Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings

    1505 East Street Lockport, IL 60441

    View on Map
    For Sale
    $329,000

    MULTI_FAMILY - Lockport, IL

    Added:
    Feb 12, 2026
    Days on Market:
    48
    Last Refresh:
    Apr 1 at 8:06 am

    Property Features for 1505 East Street

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Other
    Bedrooms
    2
    Bathrooms
    2
    Rooms
    Bathroom 1, Bedroom 2, Basement, Bedroom 1, Bathroom 2
    Parking
    2
    Parking features
    Assigned, Off Street
    Basement
    Unfinished, Full
    Standard status
    Active
    APN
    1104262030290000

    Taxes and HOA fees

    TaxYear
    2024
    TaxAnnualAmount
    6662

    Utilities

    Sewer type
    Public Sewer
    Heating system
    Steam, Other (Heating)

    Building Details

    Year built
    1959
    Building materials
    Brick
    Roof type
    Asphalt

    We can help!

    Listing Contact
    Mark Damas
    Mark Damas

    Listing agent Mark Damas

    Listing office Baird & Warner 318 W. Burlington Avenue, LaGrange, IL

    Listing date Feb 12, 2026

    MLS# 12562648

    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.

    Overview

    Lockport Two-Unit Income Property

    This two-unit income property, constructed in 1959, is located near downtown Lockport. The property offers cash flow potential in a high-demand rental area. Its location provides walking distance access to downtown amenities, Metra, and local dining. The units feature layouts that support stable occupancy. This property is suitable for investors seeking reliable returns or owner-occupants looking to house hack in a desirable Lockport location. It offers appreciation potential paired with income stability. The adjacent property at 1509 is also available from the same owner. Proof of funds is required to request a showing.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Duplexes

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Center Skin Care Clinic

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Lockport
    County
    Will
    State
    Illinois
    Longitude
    -88.0500765
    Latitude
    41.5814843

    Nearby Similar for Sale

    • $750,000

      Retail Storefront Building in Lockport

      Well-maintained retail building with two units in Lockport, Illinois.
      1240-1250 E 9th Street, Lockport, IL 60441
      View Details
    • $700,000

      Lockport Office Building Investment

      One-story office building with full basement and high-traffic location.
      16610 W 159th Street unit: 103, Lockport, IL 60441
      View Details
    • $229,000

      Lockport Commercial Investment Opportunity

      Prime commercial property with long-term tenant in thriving downtown Lockport.
      301 S State Street, Lockport, IL 60441
      View Details
    • $876,000

      Historic Lockport Mixed-Use Building

      Two-story building in downtown Lockport's Historic District.
      921 S State Street, Lockport, IL 60441
      View Details
    • $429,000

      Unique Multifamily Property in Lockport

      Multifamily property near historic downtown with rental income potential.
      1120 S Hamilton Street, Lockport, IL 60441
      View Details
    • $1,200,000

      Lockport Retail Plaza For Sale

      Four-unit retail plaza with income potential in high-traffic location.
      1513 S State Street, Lockport, IL 60441
      View Details
    • $349,000

      Lockport Two-Unit Income Property

      Well-maintained two-unit building near downtown Lockport with strong rental history.
      1509-1511 East Street, Lockport, IL 60441
      View Details
    • $682,000

      Lockport Multi-Unit Residential Property

      Five-unit residential property near train, downtown, and highways.
      1709 S State Street, Lockport, IL 60441
      View Details
    • $1,749,000

      Downtown Lockport Mixed-Use Investment

      New construction mixed-use property in downtown Lockport, fully leased.
      1016 State Street, Lockport, IL 60441
      View Details
    • $1,749,900

      Downtown Lockport Mixed-Use Investment

      New construction mixed-use property in downtown Lockport.
      1016 State Street, Lockport, IL 60441
      View Details
    • Contact for pricing
      6,800 SF

      Industrial Buildings on Fenced Land

      Two industrial buildings totaling 6,800 SF on 3.92 acres.
      699 Green Garden Place, Lockport, IL 60441
      View Details
    • $2,000,000
      13,541 SF

      Downtown Lockport Mixed-Use Investment

      Historic mixed-use property with retail and residential income.
      1100 S State St, Lockport, IL 60441
      View Details

    FAQs

    What type of property is this?
    Duplex - Two-unit property near downtown Lockport with strong rental appeal.
    Where is this duplex located?
    The property is located at 1505 East Street Lockport, IL.
    What is the asking price?
    The asking price for this property is $329,000.
    What are key features of this property?
    This property features: Prime income property in high‑demand rental location near downtown Lockport.; Walking distance to downtown amenities, Metra, and local dining.; Consistent cash flow potential and strong appreciation potential.
    (708) 354-7355
    We can help!
    Listing Contact
    Mark Damas
    Mark Damas
    Learn More
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!