Six-Unit Apartment
For Sale
Contact for pricing
14618 KEYSTONE AVE, Midlothian, IL 60445
Six-unit apartment building with three fully rehabbed units and remaining units positioned for rent growth.
Property Size4,600 SF
Price / SF$151.09
Days on Market114
Property Features for 14618 KEYSTONE AVE
General Information
Standard status
Active
Size
4,600 SF
Total Parking Spaces
6
Property subtype
Multifamily
Zoning
R-2
Net Operating Income
$61,238
Additional Details
Multifamily Units
6
Building Details
Year Built
1963
Buildings
1
Stories
2
Units
6
Tenancy
Multi
Listing Agency:
Real Realty Inc.
Listed By:
James Clough · License #IL - 475.147791
Source:
Crexi
Added: Jun 30
Changed: Oct 10
Last Checked: Oct 20 at 6:58PM
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.
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Investment Insights
Based on property information with market context.
Real Realty presents a six-unit apartment building at 3625 147th St in Midlothian, IL (address listed as 14618 Keystone Ave, Midlothian, IL 60445). The property is made up of five two-bedroom, one-bath apartments and one one-bedroom, one-bath apartment.
Three of the units are described as fully rehabbed, while the remaining three are positioned for additional renovation to pursue $200+ per unit in rent premiums post-renovation. Building systems include 80% copper plumbing throughout and a Weil-McLain tankless boiler to help manage gas usage.
The listing notes this can be purchased in combination with a similar six-flat in Midlothian (also referenced as 3625 147th St along with this property).
Three of the units are described as fully rehabbed, while the remaining three are positioned for additional renovation to pursue $200+ per unit in rent premiums post-renovation. Building systems include 80% copper plumbing throughout and a Weil-McLain tankless boiler to help manage gas usage.
The listing notes this can be purchased in combination with a similar six-flat in Midlothian (also referenced as 3625 147th St along with this property).
Key Highlights
- 6‑unit apartment building at 3625 147th St, Midlothian, IL, built in 1963
- Unit mix: five 2‑bedroom/1‑bath and one 1‑bedroom/1‑bath
- Three units are fully rehabbed; remaining units positioned for higher rent after renovation
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$53,364
Cap Rate
7.68%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,067,280
$1.1M
Cap Rate 7%
$762,343
$762.3K
Cap Rate 9%
$592,933
$592.9K
Market Conditions
NOI Build-Up for 4,600 SF
Gross rent
$104.3K $22.68/SF
− Vacancy
−$7.3K −$1.59/SF
EGI
$97.0K $21.09/SF
− OpEx
−$43.7K −$9.49/SF
NOI
$53.4K $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 Rate 5%
$1,067,280
Cap Rate 7%
$762,343
Cap Rate 9%
$592,933
Alternative Uses
Best Use
Apartment 5plus
$762.3K
$667.1K – $889.4K
NOI $53,364 @ 7.0% cap · market cap 7.68%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.59M
$1.39M – $1.85M
NOI $111,172 @ 7.0% cap · market cap 16.00%
Zoning and permitted uses should be independently verified with authorities.
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Lease Details
6
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
483
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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Midwest region
Frequently Asked Questions
What type of property is this?
Apartment building - Six-unit apartment building with three fully rehabbed units and remaining units positioned for rent growth.
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 $695,000.
What are key features of this property?
This property features: 6‑unit apartment building at 3625 147th St, Midlothian, IL, built in 1963; Unit mix: five 2‑bedroom/1‑bath and one 1‑bedroom/1‑bath; Three units are fully rehabbed; remaining units positioned for higher rent after renovation
