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    Historic Queen Anne Victorian Triplex Title is generated by Realmo AI

    51 W 21st Street, Chicago Heights, IL 60411

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    Claim this Listing
    For Sale
    $275,000

    MULTI_FAMILY - Queen Anne, Victorian - Chicago Heights, IL

    Lot size:
    0.35 Acres
    Added:
    Mar 21, 2026
    Days on Market:
    63
    Last Refresh:
    May 22 at 7:06 am

    Property Features for 51 W 21st Street

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Other
    Bedrooms
    5
    Bathrooms
    3
    Rooms
    Basement, Bathroom 3, Bathroom 1, Bedroom 3, Bedroom 5, Bedroom 4, Bedroom 2, Bathroom 2, Bedroom 1
    Parking
    6
    Parking features
    Owned, Driveway
    Patio and Porch features
    Deck
    Basement
    Unfinished, Full
    Standard status
    Active
    APN
    32292070290000
    Lot size
    0.35 Acres

    Taxes and HOA fees

    Tax Year
    2024
    Tax Annual Amount
    6837

    Utilities

    Sewer type
    Public Sewer
    Heating system
    Other (Heating)
    Water source
    Public

    Building Details

    Year built
    1895
    Building materials
    Frame
    Roof type
    Asphalt
    Architectural style
    Queen Anne, Victorian

    We can help!

    Listing Contact
    Amy Kite
    Amy Kite

    Listing agent Amy Kite License #475132989

    Listing office Keller Williams Infinity 608 S Washington Suite 100, Naperville, IL

    Listing date Mar 21, 2026

    MLS# 12589406 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.

    HighLights

    • Legal 3‑flat in Chicago Heights Historic District offering strong investment and income potential.
    • Significant updates completed: lead pipes replaced with copper, boiler reworked, and new water heater installed in 2025.
    • Spacious .35‑acre corner lot with inviting covered front porch.
    • Stunning Queen Anne Victorian architecture with exquisite original woodwork throughout.
    • Built in 1895 by George C. Flanner, a prominent figure and first mayor, adding historical significance.
    • Prime location offering a unique opportunity to own a piece of local history.

    Overview

    This legal 3-flat, built in 1895, is located in the Historic District of Chicago Heights. Constructed by George C. Flanner, a lumber baron and one of the village's first mayors, this Queen Anne Victorian property offers a piece of local history. The property is situated on a 0.35-acre corner lot and features a covered front porch. Inside, the property showcases original woodwork. The property has investment potential, and the current owner has completed several updates, including replacing lead pipes with copper, reworking the boiler, and installing a new water heater in 2025. The property is being sold AS IS.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Triplexes

    Suggested Use

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

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

    Location Insight

    • Map
    • Local Demand
    City
    Chicago Heights
    County
    Cook
    State
    Illinois
    Longitude
    -87.64265
    Latitude
    41.495986

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    FAQs

    What type of property is this?
    Triplex - Legal 3-flat in Chicago Heights' Historic District.
    Where is this triplex located?
    The property is located at 51 W 21st Street Chicago Heights, IL.
    What is the asking price?
    The asking price for this property is $275,000.
    What are key features of this property?
    This property features: Legal 3‑flat in Chicago Heights Historic District offering strong investment and income potential.; Significant updates completed: lead pipes replaced with copper, boiler reworked, and new water heater installed in 2025.; Spacious .35‑acre corner lot with inviting covered front porch.
    (630) 778-5800
    We can help!
    Listing Contact
    Amy Kite
    Amy Kite
    Real Estate License ID: 475132989
    Learn More
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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.

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