Scarborough Fare Condo with
For Sale
$196,000
14511 Central Court #M2 Oak, Oak Forest, IL 60452
Updated 2-bedroom condo with modern amenities and convenient location.
Property Size1,150 SF
Price / SF$170.43
Days on Market360
Property Features for 14511 Central Court #M2 Oak
General Information
Standard status
Active
Size
1,150 SF
Property subtype
Condominium
Amenities
Central Air
Natural Gas
Range
Microwave
Dishwasher
Refrigerator
Washer
Dryer
Stainless Steel Appliance(s)
Range Hood
Deck, Porch, Rubber
Building Details
Building Size
1,150 SF
Year Built
1981
Listing Agency:
Circle One Realty
(630) 862-5181
Listed By:
Ryan Cherney · License #471019427
(630) 862-5181
Source:
Kw
Added: Aug 26, 2025
Changed: Aug 17
Last Checked: Aug 18 at 10:38PM
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 Circle One Realty
Investment Insights
Based on property information with market context.
Located in the Scarborough Fare Condo Subdivision, this property features 2 bedrooms and 2 full bathrooms. The kitchen has been updated with solid Maple cabinets featuring self-closing drawers and stainless steel appliances. An in-unit laundry area includes a 4-year-old washer and dryer. The living and dining room areas are fitted with hardwood floors, while the bathrooms feature marble flooring. The entryway has vinyl tile, and the unit includes oak doors throughout. A stone gas fireplace is a focal point of the living space. The unit includes a large walk-in cedar closet and an additional storage room within the building. A coin laundry is also available in the building. The furnace is 3 years old, and the air conditioning unit is 2 years old. The master bathroom includes solid oak cabinets. A screened-in balcony offers outdoor space. A rare opportunity exists for a 2-car garage. The additional garage can be rented out for approximately $175 to $200 per month. The subdivision is pet-friendly and located in a quiet neighborhood. The well-maintained subdivision includes access to a pool and tennis court, with views of creeks and ponds. Assessments cover water, heat (gas), snow removal, landscaping, garbage disposal, and general maintenance. The property is close to shopping, dining, and a Metra station, with convenient access to major expressways 294, I-57, and I-80. The property is suitable for both homeowners and investors.
Key Highlights
- Rare 2‑car garage offering potential rental or sale opportunities.
- Updated kitchen featuring solid Maple cabinets and SS appliances.
- Assessments include water, heat, snow removal, landscaping, garbage, and general maintenance.
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
$13,341
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
6.81%
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%
$266,820
$266.8K
Cap Rate 7%
$190,586
$190.6K
Cap Rate 9%
$148,233
$148.2K
Market Conditions
NOI Build-Up for 1,150 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
$26.1K $22.68/SF
− Vacancy
−$1.8K −$1.59/SF
EGI
$24.3K $21.09/SF
− OpEx
−$10.9K −$9.49/SF
NOI
$13.3K $11.60/SF
Area
Cook 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%
$266,820
Cap Rate 7%
$190,586
Cap Rate 9%
$148,233
Alternative Uses
Best Use
Apartment 5plus
$190.6K
$166.8K – $222.4K
NOI $13,341 @ 7.0% cap · market cap 6.81%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$397.0K
$347.4K – $463.2K
NOI $27,793 @ 7.0% cap · market cap 14.18%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
545
Businesses Nearby
Explore this area
Business Placement
Demographics for 60452, IL
27,363
Population
10,557
Households
2.6
Avg Household Size
40
Median Age
30%
College-Educated
92%
High-School Grad
8.6 sq mi
ZIP Area
3,182
Density / Sq Mi
$89,167
Median Household Income
$47,519
Median Earnings
$1,287
Median Rent
$249,100
Median Home Value
Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Apartment building - Updated 2-bedroom condo with modern amenities and convenient location.
Where is this apartment building located?
The property is located at 14511 Central Court #M2 Oak Oak Forest, IL.
What is the asking price?
The asking price for this property is $196,000.
What are key features of this property?
This property features: Rare 2‑car garage offering potential rental or sale opportunities.; Updated kitchen featuring solid Maple cabinets and SS appliances.; Assessments include water, heat, snow removal, landscaping, garbage, and general maintenance.
