Studio Apartment Building with
For Sale
Contact for pricing
184 W 147th Street, Harvey, IL 60426
20-unit studio apartment building near major interstates, with a recently repaved asphalt parking lot.
Property Size6,686 SF
Price / SF$164.52
Days on Market56
Property Features for 184 W 147th Street
General Information
Standard status
Active
Size
6,686 SF
Class
C
Property subtype
Multifamily
Zoning
MULTI
Occupancy
95%
Net Operating Income
$77,067
Building Details
Year Built
1964
Stories
2
Units
20
Tenancy
Multi
Listing Agency:
Mr. Landman
(217) 202-0924
Listed By:
Jon Fisher · License #TX 819440
Source:
Crexi
Added: Jun 17
Changed: Aug 10
Last Checked: Aug 10 at 9:36AM
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
Investment Insights
Based on property information with market context.
184 W. 147th Street is a 20-unit studio apartment building featuring all-studio unit configurations. The property has been under the same ownership since 2012 and is supported by straightforward, low-maintenance site improvements, including recently repaved asphalt parking and simple landscaping.
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.
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.
Key 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
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
$77,563
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
7.05%
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%
$1,551,260
$1.6M
Cap Rate 7%
$1,108,043
$1.1M
Cap Rate 9%
$861,811
$861.8K
Market Conditions
NOI Build-Up for 6,686 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
$151.6K $22.68/SF
− Vacancy
−$10.6K −$1.59/SF
EGI
$141.0K $21.09/SF
− OpEx
−$63.5K −$9.49/SF
NOI
$77.6K $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%
$1,551,260
Cap Rate 7%
$1,108,043
Cap Rate 9%
$861,811
Alternative Uses
Best Use
Apartment 5plus
$1.11M
$969.5K – $1.29M
NOI $77,563 @ 7.0% cap · market cap 7.05%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.31M
$2.02M – $2.69M
NOI $161,586 @ 7.0% cap · market cap 14.69%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
246
Businesses Nearby
Explore this area
Business Placement
Demographics for 60426, IL
24,114
Population
10,870
Households
2.2
Avg Household Size
37
Median Age
10%
College-Educated
77%
High-School Grad
7.7 sq mi
ZIP Area
3,132
Density / Sq Mi
$40,995
Median Household Income
$29,712
Median Earnings
$987
Median Rent
$88,500
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 - 20-unit studio apartment building near major interstates, with a recently repaved asphalt parking lot.
Where is this apartment building located?
The property is located at 184 W 147th Street Harvey, IL.
What is the asking price?
The asking price for this property is $1,100,000.
What are key features of this property?
This property features: 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
