Monetization and Utility Billback Program