Frankfort Triplex Investment
For Sale
Contact for pricing
20224 S Frankfort Square Rd, Frankfort, IL 60423
Three-unit property in Frankfort, Illinois, near transportation and amenities.
Property Size2,625 SF
Lot Size0.49 Acres
Price / SF$211.43
Days on Market343
Property Features for 20224 S Frankfort Square Rd
General Information
Standard status
Active
Size
2,625 SF
Total Parking Spaces
3
Lot size
0.49 Acres
Property subtype
Multifamily
Occupancy
100%
Net Operating Income
$37,818
Building Details
Year Built
1985
Buildings
1
Stories
3
Units
3
Listing Agency:
Horvath & Tremblay
Listed By:
Anthony Spangler · License #IL 475173833
(312) 533-8899
Source:
Crexi
Added: Oct 28, 2025
Changed: Sep 29
Last Checked: Oct 4 at 9:59AM
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
Investment Insights
Based on property information with market context.
The property at 20224 S Frankfort Square Road in Frankfort, IL, presents an opportunity to acquire a multi-family investment property. This three-story building features three 2-bedroom, 1-bathroom units, totaling 2,625 square feet of gross living area. Situated on a 0.49-acre parcel, the property includes ample lawn space and three off-street parking spaces at the rear. The property is located within the Frankfort Square community of Will County, a residential area known for its demand for rental housing, schools, and access to Chicago’s south suburban employment centers. Its location provides connectivity via Interstate 80, Interstate 57, and LaGrange Road (Route 45). Residents benefit from proximity to retail, dining, parks, and community amenities, along with access to the Metra commuter rail network for service into downtown Chicago. The Frankfort Square area is also recognized for its school system, enhancing tenant appeal and retention.
Key Highlights
- Desirable Frankfort, Illinois location with strong rental demand.
- Convenient access to Interstates 80 and 57, and Route 45.
- Proximity to Metra commuter rail for access to downtown Chicago.
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$34,062
Cap Rate
6.14%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$681,240
$681.2K
Cap Rate 7%
$486,600
$486.6K
Cap Rate 9%
$378,467
$378.5K
Market Conditions
NOI Build-Up for 2,625 SF
Gross rent
$52.6K $20.04/SF
− Vacancy
−$3.9K −$1.50/SF
EGI
$48.7K $18.54/SF
− OpEx
−$14.6K −$5.56/SF
NOI
$34.1K $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%
$681,240
Cap Rate 7%
$486,600
Cap Rate 9%
$378,467
Alternative Uses
Best Use
Multifamily LT 5
$486.6K
$425.8K – $567.7K
NOI $34,062 @ 7.0% cap · market cap 6.14%
Second Best
Apartment 5plus
$435.0K
$380.7K – $507.5K
NOI $30,452 @ 7.0% cap · market cap 5.49%
Theoretical Best
Office A
$595.4K
$520.9K – $694.6K
NOI $41,675 @ 7.0% cap · market cap 7.51%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Unlock full access to Insights
Subscribe to Realmo Intelligence
Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
187
Businesses Nearby
Explore this area
Business Placement
Demographics for 60423, IL
32,784
Population
11,494
Households
2.9
Avg Household Size
42
Median Age
48%
College-Educated
97%
High-School Grad
37.9 sq mi
ZIP Area
865
Density / Sq Mi
$137,651
Median Household Income
$63,686
Median Earnings
$1,455
Median Rent
$376,500
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Triplex - Three-unit property in Frankfort, Illinois, near transportation and amenities.
Where is this triplex located?
The property is located at 20224 S Frankfort Square Rd Frankfort, IL.
What is the asking price?
The asking price for this property is $555,000.
What are key features of this property?
This property features: Desirable Frankfort, Illinois location with strong rental demand.; Convenient access to Interstates 80 and 57, and Route 45.; Proximity to Metra commuter rail for access to downtown Chicago.
