Spacious Lakeview Place Penthouse
For Sale
$325,000
1259 W Lake Street #304, Addison, IL 60101
Two-story penthouse with garage parking in Lakeview Place.
Property Size1,876 SF
Days on Market377
Property Features for 1259 W Lake Street #304
General Information
Standard status
Active
Size
1,876 SF
Property subtype
Condominium
Amenities
Forced Air
Central Air
Natural Gas
Range
Dishwasher
Refrigerator
Washer
Dryer
Disposal
Deck, Asphalt
Building Details
Building Size
1,876 SF
Year Built
2002
Listing Agency:
Fulton Grace Realty
Listed By:
Rose DiMaio · License #475146357
(630) 712-3000
Source:
Kw
Added: Aug 25, 2025
Changed: Aug 22
Last Checked: Sep 4 at 5:37PM
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 Fulton Grace Realty
Investment Insights
Based on property information with market context.
This spacious two-story penthouse unit is located in Lakeview Place and includes one garage parking spot. Situated right next to the elevator, the unit features hardwood flooring in the dining, kitchen, and living room areas. The kitchen is equipped with 42" cabinetry, stainless steel appliances, a pantry closet, and a breakfast bar that seats two. The living room has a sliding glass door that opens to a balcony with views. This penthouse unit on the 3rd floor offers over 1900 square feet of space and features an open concept foyer with a coat closet and a spacious dining room. All bedrooms are spacious. The primary bedroom suite includes a walk-in closet and a full bath. The second bedroom on the main floor has another full bath with a glass enclosure shower. The laundry room is located off the second bath. The upper level features a bedroom, which can serve as a home office, along with a spacious family room, a large walk-in closet, and a second closet. The unit has high ceilings and natural lighting throughout. Additional parking is available. The association maintains landscaping on common areas. The location provides convenient access to restaurants, theaters, and highways. A gazebo, walkways, and a lighted pond enhance the complex's setting.
Key Highlights
- Spacious 2‑story penthouse unit with 1900+ square feet in Lakeview Place.
- Includes 1 garage parking spot located right next to the elevator.
- Features hardwood flooring, 42" cabinetry, stainless steel appliances, and a breakfast bar in the kitchen.
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
$21,763
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
6.70%
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%
$435,260
$435.3K
Cap Rate 7%
$310,900
$310.9K
Cap Rate 9%
$241,811
$241.8K
Market Conditions
NOI Build-Up for 1,876 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
$42.5K $22.68/SF
− Vacancy
−$3.0K −$1.59/SF
EGI
$39.6K $21.09/SF
− OpEx
−$17.8K −$9.49/SF
NOI
$21.8K $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%
$435,260
Cap Rate 7%
$310,900
Cap Rate 9%
$241,811
Alternative Uses
Best Use
Apartment 5plus
$310.9K
$272.0K – $362.7K
NOI $21,763 @ 7.0% cap · market cap 6.70%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$647.7K
$566.7K – $755.7K
NOI $45,339 @ 7.0% cap · market cap 13.95%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
622
Businesses Nearby
Explore this area
Business Placement
Demographics for 60101, IL
37,644
Population
14,145
Households
2.7
Avg Household Size
38
Median Age
22%
College-Educated
77%
High-School Grad
11.4 sq mi
ZIP Area
3,302
Density / Sq Mi
$87,860
Median Household Income
$42,007
Median Earnings
$1,236
Median Rent
$315,300
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 - Two-story penthouse with garage parking in Lakeview Place.
Where is this apartment building located?
The property is located at 1259 W Lake Street #304 Addison, IL.
What is the asking price?
The asking price for this property is $325,000.
What are key features of this property?
This property features: Spacious 2‑story penthouse unit with 1900+ square feet in Lakeview Place.; Includes 1 garage parking spot located right next to the elevator.; Features hardwood flooring, 42" cabinetry, stainless steel appliances, and a breakfast bar in the kitchen.
