Building Details

Year Built 1950

Construction ranch style

Tenancy Multi

Listing Agency: Compass

Listed By: Mada Hitchmough · License #475165421 Show Phone

Source: Compass

Added: Apr 8 Changed: Oct 25 Last Checked: Oct 30 at 5:25PM

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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 Compass

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Investment Insights

Based on property information with market context.

This residential income property consists of an existing ranch-style 2 flat. Each unit includes 2 bedrooms and 1 bathroom, with additional features such as oversized garage parking and significant storage. Laundry is located in the basement.

The property is located at 124 S Central Avenue in Highwood, IL 60040. Public remarks indicate the site is zoned for multi unit use.

Because the property is described as offering a tear-down and build opportunity, the site may appeal to buyers looking to improve or expand the existing structure, subject to applicable requirements.

Key Highlights

• Ranch‑style 2‑flat with two 2‑bed, 1‑bath units
• Each unit includes oversized garage parking plus tons of storage
• Basement features laundry and additional storage

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$22,510

Cap Rate

4.10%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$450,200 $450.2K

Cap Rate 7%

$321,571 $321.6K

Cap Rate 9%

$250,111 $250.1K

Is this asking price fair?

Market Conditions

NOI Build-Up for 1,680 SF

Gross rent

$34.3K $20.40/SF

− Vacancy

−$2.1K −$1.26/SF

EGI

$32.2K $19.14/SF

− OpEx

−$9.6K −$5.74/SF

NOI

$22.5K $13.40/SF

Area

Lake County, IL

Vacancy

6.17%

Lease Rate

$20.40 /SF/Yr

Expense Ratio

30.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$450,200

Cap Rate 7%

$321,571

Cap Rate 9%

$250,111

Alternative Uses

Best Use

Multifamily LT 5

$321.6K

$281.4K – $375.2K (±1% cap)

NOI $22,510 @ 7.0% cap · market cap 4.10%

Second Best

Apartment 5plus

$296.2K

$259.2K – $345.6K (±1% cap)

NOI $20,735 @ 7.0% cap · market cap 3.78%

Theoretical Best

Office A

$580.0K

$507.5K – $676.7K (±1% cap)

NOI $40,602 @ 7.0% cap · market cap 7.40%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

Who owns this building? See the owner, sales and loan history

Open Analytics

Lease Details

2

Residential units

Multi-tenant

Tenancy

Location Intelligence

Trade Area within ½ mile

870

Businesses Nearby

Explore this area Business Placement

Demographics for 60040, IL

5,102

Population

1,969

Households

2.6

Avg Household Size

37

Median Age

38%

College-Educated

80%

High-School Grad

0.8 sq mi

ZIP Area

6,378

Density / Sq Mi

$101,862

Median Household Income

$41,361

Median Earnings

$1,800

Median Rent

$454,500

Median Home Value

Market

Vacancy Rate% for Multifamily in Midwest region

6.5% 2022

7.5% 2023

7.8% 2024

8% 2025

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Frequently Asked Questions

What type of property is this?

Duplex - Ranch-style 2 flat with two 2-bed, 1-bath units, oversized garage parking, and basement laundry and storage.

Where is this duplex located?

The property is located at 124 South Central Avenue Highwood, IL.

What is the asking price?

The asking price for this property is $549,000.

What are key features of this property?

This property features: Ranch‑style 2‑flat with two 2‑bed, 1‑bath units; Each unit includes oversized garage parking plus tons of storage; Basement features laundry and additional storage