Midlothian Multifamily Investment
For Sale
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14618 Keystone Ave, Midlothian, IL 60445
Portfolio of three six-unit buildings near Keystone Avenue.
Property Size13,400 SF
Price / SF$140.67
Days on Market362
Property Features for 14618 Keystone Ave
General Information
Standard status
Active
Size
13,400 SF
Property subtype
Multifamily
Zoning
R-5
Building Details
Year Built
1970
Listing Agency:
Real Realty Inc.
Listed By:
James Clough · License #IL - 475.147791
Source:
Crexi
Added: Aug 15, 2025
Changed: Aug 8
Last Checked: Aug 8 at 2:51PM
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 Real Realty Inc.
Investment Insights
Based on property information with market context.
This portfolio comprises three nearly identical six-unit buildings located off Keystone Avenue in Midlothian, Illinois. Each building features one one-bedroom unit and five two-bedroom units, totaling 18 units across the portfolio. The buildings are equipped with a central boiler and central hot water heater, with the landlord responsible for covering the costs of heat and hot water. Tenants are responsible for their electricity expenses. Nine of the eighteen units have been remodeled, achieving rental premiums of $150 or more for one-bedroom units and $250 or more for two-bedroom units compared to the non-renovated apartments. The total property size is 13400 square feet. This presents an opportunity for an investor to acquire these buildings and continue to improve units, increase revenue, and further maximize returns.
Key Highlights
- Portfolio of three 6‑unit buildings.
- Opportunity to increase revenue by remodeling remaining units.
- Remodeled units achieve significantly higher rents ($150+ for 1‑bedroom, $250+ for 2‑bedroom).**
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
$155,451
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
8.25%
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%
$3,109,020
$3.1M
Cap Rate 7%
$2,220,729
$2.2M
Cap Rate 9%
$1,727,233
$1.7M
Market Conditions
NOI Build-Up for 13,400 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
$303.9K $22.68/SF
− Vacancy
−$21.3K −$1.59/SF
EGI
$282.6K $21.09/SF
− OpEx
−$127.2K −$9.49/SF
NOI
$155.5K $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%
$3,109,020
Cap Rate 7%
$2,220,729
Cap Rate 9%
$1,727,233
Alternative Uses
Best Use
Apartment 5plus
$2.22M
$1.94M – $2.59M
NOI $155,451 @ 7.0% cap · market cap 8.25%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$4.63M
$4.05M – $5.40M
NOI $323,849 @ 7.0% cap · market cap 17.18%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
477
Businesses Nearby
Explore this area
Business Placement
Demographics for 60445, IL
14,692
Population
6,228
Households
2.4
Avg Household Size
37
Median Age
19%
College-Educated
88%
High-School Grad
4.3 sq mi
ZIP Area
3,417
Density / Sq Mi
$68,385
Median Household Income
$46,480
Median Earnings
$1,202
Median Rent
$201,700
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 - Portfolio of three six-unit buildings near Keystone Avenue.
Where is this apartment building located?
The property is located at 14618 Keystone Ave Midlothian, IL.
What is the asking price?
The asking price for this property is $1,885,000.
What are key features of this property?
This property features: Portfolio of three 6‑unit buildings.; Opportunity to increase revenue by remodeling remaining units.; Remodeled units achieve significantly higher rents ($150+ for 1‑bedroom, $250+ for 2‑bedroom).**
