Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Back to Search
    Five-Unit Residential Property For Sale Title is generated by Realmo AI

    1709 South State Street, Lockport, IL 60441

    View on Map
    Claim this Listing
    For Sale
    $682,000

    Five-unit residential property near train, downtown, and highways.

    Type:Multi Family 5+ / Multi Family 5+-Other
    Added:
    Mar 6, 2026
    Days on Market:
    88
    Last Refresh:
    Mar 17 at 2:12 am

    Property Features for 1709 South State Street

    General Information

    Standard status
    Active
    Property subtype
    Multi Family 5+ / Multi Family 5+-Other

    Building Details

    Year Built
    1927

    We can help!

    Listing Contact
    Allyson Fernandes

    Listing agent Allyson Fernandes License #475127260

    Listing office Coldwell Banker Real Estate Group

    Listing date Mar 6, 2026

    Source Compass

    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 Coldwell Banker Real Estate Group

    HighLights

    • Convenient location: Blocks from train station, downtown Lockport, and local highways.
    • Five‑unit building: Includes one 2‑bedroom/1‑bath unit and four 1‑bedroom/1‑bath units.
    • Full basement: Offers ample storage space.
    • Two‑car garage: Currently utilized by a tenant, providing potential rental income.
    • Large concrete pad: Provides outdoor space for tenants.
    • Built in 1927: Historical charm and character.

    Overview

    This five-unit residential property is located a short distance from the train station, downtown Lockport, and local highways. The building contains one 2-bedroom, 1-bath unit, and four 1-bedroom, 1-bath units. A full basement is available for storage. Additionally, there is a large two-car garage, currently used by one tenant, and a large concrete pad in the back for tenant use.
    Location Intelligence

    Current Use by Public Records

    Apartment buildings

    Suggested Use

    Real Estate Agency Restaurant Law Firm Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Auto Repair Shop Gym & Fitness Center

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Lockport
    County
    Will
    State
    Illinois
    Longitude
    -88.0617846
    Latitude
    41.5807246

    Nearby Similar for Sale

    • $876,000
      6,264 SF

      Historic Lockport Mixed-Use Building

      Two-story building in downtown Lockport's Historic District.
      921 S State Street, Lockport, IL 60441
      View Details
    • $1,200,000
      9,048 SF

      Lockport Retail Plaza For Sale

      Four-unit retail plaza with income potential in high-traffic location.
      1513 S State Street, Lockport, IL 60441
      View Details
    • $529,000
      1,540 SF

      Lockport Two-Unit Multifamily Property

      Two-unit multifamily property in Lockport, Illinois, rebuilt in 2014.
      1236 S Washington Street, Lockport, IL 60441
      View Details
    • $1,699,999

      Downtown Lockport Investment Opportunity

      New three-story mixed-use building in downtown Lockport.
      1016 State Street, Lockport, IL 60441
      View Details
    • $299,900

      Lockport Two-Unit Income Property

      Well-maintained two-unit property near downtown Lockport.
      218 Hughes Avenue, Lockport, IL 60441
      View Details
    • $599,000

      Lockport Multifamily Investment Opportunity

      Five-unit residential property near train, downtown, and highways.
      1709 S State Street, Lockport, IL 60441
      View Details
    • $349,000

      Lockport Two-Unit Income Property

      Well-maintained two-unit building near downtown Lockport with strong rental history.
      1509-1511 East Street, Lockport, IL 60441
      View Details
    • $329,000

      Lockport Two-Unit Income Property

      Two-unit property near downtown Lockport with strong rental appeal.
      1505 East Street, Lockport, IL 60441
      View Details
    • $1,699,999

      Downtown Lockport Mixed-Use Investment

      New 2023 construction, fully leased, high-yield investment property.
      1016 State Street, Lockport, IL 60441
      View Details
    • $2,000,000
      13,541 SF

      Downtown Lockport Mixed-Use Investment

      Historic mixed-use property with retail and residential income.
      1100 S State St, Lockport, IL 60441
      View Details
    • $369,000
      3,000 SF

      Mixed-Use Property | 3,000 SqFt

      Mixed-use property featuring 3,000 SqFt of commercial space.
      704 E 9th St, Lockport, IL 60441
      View Details
    • Contact for pricing

      Retail Outlot Opportunities Available

      Outlot opportunities next to national retailers, shadow-anchored by Walmart & Jewel/Osco.
      W 159 St, Lockport, IL
      View Details

    FAQs

    What type of property is this?
    Apartment building - Five-unit residential property near train, downtown, and highways.
    Where is this apartment building located?
    The property is located at 1709 South State Street Lockport, IL.
    What is the asking price?
    The asking price for this property is $682,000.
    What are key features of this property?
    This property features: Convenient location: Blocks from train station, downtown Lockport, and local highways.; Five‑unit building: Includes one 2‑bedroom/1‑bath unit and four 1‑bedroom/1‑bath units.; Full basement: Offers ample storage space.
    (815) 790-4369
    We can help!
    Listing Contact
    Allyson Fernandes
    Real Estate License ID: 475127260
    Learn More
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Thank You for Inquiry
    1709 South State Street, Lockport, IL 60441
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!