All-Brick Two-Flat
1012 N 24th Avenue Melrose Park, IL 60160
For Sale
Under Contract
$479,900
MULTI_FAMILY - Melrose Park, IL
Property Size2,300 SF
Lot Size0.07 Acres
Price / SF$208.65
Days on Market17
Property Features for 1012 N 24th Avenue
General Information
- Property type
- Residential Multi Family
- Property subtype
- Other
- Zoning
- MULTI
- Bedrooms
- 6
- Bathrooms
- 2
- Rooms
- Bedroom 6, Bedroom 1, Bedroom 4, Bedroom 5, Bathroom 2, Bedroom 2, Basement, Bedroom 3, Bathroom 1
- Parking
- 3
- Parking features
- Garage, Open
- Fencing
- Fenced
- Basement
- Walk-Out Access, Finished, Full
- Standard status
- Active Under Contract
- APN
- 15033320130000
- Lot size
- 0.07 Acres
Taxes and HOA fees
- Tax Year
- 2024
- Tax Annual Amount
- 5457
Utilities
- Sewer type
- Public Sewer
- Heating system
- Natural Gas, Forced Air
- Water source
- Public
Building Details
- Year built
- 1894
- Building materials
- Brick
- Roof type
- Asphalt
Listing Agency:
T.K. Realty Inc
(630) 543-7000
Listed By:
Oralia Herrera · License #471000493
(630) 543-7000
Added: Jul 8
Changed: Jul 21
Last Checked: Jul 24 at 5:06AM
MLS# 12698531
Copyright © 2026 Midwest Real Estate Data, LLC. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This all-brick two-flat offers two separate residential units designed for income-producing living. Each unit features three bedrooms and one full bathroom, along with central air and in-unit laundry. The utilities are separate, and both units include generous kitchen space. A covered back deck is noted with the upper unit, while the lower unit was renovated in 2023 with modern finishes and stainless steel appliances.
The property is located in Melrose Park near the Civic Center and nearby soccer fields. Public transportation and the Melrose Park Metra Station are also described as being nearby, with easy access to major expressways.
For buyers seeking a duplex with distinct utilities and two full, family-sized floorplans, this setup supports straightforward leasing and resident convenience, including in-unit laundry and dedicated HVAC for each unit. On-site parking is addressed with a detached two-car garage and additional parking space, which can be a practical benefit for tenants. The 2023 renovation to the lower unit adds recent updates to one of the two homes, supporting continued functionality for an owner-operator or investor.
The property is located in Melrose Park near the Civic Center and nearby soccer fields. Public transportation and the Melrose Park Metra Station are also described as being nearby, with easy access to major expressways.
For buyers seeking a duplex with distinct utilities and two full, family-sized floorplans, this setup supports straightforward leasing and resident convenience, including in-unit laundry and dedicated HVAC for each unit. On-site parking is addressed with a detached two-car garage and additional parking space, which can be a practical benefit for tenants. The 2023 renovation to the lower unit adds recent updates to one of the two homes, supporting continued functionality for an owner-operator or investor.
Key Highlights
- All‑brick 2‑flat built in 1894 with public water and public sewer (asphalt roof).
- Each unit features 3 bedrooms and 1 full bathroom, with central air and in‑unit laundry.
- Separate utilities for both units; heating includes natural gas forced air.
Financial Insights For Multifamily LT 5
Simulate Cap Rate and NOI
NOI Build-Up
- Vacancy
- income lost from leasable area expected to sit empty during the year — subtracted from gross rent.
- EGI (Effective Gross Income)
- gross rent minus vacancy losses — the realistic income before paying operating costs.
- OpEx (Operating Expenses)
- recurring costs to operate the property (property tax, insurance, utilities, maintenance, management) — excludes financing and capital improvements.
- NOI (Net Operating Income)
- income a property generates after operating costs but before financing and taxes.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $46.1k | $20.04 |
| − Vacancy | −$3.5k | −$1.50 |
| EGI | $42.6k | $18.54 |
| − OpEx | −$12.8k | −$5.56 |
| NOI | $29.8k | $12.98 |
2,300 SF · lease $20.04/SF/yr · vacancy 7.50% · expense 30.00%
Alternative Uses
Best Use
Multifamily LT 5
$426.4K
$373.1K – $497.4K
NOI $29,845 @ 7.0% cap · market cap 6.22%
Second Best
Apartment 5plus
$381.2K
$333.5K – $444.7K
NOI $26,682 @ 7.0% cap · market cap 5.56%
Theoretical Best
Office A
$794.1K
$694.8K – $926.4K
NOI $55,586 @ 7.0% cap · market cap 11.58%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
Duplexes
FAQs
What type of property is this?
Duplex - Well-maintained duplex with two 3-bedroom units, central air, in-unit laundry, and a detached two-car garage.
Where is this duplex located?
The property is located at 1012 N 24th Avenue Melrose Park, IL.
What is the asking price?
The asking price for this property is $479,900.
What are key features of this property?
This property features: All‑brick 2‑flat built in 1894 with public water and public sewer (asphalt roof).; Each unit features 3 bedrooms and 1 full bathroom, with central air and in‑unit laundry.; Separate utilities for both units; heating includes natural gas forced air.
