Four-Unit Residential Income
18207 Locust Street Lansing, IL 60438
18207 Locust Street, Lansing, IL, 60438
$435,000
Pending
For Sale
$435,000
Pending
Fully rented four-unit building with two-bed, one-bath units, six exterior parking spaces, and an unfinished basement for storage.
Property Size3,430 SF
Days on Market35
Property Features for 18207 Locust Street
General Information
- Standard status
- Pending
- Size
- 3,430 SF
- Property subtype
- Two to Four Units / 4 Flat
Building Details
- Year Built
- 1965
Listing agency
Red Pro Realty LLC
(312) 451-7490
Listed by
Shari Smith · License #471021298
(312) 451-7490
Source
Compass
Added: Jun 17 Updated: Jul 21 at 7:32AM Checked: Jul 21 at 7:32AM
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 Red Pro Realty LLC
Investment Insights
Based on property information with market context.
This four-unit residential income building is fully rented and well-maintained, offering immediate occupancy. Each unit features two bedrooms and one bathroom. The property also includes six exterior parking spaces, providing convenient off-street parking for residents.
An unfinished basement adds practical flexibility, with potential for supplementary tenant storage. The building is described as showing well, supporting ongoing tenant satisfaction.
Located at 18207 Locust Street in Lansing, Illinois, the property presents a straightforward, income-producing configuration for investors and owner-occupants seeking a multi-unit asset with established occupancy.
An unfinished basement adds practical flexibility, with potential for supplementary tenant storage. The building is described as showing well, supporting ongoing tenant satisfaction.
Located at 18207 Locust Street in Lansing, Illinois, the property presents a straightforward, income-producing configuration for investors and owner-occupants seeking a multi-unit asset with established occupancy.
Key Highlights
- Fully rented, fully occupied four‑unit building in Lansing, IL
- Each unit has 2 bedrooms and 1 bath
- 6 exterior parking spaces for tenants
Local Financial Insights For Apartment 5plus
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $77.8k | $22.68 |
| − Vacancy | −$5.4k | −$1.59 |
| EGI | $72.3k | $21.09 |
| − OpEx | −$32.6k | −$9.49 |
| NOI | $39.8k | $11.60 |
3,430 SF · lease $22.68/SF/yr · vacancy 7.00% · expense 45.00%
Alternative Uses
Best Use
Multifamily LT 5
$635.8K
$556.3K – $741.8K
NOI $44,507 @ 7.0% cap · market cap 10.23%
Second Best
Apartment 5plus
$568.4K
$497.4K – $663.2K
NOI $39,791 @ 7.0% cap · market cap 9.15%
Theoretical Best
Office A
$1.18M
$1.04M – $1.38M
NOI $82,896 @ 7.0% cap · market cap 19.06%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Quadplexes
Similar For Sale Nearby
FAQs
What type of property is this?
Quadplex - Fully rented four-unit building with two-bed, one-bath units, six exterior parking spaces, and an unfinished basement for storage.
Where is this quadplex located?
The property is located at 18207 Locust Street Lansing, IL.
What is the asking price?
The asking price for this property is $435,000.
What are key features of this property?
This property features: Fully rented, fully occupied four‑unit building in Lansing, IL; Each unit has 2 bedrooms and 1 bath; 6 exterior parking spaces for tenants
