Residential Income Property with Water
New
For Sale
$289,000
902 Summit Creek Drive, Shorewood, IL 60404
Three-bedroom townhome offers hardwood floors, upgraded finishes, and an attached heated garage.
Property Size2,116 SF
Price / SF$136.58
Days on Market2
Property Features for 902 Summit Creek Drive
General Information
Standard status
Active
Size
2,116 SF
Property subtype
Apartment
Amenities
Natural Gas
Forced Air
Central Air
Range
Microwave
Dishwasher
Refrigerator
Washer
Dryer
Disposal
Stainless Steel Appliance(s)
Water Softener Owned
Deck, Water Front, Asphalt
Building Details
Year Built
2006
Listing Agency:
RE/MAX Ultimate Professionals
Listed By:
Gerald Shepich · License #475105296
(815) 725-4545
Source:
Kw
Added: Sep 12
Last Checked: Sep 13 at 11:07AM
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 RE/MAX Ultimate Professionals
Investment Insights
Based on property information with market context.
This 2,116-square-foot townhome includes three bedrooms, 2 1/2 baths, and the largest model configuration in the complex. Interior features include hardwood flooring, newer stair carpeting, a kitchen with stainless steel appliances and granite countertops, plus a second-floor laundry area. The main bedroom has a volume ceiling, walk-in closet, and upgraded bathroom. A lower-level office provides additional functional space, while the attached two-car heated garage adds convenience. The unit also includes central air, forced-air heating, a newer HVAC unit, and a water softener.
Located in the Summit Creek subdivision, the property has a water-front exterior setting with a deck and asphalt surfaces. Interstates, dining, and shopping are nearby, providing access to everyday services and regional travel routes.
Located in the Summit Creek subdivision, the property has a water-front exterior setting with a deck and asphalt surfaces. Interstates, dining, and shopping are nearby, providing access to everyday services and regional travel routes.
Key Highlights
- 2,116‑square‑foot townhome with 3 bedrooms and 2 1/2 baths
- Water‑front setting with deck
- Stainless steel appliances and granite kitchen countertops
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
$24,547
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
8.49%
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%
$490,940
$490.9K
Cap Rate 7%
$350,671
$350.7K
Cap Rate 9%
$272,744
$272.7K
Market Conditions
NOI Build-Up for 2,116 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
$48.0K $22.68/SF
− Vacancy
−$3.4K −$1.59/SF
EGI
$44.6K $21.09/SF
− OpEx
−$20.1K −$9.49/SF
NOI
$24.5K $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%
$490,940
Cap Rate 7%
$350,671
Cap Rate 9%
$272,744
Alternative Uses
Best Use
Apartment 5plus
$350.7K
$306.8K – $409.1K
NOI $24,547 @ 7.0% cap · market cap 8.49%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$730.6K
$639.2K – $852.3K
NOI $51,139 @ 7.0% cap · market cap 17.70%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
502
Businesses Nearby
Explore this area
Business Placement
Demographics for 60404, IL
19,916
Population
7,530
Households
2.6
Avg Household Size
42
Median Age
40%
College-Educated
96%
High-School Grad
15.7 sq mi
ZIP Area
1,269
Density / Sq Mi
$121,696
Median Household Income
$54,628
Median Earnings
$1,945
Median Rent
$319,800
Median Home Value
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Residential income property - Three-bedroom townhome offers hardwood floors, upgraded finishes, and an attached heated garage.
Where is this residential income property located?
The property is located at 902 Summit Creek Drive Shorewood, IL.
What is the asking price?
The asking price for this property is $289,000.
What are key features of this property?
This property features: 2,116‑square‑foot townhome with 3 bedrooms and 2 1/2 baths; Water‑front setting with deck; Stainless steel appliances and granite kitchen countertops
