6-Unit Brick Apartment
New
For Sale
$869,000
1670 N 1st Avenue, Melrose Park, IL 60160
Five two-bedroom residences and one one-bedroom residence support a diversified apartment configuration with on-site parking.
Property Size3,510 SF
Price / SF$247.58
Days on Market5
Property Features for 1670 N 1st Avenue
General Information
Standard status
Active
Size
3,510 SF
Property subtype
MULTI_FAMILY
Taxes and HOA fees
Annual Taxes
$11,435
Building Details
Building Size
3,510 SF
Year Built
1960
Listing Agency:
Century 21 Circle
Listed By:
Kief Mkrdichian
Source:
Dawnmckennagroup
Added: Aug 7
Changed: Aug 10
Last Checked: Aug 10 at 5:27AM
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 3,510-square-foot apartment building in Melrose Park contains six residences: five two-bedroom units and one one-bedroom unit. Built in 1960, the free-standing brick and stone property includes 10 parking spaces and an owned coin-operated washer and dryer. Recent property work includes a new roof, gutters, aluminum soffits, concrete driveway improvements, select replacement windows, bathroom updates, and newer tuckpointing.
The property is located at 1670 N 1st Avenue, near an Amazon Fulfillment Center, shopping, transportation, restaurants, and other everyday services. Heat and cooking gas are included in the current rents. The parking layout provides four spaces in front, two concrete spaces in the rear, and additional asphalt parking.
The property is located at 1670 N 1st Avenue, near an Amazon Fulfillment Center, shopping, transportation, restaurants, and other everyday services. Heat and cooking gas are included in the current rents. The parking layout provides four spaces in front, two concrete spaces in the rear, and additional asphalt parking.
Key Highlights
- Six‑unit apartment building with five 2‑bedroom units and one 1‑bedroom unit
- 3,510 SF building constructed in 1960
- 10 total parking spaces, including front, rear concrete, and additional asphalt parking
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
Location Intelligence
Trade Area within ½ mile
804
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 - Five two-bedroom residences and one one-bedroom residence support a diversified apartment configuration with on-site parking.
Where is this apartment building located?
The property is located at 1670 N 1st Avenue 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: Six‑unit apartment building with five 2‑bedroom units and one 1‑bedroom unit; 3,510 SF building constructed in 1960; 10 total parking spaces, including front, rear concrete, and additional asphalt parking
