Updated Condo with Walk-In
For Sale
$110,000
10840 Kilpatrick Avenue #1NW Oak, Oak Lawn, IL 60453
Spacious, updated condo with large walk-in closet and west-facing patio.
Property Size850 SF
Days on Market368
Property Features for 10840 Kilpatrick Avenue #1NW Oak
General Information
Standard status
Active
Size
850 SF
Property subtype
Condominium
Amenities
Forced Air
Natural Gas
Central Air
Range
Microwave
Dishwasher
Refrigerator
Building Details
Building Size
850 SF
Year Built
1972
Listing Agency:
Century 21 Circle
(708) 307-9761
Listed By:
Mark Vaccaro · License #471021485
Source:
Kw
Added: Aug 19, 2025
Changed: Aug 8
Last Checked: Aug 20 at 7:14PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Century 21 Circle
Investment Insights
Based on property information with market context.
This first-floor condo features flexicore construction, which reduces noise from upper floors. The unit includes one bedroom and one bathroom, along with a large 8x8 walk-in closet that could serve as an office or additional room. The living room, dining room, and kitchen have granite flooring. The kitchen is updated with granite countertops, oak cabinets, a dishwasher, and a countertop microwave, all approximately 8 years old, along with a newer hood vent and stove/oven. The bathroom was remodeled about 8 years ago and features luxury vinyl flooring, a matching tub/shower surround, a new vanity, and a toilet. A storage unit and coin laundry are located across the hall. The furnace is approximately 10 years old. Sliding glass doors in the living room open to a spacious west-facing patio. The low monthly HOA fee covers heat, gas, water, common area maintenance, landscape, lawn care, and snow removal. This unit is rentable, making it suitable for an investment portfolio.
Key Highlights
- First‑floor unit in flexicore construction building ensures quiet living.
- Low monthly HOA fee covers heat, gas, water, common area maintenance, landscaping, and snow removal.
- Spacious 8x8 walk‑in closet offers versatility as an office or additional room.
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
$9,861
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
8.96%
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%
$197,220
$197.2K
Cap Rate 7%
$140,871
$140.9K
Cap Rate 9%
$109,567
$109.6K
Market Conditions
NOI Build-Up for 850 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
$19.3K $22.68/SF
− Vacancy
−$1.3K −$1.59/SF
EGI
$17.9K $21.09/SF
− OpEx
−$8.1K −$9.49/SF
NOI
$9.9K $11.60/SF
Area
Cook County, IL
Vacancy
7.00%
Lease Rate
$22.68 /SF/Yr
Expense Ratio
45.00%
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%
$197,220
Cap Rate 7%
$140,871
Cap Rate 9%
$109,567
Alternative Uses
Best Use
Apartment 5plus
$140.9K
$123.3K – $164.4K
NOI $9,861 @ 7.0% cap · market cap 8.96%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$293.5K
$256.8K – $342.4K
NOI $20,543 @ 7.0% cap · market cap 18.68%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,192
Businesses Nearby
Explore this area
Business Placement
Demographics for 60453, IL
58,362
Population
23,115
Households
2.5
Avg Household Size
40
Median Age
30%
College-Educated
90%
High-School Grad
8.5 sq mi
ZIP Area
6,866
Density / Sq Mi
$82,493
Median Household Income
$48,810
Median Earnings
$1,310
Median Rent
$267,900
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?
Apartment building - Spacious, updated condo with large walk-in closet and west-facing patio.
Where is this apartment building located?
The property is located at 10840 Kilpatrick Avenue #1NW Oak Oak Lawn, IL.
What is the asking price?
The asking price for this property is $110,000.
What are key features of this property?
This property features: First‑floor unit in flexicore construction building ensures quiet living.; Low monthly HOA fee covers heat, gas, water, common area maintenance, landscaping, and snow removal.; Spacious 8x8 walk‑in closet offers versatility as an office or additional room.
