Renovated Residential Income
For Sale
$299,900
120 S Spruce Avenue Unit 407, Wood Dale, IL 60191
Updated condominium with private storage, two parking spaces, and access to extensive community amenities.
Property Size1,800 SF
Price / SF$166.61
Days on Market20
Property Features for 120 S Spruce Avenue Unit 407
General Information
Standard status
Active
Size
1,800 SF
Total Parking Spaces
2
Property subtype
Condo-Duplex
Site & Location
Highway Access
Yes
Public Transit
Yes
Additional Details
Multifamily Units
1
Taxes and HOA fees
Annual Taxes
$5,326
Amenities
in-unit laundry
fireplace
wet bar
private storage
outdoor swimming pool
sauna
fitness center
party room
Building Details
Building Size
1,800 SF
Year Built
1972
Listing Agency:
Berg Properties
(708) 406-9637
Listed By:
Colleen Berg · License #471019976
Source:
Dawnmckennagroup
Added: Aug 3
Changed: Aug 21
Last Checked: Aug 21 at 11:36AM
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 Berg Properties
Investment Insights
Based on property information with market context.
This 1,800-square-foot condominium offers a two-bedroom, two-bath layout in the Park Royal community. Improvements include a new kitchen with stainless steel appliances, refreshed bathrooms, a wet bar, in-unit laundry, and a fireplace. The residence also includes one outdoor parking space identified as #407, one heated indoor garage space, and a large private storage area.
Community amenities include an outdoor swimming pool, sauna, fitness center, and party room with a full kitchen. The property is located in Wood Dale, minutes from O'Hare International Airport, Metra stations, major expressways, shopping, dining, and nearby forest preserves. The building was constructed in 1972.
Community amenities include an outdoor swimming pool, sauna, fitness center, and party room with a full kitchen. The property is located in Wood Dale, minutes from O'Hare International Airport, Metra stations, major expressways, shopping, dining, and nearby forest preserves. The building was constructed in 1972.
Key Highlights
- 1,800 SF condominium with 2 bedrooms and 2 bathrooms
- Renovated kitchen with stainless steel appliances and updated bathrooms
- In‑unit laundry, wet bar, and fireplace
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
$20,881
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
6.96%
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%
$417,620
$417.6K
Cap Rate 7%
$298,300
$298.3K
Cap Rate 9%
$232,011
$232.0K
Market Conditions
NOI Build-Up for 1,800 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
$40.8K $22.68/SF
− Vacancy
−$2.9K −$1.59/SF
EGI
$38.0K $21.09/SF
− OpEx
−$17.1K −$9.49/SF
NOI
$20.9K $11.60/SF
Area
DuPage 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%
$417,620
Cap Rate 7%
$298,300
Cap Rate 9%
$232,011
Alternative Uses
Best Use
Apartment 5plus
$298.3K
$261.0K – $348.0K
NOI $20,881 @ 7.0% cap · market cap 6.96%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$621.5K
$543.8K – $725.0K
NOI $43,502 @ 7.0% cap · market cap 14.51%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
1
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
449
Businesses Nearby
Explore this area
Business Placement
Demographics for 60191, IL
14,456
Population
5,516
Households
2.6
Avg Household Size
44
Median Age
25%
College-Educated
88%
High-School Grad
5.2 sq mi
ZIP Area
2,780
Density / Sq Mi
$90,299
Median Household Income
$44,817
Median Earnings
$1,649
Median Rent
$307,600
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Residential income property - Updated condominium with private storage, two parking spaces, and access to extensive community amenities.
Where is this residential income property located?
The property is located at 120 S Spruce Avenue Unit 407 Wood Dale, IL.
What is the asking price?
The asking price for this property is $299,900.
What are key features of this property?
This property features: 1,800 SF condominium with 2 bedrooms and 2 bathrooms; Renovated kitchen with stainless steel appliances and updated bathrooms; In‑unit laundry, wet bar, and fireplace
