Sign Up Successful!
You now have access to more from Realmo!
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    The Largest CRE Database in the US with Over 1 Million Listings

    392 Luella Ave Calumet City, IL 60409

    Sponsored
    For Sale
    $260,000

    MULTI_FAMILY - Calumet City, IL

    Days on Market:
    21
    Last Refresh:
    Feb 7 at 3:06 am

    Property Features for 392 Luella Ave

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Other
    Standard status
    Active
    Rooms
    Bathroom 2, Bedroom 1, Bedroom 3, Bathroom 1, Bedroom 4, Bathroom 3, Bedroom 2, Bedroom 5
    Bedrooms
    5
    Bathrooms
    3
    APN
    29122160300000
    Parking
    2
    Parking features
    Garage

    Utilities

    Sewer type
    Public Sewer
    Heating system
    Natural Gas

    Building Details

    Year built
    1973
    Building materials
    Brick

    We can help!

    Listing Contact
    Bobbie Warren

    Real People Realty (708) 634-0104

    Listing agent Bobbie Warren (708) 724-9501

    Listing date Jan 18, 2026

    MLS# 12519860 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

    Calumet City Multifamily Building

    This multifamily building in Calumet City, Illinois, is available for purchase. It features a newer architectural shingle roof, updated electric and plumbing systems, and individual unit HVAC with tankless water heaters. A two-car detached garage is included. The property is designed for low maintenance.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Multifamily properties

    Suggested Use

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

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

    Location Insight

    • Map
    • Local Demand
    City
    Calumet City
    County
    Cook
    State
    Illinois
    Longitude
    -87.567937
    Latitude
    41.625706

    Nearby Similar for Sale

    • $320,000

      Calumet City Two-Unit Building

      Meticulously maintained two-unit building perfect for owner-occupants or investors.
      341 Crandon Ave, Calumet City, IL 60409
      View Details
    • $295,000

      Remodeled 3-Flat Investment Opportunity

      Newly remodeled 3-flat with modern layouts, turnkey investment opportunity.
      40 Webb St, Calumet City, IL 60409
      View Details
    • $285,000

      Calumet City Income Property

      Four-unit residential income property in Calumet City, Illinois.
      502 154Th Pl, Calumet City, IL 60409
      View Details
    • $194,500
      0.10 Acres

      Renovated Mixed-Use Investment Property

      Fully renovated mixed-use property with commercial space and rental income.
      1475 Sibley Blvd, Calumet City, IL 60409
      View Details
    • New
      $234,900

      Calumet City Two-Unit Building

      Two-unit building with updated finishes, ideal for owner-occupant or investor.
      1677 Patricia Pl, Calumet City, IL 60409
      View Details
    • $344,999

      Calumet City Townhouse Investment Package

      Four townhouses in Calumet City, generating cash flow.
      1420-1424 Wentworth Ave, Calumet City, IL 60409
      View Details
    • New
      $350,000

      Well-Maintained Three-Unit Brick Building

      Solid income potential and long-term value in Calumet City.
      452 Yates Ave, Calumet City, IL 60409
      View Details
    • $150,000
      0.11 Acres

      Mixed-Use Building in Calumet City

      Mixed-use property with storefront and residential units for sale.
      661 Wentworth Ave, Calumet City, IL 60409
      View Details
    • $320,000
      Pending

      Two-Unit Multifamily Property in Calumet

      Two-unit property with duplex down, ideal for families or income.
      386 Paxton Ave, Calumet City, IL 60409
      View Details
    • $354,000

      Multi-Family Property in Calumet City

      Three-story multi-family property built in 1978, ideal for investors.
      77 Paxton Ave, Calumet City, IL 60409
      View Details
    • New
      $402,500
      0.16 Acres

      Calumet City Multifamily Investment Opportunity

      Six-unit building with recent updates and income potential in Calumet City.
      649 Jeffery Ave, Calumet City, IL 60409
      View Details
    • $270,000
      Pending

      Calumet City Multifamily Investment Opportunity

      Well-maintained multifamily property with strong rental potential in Calumet City.
      1645 Patricia Pl, Calumet City, IL 60409
      View Details

    FAQs

    What type of property is this?
    Multifamily property - Multifamily building with updated systems and detached garage.
    Where is this multifamily property located?
    The property is located at 392 Luella Ave Calumet City, IL.
    What is the asking price?
    The asking price for this property is $260,000.
    What are key features of this property?
    This property features: - Newer roof (architectural shingle); - Updated electric and plumbing; - Individual unit HVAC
    (708) 724-9501
    Request Owner's contact information
    392 Luella Ave Calumet City, IL 60409
    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.
    392 Luella Ave
    Calumet City, IL 60409
    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
    392 Luella Ave Calumet City, IL 60409
    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

    We can help!
    Listing Contact
    Bobbie Warren
    Real Estate License ID: 475132085
    (708) 724-9501
    Learn more
    Google sign-in failed. Please try again or use another login method.