Remodeled 5-Unit Apartment
For Sale
$505,000
1636 S 50th Court, Cicero, IL 60804
Remodeled apartments include individual storage, coin laundry, and centralized heating and hot water systems.
Property Size3,686 SF
Price / SF$137
Days on Market163
Property Features for 1636 S 50th Court
General Information
Standard status
Active
Size
3,686 SF
Property subtype
MULTI_FAMILY
Additional Details
Multifamily Units
5
Taxes and HOA fees
Annual Taxes
$10,857
Amenities
storage
coin laundry
gated back yard
parking pads
Building Details
Building Size
3,686 SF
Year Built
1925
Listing Agency:
Chicago Area Realty Inc
(773) 343-2551
Listed By:
Grazyna Przybysz · License #475121869
Source:
Harkinsandassociates
Added: Feb 25
Changed: Aug 2
Last Checked: Aug 6 at 4:32AM
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 Chicago Area Realty Inc
Investment Insights
Based on property information with market context.
This 3,686-square-foot apartment building, constructed in 1925, contains five remodeled apartments described as spacious. Each unit has dedicated storage, while shared coin-operated laundry serves the building. Building systems include a boiler and a large hot water tank rather than separate furnaces and water tanks for each apartment.
Exterior features include a gated rear yard with parking pads. The property is situated in Cicero near transportation and amenities. The sale is offered in AS IS condition.
Exterior features include a gated rear yard with parking pads. The property is situated in Cicero near transportation and amenities. The sale is offered in AS IS condition.
Key Highlights
- Five‑unit apartment building with remodeled apartments
- 3,686 SF building constructed in 1925
- Storage assigned to each 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
$42,761
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
8.47%
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%
$855,220
$855.2K
Cap Rate 7%
$610,871
$610.9K
Cap Rate 9%
$475,122
$475.1K
Market Conditions
NOI Build-Up for 3,686 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
$83.6K $22.68/SF
− Vacancy
−$5.9K −$1.59/SF
EGI
$77.7K $21.09/SF
− OpEx
−$35.0K −$9.49/SF
NOI
$42.8K $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%
$855,220
Cap Rate 7%
$610,871
Cap Rate 9%
$475,122
Alternative Uses
Best Use
Apartment 5plus
$610.9K
$534.5K – $712.7K
NOI $42,761 @ 7.0% cap · market cap 8.47%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.27M
$1.11M – $1.48M
NOI $89,083 @ 7.0% cap · market cap 17.64%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
5
Residential units
Location Intelligence
Trade Area within ½ mile
732
Businesses Nearby
Explore this area
Business Placement
Demographics for 60804, IL
85,673
Population
26,738
Households
3.2
Avg Household Size
32
Median Age
11%
College-Educated
68%
High-School Grad
7.1 sq mi
ZIP Area
12,067
Density / Sq Mi
$68,548
Median Household Income
$36,786
Median Earnings
$1,121
Median Rent
$236,000
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?
Apartment building - Remodeled apartments include individual storage, coin laundry, and centralized heating and hot water systems.
Where is this apartment building located?
The property is located at 1636 S 50th Court Cicero, IL.
What is the asking price?
The asking price for this property is $505,000.
What are key features of this property?
This property features: Five‑unit apartment building with remodeled apartments; 3,686 SF building constructed in 1925; Storage assigned to each apartment
