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.
Sold for $720,000
$720,000
531 Pearl Ave, Loves Park, IL 61111
--beds
--baths
1,586sqft
3 - 4 Units
Built in 1965
-- sqft lot
$207,900 Zestimate®
$454/sqft
$1,362 Estimated rent
Home value
$207,900
$177,000 - $239,000
$1,362/mo
Zestimate® history
Owner options
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$5,336/mo
Est. payment
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List your homeWhat's special
Commercial-grade guttersNew boilersAdjacent parkingUpdated boiler electrical systemSingle-level livingFull basementsElectric heat
Zillow last checked:
Listing updated:
Listed by:
Jay Dowthard 815-289-7530,
Gambino Realtors
Bought with:
NON-NWIAR Member
Northwest Illinois Alliance Of Realtors®
Source: NorthWest Illinois Alliance of REALTORS®,MLS#: 202502319
Facts & features
Interior
Heating
- Baseboard, Electric
Cooling
- Window Unit(s)
Appliances
- Included: Refrigerator, Stove/Cooktop, Electric Water Heater
Features
- Has basement: No
Interior area
- Total structure area: 1,586
- Total interior livable area: 1,586 sqft
- Finished area above ground: 1,586
- Finished area below ground: 0
Property
Parking
- Total spaces: 6
- Parking features: Additional Parking
Features
- Levels: One
- Stories: 1
- Patio & porch: Patio
- Fencing: Fenced
Details
- Parcel number: 1207105007
- Zoning: R1
Construction
Type & style
- Home type: MultiFamily
- Property subtype: 3 - 4 Units
Materials
- Vinyl
- Roof: Shingle
Condition
- Year built: 1965
Utilities & green energy
- Electric: Circuit Breakers
- Sewer: City
- Water: City
- Utilities for property: Separate Utilities
Community & HOA
Community
- Subdivision: IL
Location
- Region: Loves Park
Financial & listing details
- Price per square foot: $454/sqft
- Tax assessed value: $118,494
- Annual tax amount: $3,290
- Price range: $720K - $720K
- Date on market: 5/8/2025
- Cumulative days on market: 15 days
Price history
| Date | Event | Price |
|---|---|---|
| 7/31/2025 | Sold | $720,000-16.3%$454/sqft |
Source:  NorthWest Illinois Alliance of REALTORS® #202502319 Report a problem | ||
| 5/23/2025 | Pending sale | $860,000$542/sqft |
Source: NorthWest Illinois Alliance of REALTORS® #202502319 Report a problem | ||
| 5/16/2025 | Price change | $860,000-9.5%$542/sqft |
Source: NorthWest Illinois Alliance of REALTORS® #202502319 Report a problem | ||
| 5/8/2025 | Listed for sale | $950,000+100%$599/sqft |
Source: NorthWest Illinois Alliance of REALTORS® #202502319 Report a problem | ||
| 10/15/2010 | Listing removed | $475,000$299/sqft |
Source: RE/MAX #54875 Report a problem | ||
| 6/12/2010 | Listed for sale | $475,000-13.6%$299/sqft |
Source: RE/MAX #54875 Report a problem | ||
| 12/5/2009 | Listing removed | $549,900$347/sqft |
Source: Premier #46713 Report a problem | ||
| 11/27/2009 | Listed for sale | $549,900+38%$347/sqft |
Source: Premier #46713 Report a problem | ||
| 5/6/2002 | Sold | $398,500$251/sqft |
Source: Public Record Report a problem | ||
Public tax history
| Year | Property taxes | Tax assessment |
|---|---|---|
| 2024 | $3,290 +4.6% | $39,498 +13.4% |
| 2023 | $3,145 -7.5% | $34,827 +0.7% |
| 2022 | $3,400 | $34,598 +9.1% |
| 2021 | -- | $31,724 +14.4% |
| 2020 | $2,722 -2.6% | $27,735 +4.9% |
| 2019 | $2,793 -4.3% | $26,435 +6.1% |
| 2018 | $2,920 +2.7% | $24,913 +4.5% |
| 2017 | $2,843 | $23,842 +1.9% |
| 2016 | $2,843 +1% | $23,395 |
| 2015 | $2,814 -1.2% | $23,395 -6% |
| 2014 | $2,847 +0.6% | $24,892 -21.1% |
| 2009 | $2,830 | $31,553 +8% |
| 2007 | -- | $29,211 -0.2% |
| 2006 | -- | $29,282 +4.8% |
| 2005 | -- | $27,954 +5.5% |
| 2004 | -- | $26,492 +5% |
| 2003 | -- | $25,226 +3.3% |
| 2001 | -- | $24,411 +9.6% |
| 2000 | -- | $22,275 |
| 1999 | -- | $22,275 |
Find assessor info on the county website
Neighborhood: 61111
Nearby homes
- $--1 bd1 ba650 sqft531 Pearl Ave APT 11, Loves Park, IL 61111Off Market
- $--1 bd1 ba600 sqft531 Pearl Ave APT 9, Loves Park, IL 61111Off Market
- $--1 bd1 ba600 sqft531 Pearl Ave APT 10, Loves Park, IL 61111Off Market
- $137,9002 bd1 ba752 sqft527 Pearl Ave, Loves Park, IL 61111Off Market
- $127,3002 bd2 ba950 sqft535 Pearl Ave #6, Loves Park, IL 61111Off Market
- $120,1002 bd1 ba900 sqft535 Pearl Ave #4, Loves Park, IL 61111Off Market
- $---- bd-- ba-- sqft535 Pearl Ave APT 7, Loves Park, IL 61111Off Market
- $123,7002 bd1 ba950 sqft535 Pearl Ave APT 1, Loves Park, IL 61111Off Market
Nearby schools
GreatSchools rating
- 6/10Loves Park Elementary SchoolGrades: 1-5Distance: 0.5 mi
- 5/10Harlem Middle SchoolGrades: 6-8Distance: 1.2 mi
- 4/10Harlem High SchoolGrades: 9-12Distance: 3.8 mi
Schools provided by the listing agent
- Elementary: Loves Park Elementary
- Middle: Harlem Jr
- High: Harlem High School
- District: Harlem 122
Source: NorthWest Illinois Alliance of REALTORS®. This data may not be complete. We recommend contacting the local school district to confirm school assignments for this home.
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- Illinois
- Winnebago County
- Loves Park
- 61111
- 531 Pearl Ave
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