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    2052 135Th Pl Blue Island, IL 60406

    View on Map
    Sponsored
    For Sale
    Under Contract
    $460,000

    MULTI_FAMILY - Blue Island, IL

    Days on Market:
    14
    Last Refresh:
    Mar 13 at 11:06 pm

    Property Features for 2052 135Th Pl

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Other
    Standard status
    Active Under Contract
    Zoning
    MULTI
    Rooms
    Bedroom 3, Bedroom 11, Bedroom 4, Bathroom 2, Bedroom 5, Bedroom 2, Bedroom 1, Bedroom 8, Bathroom 3, Bathroom 1, Bedroom 7, Bedroom 10, Bedroom 9, Bathroom 5, Bedroom 6, Bathroom 6, Bathroom 4
    Bedrooms
    11
    APN
    29061020380000

    Building Details

    Year built
    1966
    Floors in Building
    3
    Number of units
    6
    Building materials
    Brick

    We can help!

    Listing Contact
    Shiree Booker

    Realty One Group-Heartland (708) 678-1000

    Listing agent Shiree Booker (312) 560-6717

    Listing date Feb 27, 2026

    MLS# 12171006 Listing URL

    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.

    Learn more

    Property Insight Report

    Overview

    Blue Island 6-Flat Apartment Building

    This is a 6-flat brick apartment building in Blue Island, Illinois, featuring five two-bedroom apartments and one one-bedroom, one-bath apartment, totaling eleven bedrooms and six baths. Currently, three units are vacant. Rents are below market value, presenting a value-add opportunity through increased rents. Additional income is generated from a coined washer and dryer on-site. Tenants are responsible for cooking gas and electricity. Ample street parking is available. The property is walkable to public transportation, shopping, and schools. The roof was a complete tear-off in 2015. A 75-gallon water tank was installed in 2015, and the boiler was rebuilt with all-new copper piping in 2015. The mechanical and exterior (brick) are in excellent condition, while the units need light upgrading. This property is sold "AS IS" CONDITION. It is a smart investment opportunity for both novice and seasoned investors.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Apartment buildings

    Suggested Use

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

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

    Location Insight

    • Map
    • Local Demand
    City
    Blue Island
    County
    Cook
    State
    Illinois
    Longitude
    -87.671667
    Latitude
    41.647909

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    FAQs

    What type of property is this?
    Apartment building - Blue Island 6-unit building with value-add potential.
    Where is this apartment building located?
    The property is located at 2052 135Th Pl Blue Island, IL.
    What is the asking price?
    The asking price for this property is $460,000.
    What are key features of this property?
    This property features: - Value-add opportunity with below-market rents and potential for increased income.; - Six-unit brick apartment building with a mix of two-bedroom and one-bedroom apartments.; - Major mechanical systems updated in 2015: **roof (complete tear-off), 75-gallon water tank, and rebuilt boiler with new copper piping.**
    (312) 560-6717
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    2052 135Th Pl Blue Island, IL 60406
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    Blue Island, IL 60406
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    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
    2052 135Th Pl Blue Island, IL 60406
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    We can help!
    Listing Contact
    Shiree Booker
    Real Estate License ID: 475148177
    (312) 560-6717 (708) 678-1000 (708) 645-8500
    Learn more
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