Rebuilt Two-Unit
New
For Sale
$450,000
1236 S Washington St, Lockport, IL 60441
Both residences offer furnished kitchens, separate laundry rooms, and two bedrooms with one bathroom.
Property Size1,232 SF
Price / SF$365.26
Days on Market5
Property Features for 1236 S Washington St
General Information
Standard status
Active
Size
1,232 SF
Property subtype
Multi-Family
Units
Unit Mix
2 x 2BR/1BA
Multifamily Units
2
Additional Details
Utilities to Site
Yes
Amenities
ceiling fans
laundry rooms
garage
basement
fully furnished kitchens
Building Details
Year Built
1882
Year Renovated
2014
Buildings
1
Listing Agency:
Coldwell Banker Realty
Listed By:
Teresa Ryan · License #471003290
(630) 253-7660
Source:
Ryanhillgroup
Added: Sep 5
Changed: Sep 8
Last Checked: Sep 8 at 5:13AM
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 Coldwell Banker Realty
Investment Insights
Based on property information with market context.
This two-unit duplex was originally built in 1882 and completely reconstructed in 2014 following a fire. The work included new structural components, drywall, electrical, plumbing, roofing, windows, doors, bathrooms, kitchens, exterior insulation, siding, stairs, and other building elements. Both residences contain two bedrooms and one bathroom, along with ceiling fans, furnished kitchens equipped with stoves, refrigerators, dishwashers, and microwaves, plus laundry rooms with sinks.
The upstairs unit measures approximately 1,232 square feet and includes tall and vaulted ceilings, with access to the garage. The larger downstairs residence measures approximately 1,540 square feet and has an additional room suitable for use as a den, office, third bedroom, or storage. The downstairs tenant also has basement access. Utilities are separately metered, and both power-vent water heaters were replaced two years ago.
The upstairs unit measures approximately 1,232 square feet and includes tall and vaulted ceilings, with access to the garage. The larger downstairs residence measures approximately 1,540 square feet and has an additional room suitable for use as a den, office, third bedroom, or storage. The downstairs tenant also has basement access. Utilities are separately metered, and both power-vent water heaters were replaced two years ago.
Key Highlights
- Two‑unit duplex completely reconstructed in 2014 after a fire
- Upstairs unit is approximately 1,232 square feet with tall and vaulted ceilings
- Downstairs unit is approximately 1,540 square feet with an additional flexible 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
$15,986
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
3.55%
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%
$319,720
$319.7K
Cap Rate 7%
$228,371
$228.4K
Cap Rate 9%
$177,622
$177.6K
Market Conditions
NOI Build-Up for 1,232 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
$24.7K $20.04/SF
− Vacancy
−$1.9K −$1.50/SF
EGI
$22.8K $18.54/SF
− OpEx
−$6.9K −$5.56/SF
NOI
$16.0K $12.98/SF
Area
Will 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%
$319,720
Cap Rate 7%
$228,371
Cap Rate 9%
$177,622
Alternative Uses
Best Use
Multifamily LT 5
$228.4K
$199.8K – $266.4K
NOI $15,986 @ 7.0% cap · market cap 3.55%
Second Best
Apartment 5plus
$204.2K
$178.7K – $238.2K
NOI $14,292 @ 7.0% cap · market cap 3.18%
Theoretical Best
Office A
$279.4K
$244.5K – $326.0K
NOI $19,559 @ 7.0% cap · market cap 4.35%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
663
Businesses Nearby
Explore this area
Business Placement
Demographics for 60441, IL
37,093
Population
13,249
Households
2.8
Avg Household Size
38
Median Age
36%
College-Educated
92%
High-School Grad
28.1 sq mi
ZIP Area
1,320
Density / Sq Mi
$104,271
Median Household Income
$54,665
Median Earnings
$1,488
Median Rent
$287,100
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Midwest region
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Frequently Asked Questions
What type of property is this?
Duplex - Both residences offer furnished kitchens, separate laundry rooms, and two bedrooms with one bathroom.
Where is this duplex located?
The property is located at 1236 S Washington St Lockport, IL.
What is the asking price?
The asking price for this property is $450,000.
What are key features of this property?
This property features: Two‑unit duplex completely reconstructed in 2014 after a fire; Upstairs unit is approximately 1,232 square feet with tall and vaulted ceilings; Downstairs unit is approximately 1,540 square feet with an additional flexible room
