Four-Unit Ranch Apartment
For Sale
$599,700
1620 Suydam Road, Sandwich, IL 60548
Individual apartments offer two bedrooms, full bathrooms, storage, and separately metered electric and water service.
Property Size3,680 SF
Price / SF$162.96
Days on Market56
Property Features for 1620 Suydam Road
General Information
Standard status
Active
Size
3,680 SF
Total Parking Spaces
4
Property subtype
Two to Four Units / 4 Flat
Zoning
MULTI
Units
Unit Mix
4 x 2BR/1BA
Multifamily Units
4
Additional Details
Utilities to Site
Yes
Taxes and HOA fees
Annual Taxes
$11,911
Amenities
partial basement
laundry hookups
storage space
air conditioning
Building Details
Year Built
1973
Buildings
1
Construction
ranch
Listing Agency:
Swanson Real Estate
(815) 693-4958
Listed By:
Joseph Frieders · License #471013193
(815) 693-4958
Source:
Compass
Added: Jul 6
Changed: Aug 30
Last Checked: Aug 30 at 5:31AM
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 Swanson Real Estate
Investment Insights
Based on property information with market context.
This four-unit ranch-style apartment property contains 3,680 square feet and was built in 1973. Each apartment includes a living room, kitchen, two bedrooms, and a full bathroom. A partial basement provides individual laundry hookups and designated storage areas. The detached four-car garage adds one bay for each residence. Electric baseboard heat and wall-mounted air conditioning serve the units, while electric and water are separately metered. The building uses city water and a private septic system, with MULTI zoning supporting its multifamily configuration. A new apartment-building roof was installed in 2023.
The property is located at 1620 Suydam Road in Sandwich, Illinois, next to Edgebrook Golf Course and across from the Sandwich Fairgrounds. It sits near the city limits and combines a four-residence layout with dedicated garage parking and individual utility service.
The property is located at 1620 Suydam Road in Sandwich, Illinois, next to Edgebrook Golf Course and across from the Sandwich Fairgrounds. It sits near the city limits and combines a four-residence layout with dedicated garage parking and individual utility service.
Key Highlights
- Four apartments, each with two bedrooms and one full bathroom
- 3,680‑square‑foot ranch‑style apartment building constructed in 1973
- Detached four‑car garage with one assigned bay per apartment
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
$47,751
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
7.96%
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%
$955,020
$955.0K
Cap Rate 7%
$682,157
$682.2K
Cap Rate 9%
$530,567
$530.6K
Market Conditions
NOI Build-Up for 3,680 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
$73.7K $20.04/SF
− Vacancy
−$5.5K −$1.50/SF
EGI
$68.2K $18.54/SF
− OpEx
−$20.5K −$5.56/SF
NOI
$47.8K $12.98/SF
Area
DeKalb County, IL
Vacancy
7.50%
Lease Rate
$20.04 /SF/Yr
Expense Ratio
30.00%
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%
$955,020
Cap Rate 7%
$682,157
Cap Rate 9%
$530,567
Alternative Uses
Best Use
Multifamily LT 5
$682.2K
$596.9K – $795.9K
NOI $47,751 @ 7.0% cap · market cap 7.96%
Second Best
Apartment 5plus
$609.9K
$533.6K – $711.5K
NOI $42,691 @ 7.0% cap · market cap 7.12%
Theoretical Best
Office A
$1.27M
$1.11M – $1.48M
NOI $88,938 @ 7.0% cap · market cap 14.83%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
55
Businesses Nearby
Explore this area
Business Placement
Demographics for 60548, IL
12,019
Population
4,649
Households
2.6
Avg Household Size
43
Median Age
21%
College-Educated
93%
High-School Grad
41.4 sq mi
ZIP Area
290
Density / Sq Mi
$83,774
Median Household Income
$40,072
Median Earnings
$1,046
Median Rent
$240,000
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?
Quadplex - Individual apartments offer two bedrooms, full bathrooms, storage, and separately metered electric and water service.
Where is this quadplex located?
The property is located at 1620 Suydam Road Sandwich, IL.
What is the asking price?
The asking price for this property is $599,700.
What are key features of this property?
This property features: Four apartments, each with two bedrooms and one full bathroom; 3,680‑square‑foot ranch‑style apartment building constructed in 1973; Detached four‑car garage with one assigned bay per apartment
