4-Unit Apartment
202 May Street, Manhattan, IL 60442
For Sale
Contact for pricing
Updated residences have private entrances, individual patios and on-site parking.
Property Size3,200 SF
Lot Size0.30 Acres
Price / SF$187.50
Days on Market21
Property Features for 202 May Street
General Information
Standard status
Size
Total Parking Spaces
Lot size
Property subtype
Site & Location
Highway Access
Road Access
Public Transit
Units
Unit Mix
Multifamily Units
Amenities
individual patios
Building Details
Buildings
Stories
Construction
Listing Agency:
Horvath & Tremblay
Listed By:
Thomas Shanley · License #IL 475207055
(312) 957-7189
Source:
Crexi
Added: Oct 20
Changed: Nov 8
Last Checked: Nov 8 at 4:49PM
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 Horvath & Tremblay
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Investment Insights
Based on property information with market context.
At 202 May Street in Manhattan, Illinois, a single-story brick building contains four apartments. The mix includes two one-bedroom, one-bath units and two two-bedroom, one-bath units. Living area totals 2,800 square feet, with 3,200 square feet of gross area across the building. The 0.30-acre parcel includes eight parking spaces, and each residence has a patio and direct entry.
The property sits within a residential area near Manhattan’s downtown services, restaurants and grocery shopping. U.S. Route 52, Manhattan Road and Laraway Road provide local connections, with Interstate 55 nearby. The Manhattan Metra Station offers weekday service to Chicago Union Station, and Pace Route 504 connects the community with Downtown Joliet and its transportation center.
The property sits within a residential area near Manhattan’s downtown services, restaurants and grocery shopping. U.S. Route 52, Manhattan Road and Laraway Road provide local connections, with Interstate 55 nearby. The Manhattan Metra Station offers weekday service to Chicago Union Station, and Pace Route 504 connects the community with Downtown Joliet and its transportation center.
Key Highlights
- Four apartments: two 1‑bedroom/1‑bath units and two 2‑bedroom/1‑bath units
- 2,800 square feet of living area within 3,200 square feet of total gross area
- Single‑story brick building on a 0.30‑acre parcel
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$41,523
Cap Rate
6.92%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$830,460
$830.5K
Cap Rate 7%
$593,186
$593.2K
Cap Rate 9%
$461,367
$461.4K
Market Conditions
NOI Build-Up for 3,200 SF
Gross rent
$64.1K $20.04/SF
− Vacancy
−$4.8K −$1.50/SF
EGI
$59.3K $18.54/SF
− OpEx
−$17.8K −$5.56/SF
NOI
$41.5K $12.98/SF
Area
Will County, IL
Vacancy
7.50%
Lease Rate
$20.04 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$830,460
Cap Rate 7%
$593,186
Cap Rate 9%
$461,367
Alternative Uses
Best Use
Multifamily LT 5
$593.2K
$519.0K – $692.1K
NOI $41,523 @ 7.0% cap · market cap 6.92%
Second Best
Apartment 5plus
$530.3K
$464.0K – $618.7K
NOI $37,123 @ 7.0% cap · market cap 6.19%
Theoretical Best
Office A
$725.8K
$635.0K – $846.7K
NOI $50,803 @ 7.0% cap · market cap 8.47%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Who owns this building?
See the owner, sales and loan history
Open Analytics
Lease Details
4
Residential units
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
281
Businesses Nearby
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Business Placement
Demographics for 60442, IL
12,218
Population
4,680
Households
2.6
Avg Household Size
36
Median Age
32%
College-Educated
98%
High-School Grad
67.0 sq mi
ZIP Area
182
Density / Sq Mi
$128,307
Median Household Income
$57,850
Median Earnings
$1,225
Median Rent
$340,100
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Midwest region
Frequently Asked Questions
What type of property is this?
Quadplex - Updated residences have private entrances, individual patios and on-site parking.
Where is this quadplex located?
The property is located at 202 May Street Manhattan, IL.
What is the asking price?
The asking price for this property is $600,000.
What are key features of this property?
This property features: Four apartments: two 1‑bedroom/1‑bath units and two 2‑bedroom/1‑bath units; 2,800 square feet of living area within 3,200 square feet of total gross area; Single‑story brick building on a 0.30‑acre parcel
