184 W 147TH ST, Harvey, IL 60426
20-unit studio apartment building near major interstates, with a recently repaved asphalt parking lot.
- Added:
- Jun 17, 2026
- Days on Market:
- 9
- Last Refresh:
- Jun 24 at 4:46 am
Property Features for 184 W 147TH ST
General Information
- Standard status
- Active
- Size
- 6,686 SF
- Property subtype
- Multifamily
Building Details
- Year Built
- 1964
Listing office Mr. Landman (217) 202-0924
Listing date Jun 17, 2026
Source Crexi
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 Mr. Landman
HighLights
- 20‑unit studio apartment building built in 1964, with all units configured as studios
- Parking lot recently repaved; simple, low‑maintenance landscaping
- Ownership has maintained the property since acquiring it in 2012
- Current rent is approximately $750 per month per unit; ownership reports pro forma potential of approximately $940 per month
- Potential annual gross rental income increase of more than $45,000 if rents reach market‑aligned levels
- Located on W. 147th Street with approximately 23,000 vehicles per day and close access to I‑57 and I‑94 (Bishop Ford Expressway)
Overview
The building is located directly across the street from a large elementary school, with visibility along W. 147th Street. Traffic is described at approximately 23,000 vehicles per day on W. 147th Street. Access is highlighted to Interstates 57 and 94 (Bishop Ford Expressway), with additional connectivity to nearby major corridors including I-80 and I-294. The surroundings include public transportation, retail and dining, schools, healthcare providers, and a mix of logistics, manufacturing, and distribution employers in the Chicago Southland.
This property’s all-studio format supports workforce-oriented housing needs in the area. Ownership reports maintaining occupancy primarily through on-site signage and word-of-mouth referrals, with current rental rates around $750 per month. The remarks also cite rental rate potential to approximately $940 per month based on reported surrounding market studio data, which would increase annual gross rental income by more than $45,000 if achieved.
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 | $151.6k | $22.68 |
| − Vacancy | −$10.6k | −$1.59 |
| EGI | $141.0k | $21.09 |
| − OpEx | −$63.5k | −$9.49 |
| NOI | $77.6k | $11.60 |
Alternative Uses
Current Use by Public Records
Location Insight
- Map
- Local Demand
- City
- Harvey
- County
- Cook
- State
- Illinois
- Longitude
- -87.6671316
- Latitude
- 41.6224094
