Triplex with Courtyard and Attached
For Sale
Under Contract
$799,900
7941 Karlov Avenue, Skokie, IL 60076
MULTI_FAMILY - Skokie, IL
Property Size4,200 SF
Price / SF$190.45
Days on Market53
Property Features for 7941 Karlov Avenue
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
8
Bathrooms
5
Full bathrooms
5
Rooms
Bedroom 6, Bathroom 4, Bathroom 5, Bedroom 5, Bedroom 1, Bedroom 8, Bedroom 2, Basement, Bedroom 4, Bedroom 7, Bathroom 1, Bathroom 3, Bedroom 3, Bathroom 2
Parking
3
Parking features
Garage
Basement
Finished, Full
Elementary school district
68
Middle school district
68
High school district
219
Directions
1 block south of Oakton on Karlov
Subdivision
Skokie
Special listing conditions
Short Sale
Standard status
Active Under Contract
APN
10272060470000
Taxes and HOA fees
Tax Year
2023
Tax Annual Amount
17929
Utilities
Sewer type
Public Sewer
Heating system
Natural Gas
Amenities
courtyard area
Building Details
Year built
1958
Building materials
Brick
Listing Agency:
HomeSmart Realty Group · HomeSmart International
(630) 578-0002
Listed By:
Bert Gor · License #475143640
(708) 710-3828
Added: Jun 19
Changed: Aug 2
Last Checked: Aug 10 at 12:06AM
MLS# 12682834
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.
Investment Insights
Based on property information with market context.
Updated brick triplex located at 7941 Karlov Avenue in Skokie, IL. The property offers over 4,200 square feet across three fully self-contained units, including two 3-bedroom, 2-bath apartments on the first and second floors with full kitchens and private living spaces. A lower-level unit adds a 2-bedroom, 2-bath layout.
Outside, a courtyard area supports everyday outdoor use. Parking includes a 2-car attached garage and an additional 1-car attached garage accessed from the alley, an uncommon configuration for a multi-family property.
The triplex was built in 1958 and is heated with natural gas. Public sewer services the property. All three units are currently occupied by related family members, and showings are by appointment with proper notice required to view the entire building. The listing also notes the property requires a 1-lender short sale, with major short-sale tasks completed and the lender now considering reasonable offers.
Outside, a courtyard area supports everyday outdoor use. Parking includes a 2-car attached garage and an additional 1-car attached garage accessed from the alley, an uncommon configuration for a multi-family property.
The triplex was built in 1958 and is heated with natural gas. Public sewer services the property. All three units are currently occupied by related family members, and showings are by appointment with proper notice required to view the entire building. The listing also notes the property requires a 1-lender short sale, with major short-sale tasks completed and the lender now considering reasonable offers.
Key Highlights
- Over 4,200 SF across three fully self‑contained units
- First and second floors: two 3‑bedroom, 2‑bath units with full kitchens
- Lower level: 2‑bedroom, 2‑bath apartment
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$54,499
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
6.81%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$1,089,980
$1.1M
Cap Rate 7%
$778,557
$778.6K
Cap Rate 9%
$605,544
$605.5K
Market Conditions
NOI Build-Up for 4,200 SF
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.
Gross rent
$84.2K $20.04/SF
− Vacancy
−$6.3K −$1.50/SF
EGI
$77.9K $18.54/SF
− OpEx
−$23.4K −$5.56/SF
NOI
$54.5K $12.98/SF
Area
Cook County, IL
Vacancy
7.50%
Lease Rate
$20.04 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$1,089,980
Cap Rate 7%
$778,557
Cap Rate 9%
$605,544
Alternative Uses
Best Use
Multifamily LT 5
$778.6K
$681.2K – $908.3K
NOI $54,499 @ 7.0% cap · market cap 6.81%
Second Best
Apartment 5plus
$696.0K
$609.0K – $812.1K
NOI $48,723 @ 7.0% cap · market cap 6.09%
Theoretical Best
Office A
$1.45M
$1.27M – $1.69M
NOI $101,505 @ 7.0% cap · market cap 12.69%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,380
Businesses Nearby
Explore this area
Business Placement
Demographics for 60076, IL
34,295
Population
11,908
Households
2.9
Avg Household Size
42
Median Age
52%
College-Educated
91%
High-School Grad
5.1 sq mi
ZIP Area
6,725
Density / Sq Mi
$103,870
Median Household Income
$50,336
Median Earnings
$1,576
Median Rent
$381,000
Median Home Value
Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Triplex - Updated brick triplex with three self-contained units, a courtyard, and attached garage parking plus natural gas heat.
Where is this triplex located?
The property is located at 7941 Karlov Avenue Skokie, IL.
What is the asking price?
The asking price for this property is $799,900.
What are key features of this property?
This property features: Over 4,200 SF across three fully self‑contained units; First and second floors: two 3‑bedroom, 2‑bath units with full kitchens; Lower level: 2‑bedroom, 2‑bath apartment
