Six-Unit Apartment
New
For Sale
$925,000
1119 Elizabeth Ct, Crest Hill, IL 60403
All-electric multifamily property with updated building systems, resident-paid electric, and on-site laundry facilities.
Property Size4,000 SF
Price / SF$231.25
Days on Market5
Property Features for 1119 Elizabeth Ct
General Information
Standard status
Active
Size
4,000 SF
Total Parking Spaces
8
Property subtype
Commercial
Units
Unit Mix
4 x 2BR/1.1BA, 2 x 2BR/1BA
Multifamily Units
6
Amenities
laundry room
Building Details
Year Built
1978
Listing Agency:
Michele Morris Realty
Listed By:
Michele Morris · License #471002173
(630) 669-4469
Source:
Searchillinoishomesforsale
Added: Sep 1
Changed: Sep 4
Last Checked: Sep 4 at 3:53AM
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 Michele Morris Realty
Investment Insights
Based on property information with market context.
Built in 1978, this six-unit apartment building includes four two-bedroom units with 1.1 baths and two two-bedroom units with one bath. The all-electric property has a newer roof, replacement windows, and newer HVAC units. Residents pay their own electric bills, supporting a straightforward utility arrangement.
The building sits on a cul-de-sac at 1119 Elizabeth Court in Crest Hill, Illinois, with off-street parking for 8 cars. A dedicated laundry room contains coin-operated machines, providing an additional income source. The property’s unit mix and on-site amenities offer a practical multifamily configuration.
The building sits on a cul-de-sac at 1119 Elizabeth Court in Crest Hill, Illinois, with off-street parking for 8 cars. A dedicated laundry room contains coin-operated machines, providing an additional income source. The property’s unit mix and on-site amenities offer a practical multifamily configuration.
Key Highlights
- Six‑unit apartment building with four two‑bedroom, 1.1‑bath units and two two‑bedroom, 1‑bath units
- Built in 1978
- Off‑street parking for 8 cars on a cul‑de‑sac
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
$46,403
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
5.02%
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%
$928,060
$928.1K
Cap Rate 7%
$662,900
$662.9K
Cap Rate 9%
$515,589
$515.6K
Market Conditions
NOI Build-Up for 4,000 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
$90.7K $22.68/SF
− Vacancy
−$6.4K −$1.59/SF
EGI
$84.4K $21.09/SF
− OpEx
−$38.0K −$9.49/SF
NOI
$46.4K $11.60/SF
Area
Will 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%
$928,060
Cap Rate 7%
$662,900
Cap Rate 9%
$515,589
Alternative Uses
Best Use
Apartment 5plus
$662.9K
$580.0K – $773.4K
NOI $46,403 @ 7.0% cap · market cap 5.02%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$907.2K
$793.8K – $1.06M
NOI $63,504 @ 7.0% cap · market cap 6.87%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
6
Residential units
Location Intelligence
Trade Area within ½ mile
329
Businesses Nearby
Explore this area
Business Placement
Demographics for 60403, IL
17,667
Population
7,884
Households
2.2
Avg Household Size
41
Median Age
24%
College-Educated
91%
High-School Grad
4.9 sq mi
ZIP Area
3,606
Density / Sq Mi
$71,413
Median Household Income
$41,597
Median Earnings
$1,386
Median Rent
$223,000
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?
Apartment building - All-electric multifamily property with updated building systems, resident-paid electric, and on-site laundry facilities.
Where is this apartment building located?
The property is located at 1119 Elizabeth Ct Crest Hill, IL.
What is the asking price?
The asking price for this property is $925,000.
What are key features of this property?
This property features: Six‑unit apartment building with four two‑bedroom, 1.1‑bath units and two two‑bedroom, 1‑bath units; Built in 1978; Off‑street parking for 8 cars on a cul‑de‑sac
