Brick & Stone Six-Unit
For Sale
$869,000
1670 N 1st Ave, Melrose Park, IL 60160
Freestanding brick-and-stone building with six units and 9 parking spots, plus coin-operated laundry on-site.
Property Size3,510 SF
Price / SF$247.58
Days on Market151
Property Features for 1670 N 1st Ave
General Information
Standard status
Active
Size
3,510 SF
Total Parking Spaces
9
Property subtype
Commercial
Additional Details
Multifamily Units
6
Building Details
Year Built
1960
Construction
brick & stone
Tenancy
Multi
Listing Agency:
Century 21 Circle
Listed By:
Kief Mkrdichian · License #475091590
Source:
Searchillinoishomesforsale
Added: Apr 11
Changed: Sep 8
Last Checked: Sep 8 at 5:15AM
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 Century 21 Circle
Investment Insights
Based on property information with market context.
This freestanding brick and stone multifamily building contains a total of six units, including five two-bedroom apartments and one one-bedroom apartment. Several units have been updated, and the property includes owned coin-operated washer and dryer facilities located in a shared utility room.
The building is equipped with 9 parking spots. Per the remarks, 3 tenants pay an additional $40 per month per parking spot. Rents are described as including heat.
The property also notes newer tuck-pointing. The offering is for sale, and the current unit mix and on-site laundry are established features intended to support day-to-day operations.
The building is equipped with 9 parking spots. Per the remarks, 3 tenants pay an additional $40 per month per parking spot. Rents are described as including heat.
The property also notes newer tuck-pointing. The offering is for sale, and the current unit mix and on-site laundry are established features intended to support day-to-day operations.
Key Highlights
- Freestanding brick‑and‑stone building with 6 units: five 2‑bedroom units and one 1‑bedroom unit
- Includes 9 parking spots; 3 tenants pay $40/month extra per parking spot
- Owned coin‑operated washer and dryer in the utility room for additional income
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
$40,719
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
4.69%
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%
$814,380
$814.4K
Cap Rate 7%
$581,700
$581.7K
Cap Rate 9%
$452,433
$452.4K
Market Conditions
NOI Build-Up for 3,510 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
$79.6K $22.68/SF
− Vacancy
−$5.6K −$1.59/SF
EGI
$74.0K $21.09/SF
− OpEx
−$33.3K −$9.49/SF
NOI
$40.7K $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%
$814,380
Cap Rate 7%
$581,700
Cap Rate 9%
$452,433
Alternative Uses
Best Use
Apartment 5plus
$581.7K
$509.0K – $678.7K
NOI $40,719 @ 7.0% cap · market cap 4.69%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.21M
$1.06M – $1.41M
NOI $84,829 @ 7.0% cap · market cap 9.76%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
6
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
769
Businesses Nearby
Explore this area
Business Placement
Demographics for 60160, IL
24,776
Population
8,947
Households
2.8
Avg Household Size
35
Median Age
15%
College-Educated
71%
High-School Grad
4.6 sq mi
ZIP Area
5,386
Density / Sq Mi
$64,740
Median Household Income
$39,722
Median Earnings
$1,194
Median Rent
$265,000
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 - Freestanding brick-and-stone building with six units and 9 parking spots, plus coin-operated laundry on-site.
Where is this apartment building located?
The property is located at 1670 N 1st Ave Melrose Park, IL.
What is the asking price?
The asking price for this property is $869,000.
What are key features of this property?
This property features: Freestanding brick‑and‑stone building with 6 units: five 2‑bedroom units and one 1‑bedroom unit; Includes 9 parking spots; 3 tenants pay $40/month extra per parking spot; Owned coin‑operated washer and dryer in the utility room for additional income
