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$720,000
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Property Description
No Sign on Property. Park by green dumpster, parking spot 2 and 5. Showing 535 Pearl Ave Unit# 5 Only. Do Not Lock Handle, Use Deadbolt Only. Please do not bother tenants. Actual Income $101,280. Please use ShowingTime. Access information and instruction will be provided when showing is confirmed. Please use TrustFunds or EM made payable to Gambino Realtors. Please include property address on the memo line. Office# 477012162. Turnkey 11-Unit Investment Opportunity - Prime Location. Rare opportunity to own three adjacent multi-family buildings (11 total units) on a single parcel in a desirable, high-demand neighborhood. Two 4-unit townhouse-style buildings with full basements. One 3-unit ranch-style building-single-level living. All units have adjacent parking for tenant convenience. Excellent rental history and long-term tenants. Major Updates Include: New boilers (2023) in one 4-family building, Commercial-grade gutters and fascia boards (2023), Updated boiler electrical system. 3-family building features electric heat-paid by tenants. Owner provides heat and water for the two 4-unit buildings. New roofs and gutters installed in 2018/2022. All buildings are located within the same complex-easy to manage with no travel between units. Strong cash flow and income potential of up to $165,000/year make this a prime investment opportunity. 531 Pearl Avenue and 535 Pearl Avenue to be sold as a package deal.
Full Property Details
Full Property Details for 535 Pearl Ave
General
- Sold For: $720,000
- Taxes: $12,623 (2024)
- Status: Closed
- Type: Multi-Family
- Source: 2606
- MLS ID: 202502320
- Added to Site: 254 day(s) ago
Interior
- Appliances: Refrigerator, Stove/Cooktop
Parking
- Total Spaces: 16
Location
- Area: 49
- County: Winnebago County
- Subdivision: IL
School Information
- School District: Harlem 122
- Elementary School: Loves Park Elementary
- Middle School: Harlem Jr
- High School: Harlem High School
Heating & Cooling
- Cooling Type: Window Unit
- Heating Type: Hot Water/Steam
- Water Heater: Natural Gas
Utilities
- Sewer: City
- Water: City
- Sep. Elec Meters: Yes
Structural Information
- Architectural Style: 2 Story
- Exterior Const.: Brick/Stone, Aluminum
- Basement: Yes
- Basement Desc.: Full
- Roof: Shingle
- Square Feet: 7,500
- Year Built: 1967
Unit Information
Unit 1
- Total Bathrooms: 1
- Bedrooms: 2
Unit 2
- Square Feet: 515
- Total Bathrooms: 1
- Bedrooms: 2
Unit 3
- Total Bathrooms: 1
- Bedrooms: 2
Unit 4
- Total Bathrooms: 1
- Bedrooms: 2
Unit 5
- Total Bathrooms: 1
- Bedrooms: 2
Unit 6
- Total Bathrooms: 1
- Bedrooms: 2
Lot Features
- Zoning: R1
Financial Considerations
- Price Per Sq. Ft.: $96
- For Sale/Rent/Lease: For Sale
- Expenses: $15,912
- Tax Amount: $12,623
- Tax Year: 2024
Disclosures and Reports
- Legal Description: SHROPE + DEMPSEYS SUB BNG PT NW FRL 1/4 NW FRL 1/4 SEC 7-44-2 LOTS 26 + 027
Listed by Gambino Realtors
Sold by NorthWest Illinois Alliance of REALTORS®
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Schools
Schools serving 535 Pearl Ave
School District:Harlem Unit School District 122
| Name | Grades | Distance |
|---|---|---|
Loves Park Elementary School 344 Grand Avenue, Loves Park, IL 61111 | 1-6 | 0.5 mi |
Harlem Middle School 735 Windsor Road, Loves Park, IL 61111 | 7-8 | 1.2 mi |
Harlem High School 9229 North Alpine Road, Machesney Park, IL 61115 | 9-12 | 3.8 mi |
Disclaimer:
School attendance boundaries provided by Pitney Bowes and are for reference only. Contact the school directly to verify enrollment eligibility.
Price & Sales History for 535 Pearl Ave
Date
Details
Price
Change
Source
7/31/2025
Sold
$720,000
-16.28%
MLS
5/16/2025
Price Reduced
$860,000
-9.47%
MLS
5/08/2025
Listed
$950,000
—
MLS
Disclaimer: Historical sales information is derived from public records provided by the county offices. Information is not guaranteed and should be independently verified.
535 Pearl Avenue, Loves Park, IL 61111 (MLS# 202502320) is a Multi-Family property that was sold at $720,000 on July 31, 2025. Want to learn more about 535 Pearl Avenue? Do you have questions about finding other Multi-Family real estate for sale in Loves Park? You can browse all Loves Park real estate or contact a Coldwell Banker agent to request more information.

