Move-In Ready Condo Near
For Sale
$215,000
1815 Oakton Street #2A Park, Park Ridge, IL 60068
Two-bedroom condo with new appliances, close to Dee Road Train.
Property Size1,005 SF
Price / SF$213.93
Days on Market343
Property Features for 1815 Oakton Street #2A Park
General Information
Standard status
Active
Size
1,005 SF
Property subtype
Condominium
Amenities
Central Air
Electric
Range
Microwave
Dishwasher
Refrigerator
Deck
Building Details
Building Size
1,005 SF
Year Built
1972
Listing Agency:
Yolonda Moenning Real Estate
(847) 366-0494
Listed By:
Yolonda Moenning · License #471
(847) 366-0494
Source:
Kw
Added: Sep 12, 2025
Changed: Aug 8
Last Checked: Aug 18 at 10:25PM
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 Yolonda Moenning Real Estate
Investment Insights
Based on property information with market context.
This second-floor unit, situated in a desirable complex with an elevator, features two bedrooms and one full bathroom. The home is in move-in condition, enhanced by fresh paint and new carpeting throughout. Located at the back of the building, the unit does not overlook Oakton Street. The spacious living room includes oversized sliding glass doors that open to the balcony, maximizing sunlight. The kitchen is equipped with a new stove, microwave, and dishwasher, along with a newer refrigerator. Residents have access to coin laundry on each floor, individual storage units, and one indoor parking spot. The assessment covers heat, garbage, and water, while the owner is responsible for electric. The property is part of an estate sale and is being sold in "as is" condition. The complex is in a location close to the Dee Road Train Station. The unit has a size of 1005 square feet.
Key Highlights
- Conveniently located near Dee Road Train Station.
- Includes 1 underground parking space.
- Move‑in ready with fresh paint and new carpeting.
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
$11,659
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
5.42%
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%
$233,180
$233.2K
Cap Rate 7%
$166,557
$166.6K
Cap Rate 9%
$129,544
$129.5K
Market Conditions
NOI Build-Up for 1,005 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
$22.8K $22.68/SF
− Vacancy
−$1.6K −$1.59/SF
EGI
$21.2K $21.09/SF
− OpEx
−$9.5K −$9.49/SF
NOI
$11.7K $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%
$233,180
Cap Rate 7%
$166,557
Cap Rate 9%
$129,544
Alternative Uses
Best Use
Apartment 5plus
$166.6K
$145.7K – $194.3K
NOI $11,659 @ 7.0% cap · market cap 5.42%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$347.0K
$303.6K – $404.8K
NOI $24,289 @ 7.0% cap · market cap 11.30%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
792
Businesses Nearby
Explore this area
Business Placement
Demographics for 60068, IL
39,672
Population
15,999
Households
2.5
Avg Household Size
44
Median Age
65%
College-Educated
97%
High-School Grad
7.3 sq mi
ZIP Area
5,435
Density / Sq Mi
$138,201
Median Household Income
$78,495
Median Earnings
$1,511
Median Rent
$539,700
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 - Two-bedroom condo with new appliances, close to Dee Road Train.
Where is this apartment building located?
The property is located at 1815 Oakton Street #2A Park Park Ridge, IL.
What is the asking price?
The asking price for this property is $215,000.
What are key features of this property?
This property features: Conveniently located near Dee Road Train Station.; Includes 1 underground parking space.; Move‑in ready with fresh paint and new carpeting.
