Victorian Multi-Family in Forest
7415 Dixon Street, Forest Park, IL 60130
- Added:
- Aug 22, 2025
- Days on Market:
- 274
- Last Refresh:
- May 22 at 1:06 pm
Property Features for 7415 Dixon Street
General Information
- Property type
- Residential Multi Family
- Property subtype
- Other
- Bedrooms
- 5
- Bathrooms
- 3
- Rooms
- Bedroom 2, Loft, Bedroom 5, Bathroom 3, Bedroom 3, Bedroom 4, Bathroom 2, Basement, Bedroom 1, Bathroom 1
- Parking
- 8
- Parking features
- Off Alley, Garage
- Basement
- Partial, Exterior Entry, Finished
- Standard status
- Active
- APN
- 15124090140000
- Size
- 3,014 SF
Taxes and HOA fees
- Tax Year
- 2024
- Tax Annual Amount
- 13181
Utilities
- Heating system
- Natural Gas, Electric (Heating), Other (Heating)
Building Details
- Year built
- 1923
- Building materials
- Vinyl Siding
- Architectural style
- Victorian
Listing agent Jonathan Paul License #475168729 (708) 848-5550
Listing office Berkshire Hathaway HomeServices Chicago 101 N. Oak Park Avenue, Oak Park, IL (708) 848-5550
Listing date Aug 22, 2025
MLS# 12452749
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
- Rare oversized double lot in a prime location near downtown Forest Park, Oak Park, and River Forest.
- Main residence features 2,314 sq ft with 3 bedrooms, 2 full baths, and flexible living spaces.
- Includes a separate 700 sq ft, 2‑bedroom, 1‑bath rental unit generating $850/month income.
- Kitchen boasts 42" maple cabinetry, ample counter space, and stainless steel appliances.
- Expansive yard with mature trees, perennial gardens, and two garages.
- Convenient access to transportation (Green Line, Metra, I‑290), restaurants, shops, and parks.
Overview
Located in Forest Park, this two-unit property at 7415 Dixon Street presents a rare opportunity. The main residence, spanning approximately 2,314 square feet, features three bedrooms and two full baths. The entry leads to formal living and dining rooms with hardwood floors, crown molding, and natural light. A first-floor bedroom with an adjacent full bath offers flexibility for guests or multi-generational living. The kitchen includes 42" maple cabinetry, ample counter space, and stainless steel appliances, flowing into a breakfast area and sunroom with newer Andersen windows overlooking the yard. Upstairs are two additional bedrooms, a home office, and a family/recreation room. The second unit is a self-contained two-bedroom, one-bath apartment of approximately 700 square feet, currently rented month-to-month at $850 per month. Set on a double lot with mature trees, perennial gardens, and two garages, the outdoor space is suitable for gardening, entertaining, expansion, or future development. The basement provides laundry, storage, and living options. This property is located close to restaurants, shops, parks, the Green Line, Metra, and I-290, with access to Oak Park, River Forest, O'Hare, and Midway. It can be enjoyed as a spacious owner-occupied home, used to maximize rental income, or reconfigured into a three-unit investment.
Financial Insights
Value Estimation Calculated for Multifamily LT 5
Conservative
$356.3K
NOI $32,070 @ 9.00% cap · cautious / downside scenario
Moderate
$458.1K
NOI $32,070 @ 7.00% cap · market / base-case scenario
Aggressive
$641.4K
NOI $32,070 @ 5.00% cap · optimistic / upside scenario
NOI & Cap Rate Calculator
NOI Build-Up
- Vacancy
- income lost from leasable area expected to sit empty during the year — subtracted from gross rent.
- EGI (Effective Gross Income)
- gross rent minus vacancy losses — the realistic income before paying operating costs.
- OpEx (Operating Expenses)
- recurring costs to operate the property (property tax, insurance, utilities, maintenance, management) — excludes financing and capital improvements.
- NOI (Net Operating Income)
- income a property generates after operating costs but before financing and taxes.
Calculated for Multifamily LT 5
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $48.8k | $16.20 |
| − Vacancy | −$3.0k | −$1.00 |
| EGI | $45.8k | $15.20 |
| − OpEx | −$13.7k | −$4.56 |
| NOI | $32.1k | $10.64 |
3,014 SF · lease $16.20/SF/yr · vacancy 6.17% · expense 30.00%
Alternative Use Scenarios
Best Use
Multifamily LT 5
$458.1K
$400.9K – $534.5K
NOI $32,070 @ 7.0% cap · market cap 5.44%
Second Best
Apartment 5plus
$422.5K
$369.7K – $492.9K
NOI $29,573 @ 7.0% cap · market cap 5.01%
Theoretical Best
Office A
$888.7K
$777.6K – $1.04M
NOI $62,209 @ 7.0% cap · market cap 10.54%
Zoning and permitted uses should be independently verified with local authorities.
Property Profile
Insight Report
Location Intelligence
Current Use by Public Records
Duplexes
Location Insight
- Map
- Local Demand
- City
- Forest Park
- County
- Will
- State
- Illinois
- Longitude
- -88.09594
- Latitude
- 41.531902
Nearby Similar for Sale
FAQs
What type of property is this?
Duplex - Two-unit property on an oversized lot near downtown Forest Park.
Where is this duplex located?
The property is located at 7415 Dixon Street Forest Park, IL.
What is the asking price?
The asking price for this property is $590,000.
What are key features of this property?
This property features: Rare oversized double lot in a prime location near downtown Forest Park, Oak Park, and River Forest.; Main residence features **2,314 sq ft with 3 bedrooms, 2 full baths, and flexible living spaces.**; Includes a separate 700 sq ft, 2‑bedroom, 1‑bath rental unit generating $850/month income.
