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    7314 W 61 St Summit, IL 60501

    View on Map
    Sponsored
    For Sale
    $364,900

    MULTI_FAMILY - Summit, IL

    Lot size:
    0.08 Acres
    Days on Market:
    2
    Last Refresh:
    Mar 19 at 2:06 pm

    Property Features for 7314 W 61 St

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Other
    Standard status
    Active
    Zoning
    MULTI
    Rooms
    Bathroom 1, Bedroom 2, Bedroom 6, Bathroom 2, Basement, Bedroom 5, Bathroom 3, Bedroom 4, Bedroom 1, Bedroom 3
    Bedrooms
    6
    Bathrooms
    3
    APN
    18134170100000
    Parking
    2
    Parking features
    Garage
    Patio and Porch features
    Patio
    Fencing
    Fenced
    Basement
    Partially Finished, Full
    Lot size
    0.08 Acres

    Utilities

    Sewer type
    Public Sewer
    Heating system
    Natural Gas, Forced Air
    Water source
    Public

    Building Details

    Year built
    1941
    Building materials
    Brick
    Roof type
    Asphalt

    We can help!

    Listing Contact
    Salvador Gonzalez
    Salvador Gonzalez

    RE/MAX MI CASA (773) 767-1616

    Listing agent Salvador Gonzalez (773) 964-8989

    Listing date Mar 18, 2026

    MLS# 12589878

    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

    Spacious Two-Unit Property in Summit

    This two-unit property is located in Summit, Illinois. The first-floor unit features four bedrooms and two bathrooms. The second-floor unit includes two bedrooms and one bathroom. Unit 1 has an open concept layout with a large living room, dining room, and kitchen. The kitchen has been updated with white shaker cabinets and quartz countertops (August 2025). The shower in Unit 1 was updated in 2021. Both units have forced air heat, and Unit 1 has central A/C. The stucco was updated with 2-inch foam insulation in 2024, and the roof was replaced in 2022. The property has modern copper plumbing throughout and three separate updated electric panels. Some windows have been replaced. The full basement has a newer sump pump. The property is being sold in as-is condition. Exterior features include a two-car garage with extended shade and an enclosed backyard with a brick patio design. The lot size is 0.08 acres.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Duplexes

    Map

    City
    Summit
    County
    Cook
    State
    Illinois
    Longitude
    -87.804431
    Latitude
    41.781132

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    FAQs

    What type of property is this?
    Duplex - Two-unit property featuring updated kitchens, baths, and modern systems.
    Where is this duplex located?
    The property is located at 7314 W 61 St Summit, IL.
    What is the asking price?
    The asking price for this property is $364,900.
    What are key features of this property?
    This property features: - Spacious two-unit property: Unit 1 features 4 beds/2 baths, while Unit 2 offers 2 beds/1 bath.; - Updated Kitchen (Unit 1) features white shaker cabinets and quartz countertops (installed Aug 2025).; - Recent upgrades: Roof tear-off replacement (2022) and stucco updated with 2-inch foam insulation (2024).
    (773) 964-8989
    Request Owner's contact information
    7314 W 61 St Summit, IL 60501
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    Summit, IL 60501
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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
    7314 W 61 St Summit, IL 60501
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    We can help!
    Listing Contact
    Salvador Gonzalez
    Salvador Gonzalez
    Real Estate License ID: 475122447
    (773) 964-8989 (773) 767-1616 (773) 875-9480
    Learn more
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