20-Unit Studio Apartment
For Sale
$975,000
184 W 147th Street, Harvey, IL 60426
Built in 1964, the property is zoned MULTI and fronts 147th Street.
Property Size6,686 SF
Price / SF$145.83
Days on Market132
Property Features for 184 W 147th Street
General Information
Standard status
Active
Size
6,686 SF
Property subtype
Commercial
Zoning
MULTI
Site & Location
Highway Access
Yes
Road Access
Yes
Public Transit
Yes
Units
Unit Mix
20 x studio
Multifamily Units
20
Additional Details
Average Monthly Rent
$750
Tenant in Place
Yes
Taxes and HOA fees
Annual Taxes
$40,591
Building Details
Building Size
6,686 SF
Year Built
1964
Buildings
1
Stories
2
Units
20
Listing Agency:
MR. LANDMAN
Listed By:
Jon Fisher · License #B68919000
(217) 202-0924
Source:
Fishmangroup
Added: Jun 16
Changed: Oct 23
Last Checked: Oct 23 at 3:15PM
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
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Investment Insights
Based on property information with market context.
This 20-unit studio apartment property contains 6,686 square feet and was built in 1964. The building has been under the same ownership since 2012, and its landscaping is described as low maintenance. The parking lot is scheduled for repaving before closing; alternatively, a credit may be provided to the purchaser.
Located at 184 W 147th Street in Harvey, the property has approximately 23,000 vehicles per day on 147th Street. Access is available to Interstates 57, 80, 94, and 294. Public transportation, employers, schools, healthcare, and retail amenities are also identified throughout Chicago’s south suburbs. The property is zoned MULTI.
Located at 184 W 147th Street in Harvey, the property has approximately 23,000 vehicles per day on 147th Street. Access is available to Interstates 57, 80, 94, and 294. Public transportation, employers, schools, healthcare, and retail amenities are also identified throughout Chicago’s south suburbs. The property is zoned MULTI.
Key Highlights
- 20 studio units in a 6,686‑square‑foot apartment building
- Built in 1964; zoned MULTI
- Approximately 23,000 vehicles per day on 147th Street
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$77,563
Cap Rate
7.96%
Suggested Prices Based on Cap Rates
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
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 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 7.96%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.31M
$2.02M – $2.69M
NOI $161,586 @ 7.0% cap · market cap 16.57%
Zoning and permitted uses should be independently verified with authorities.
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Lease Details
20
Residential units
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
343
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
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Market
Vacancy Rate% for Multifamily in Midwest region
Frequently Asked Questions
What type of property is this?
Apartment building - Built in 1964, the property is zoned MULTI and fronts 147th Street.
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 $975,000.
What are key features of this property?
This property features: 20 studio units in a 6,686‑square‑foot apartment building; Built in 1964; zoned MULTI; Approximately 23,000 vehicles per day on 147th Street
