Newly Constructed Apartment
For Sale
$11,850,000
2033 Ridge Rd, Homewood, IL 60430
Multifamily property positioned in Homewood, Illinois, with a newly constructed residential configuration.
Property Size36,787 SF
Days on Market52
Property Features for 2033 Ridge Rd
General Information
Standard status
Active
Size
36,787 SF
Property subtype
Mixed-Use
Occupancy
97%
Additional Details
Cap Rate
6.02%
Multifamily Units
37
Amenities
Newer Construction, Built in 2023
Located in the Heart of Downtown Homewood
Amenities: Outdoor Terrace, Elevator, Bike Racks, Garage Parking, and Off-Street Parking
Walking Distance to Homewood Metra Station and Amtrak Station
Average Apartment Unit Size: 715 Square Feet
Average Apartment Rent Per Unit: $2,085/Unit
Average Household Income within One Mile is $109,068
Building Details
Building Size
36,787 SF
Units
37
Listing Agency:
Chicago Oak Brook Office
(630) 570-2230
Listed By:
Ryan D. Engle · License #License(s): IL: 475.143971
(630) 570-2230
Source:
Marcusmillichap
Added: Jul 9
Changed: Aug 29
Last Checked: Aug 29 at 5:54PM
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 Chicago Oak Brook Office
Investment Insights
Based on property information with market context.
The Hartford is a newly constructed apartment property comprising 37 units. The asset is located at 2033 Ridge Rd in Homewood, Illinois, within ZIP code 60430, and is offered for sale as a multifamily property.
Key Highlights
- 37‑unit apartment property
- Newly constructed multifamily asset
- Located at 2033 Ridge Rd, Homewood, IL 60430
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
$620,781
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
5.24%
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%
$12,415,620
$12.4M
Cap Rate 7%
$8,868,300
$8.9M
Cap Rate 9%
$6,897,567
$6.9M
Market Conditions
NOI Build-Up for 36,787 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
$1.10M $30.00/SF
− Vacancy
−$110.4K −$3.00/SF
EGI
$993.2K $27.00/SF
− OpEx
−$372.5K −$10.13/SF
NOI
$620.8K $16.88/SF
Area
Cook County, IL
Vacancy
10.00%
Lease Rate
$30.00 /SF/Yr
Expense Ratio
37.50%
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%
$12,415,620
Cap Rate 7%
$8,868,300
Cap Rate 9%
$6,897,567
Alternative Uses
Best Use
Mixed Use
$8.87M
$7.76M – $10.35M
NOI $620,781 @ 7.0% cap · market cap 5.24%
Second Best
Apartment 5plus
$6.10M
$5.33M – $7.11M
NOI $426,759 @ 7.0% cap · market cap 3.60%
Theoretical Best
Office A
$12.70M
$11.11M – $14.82M
NOI $889,061 @ 7.0% cap · market cap 7.50%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
37
Residential units
Location Intelligence
Trade Area within ½ mile
1,090
Businesses Nearby
Explore this area
Business Placement
Demographics for 60430, IL
20,146
Population
7,662
Households
2.6
Avg Household Size
42
Median Age
46%
College-Educated
96%
High-School Grad
6.9 sq mi
ZIP Area
2,920
Density / Sq Mi
$91,402
Median Household Income
$48,509
Median Earnings
$1,419
Median Rent
$209,100
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 - Multifamily property positioned in Homewood, Illinois, with a newly constructed residential configuration.
Where is this apartment building located?
The property is located at 2033 Ridge Rd Homewood, IL.
What is the asking price?
The asking price for this property is $11,850,000.
What are key features of this property?
This property features: 37‑unit apartment property; Newly constructed multifamily asset; Located at 2033 Ridge Rd, Homewood, IL 60430
