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 Market99
Property Features for 2033 Ridge Rd
General Information
Standard status
Active
Size
36,787 SF
Property subtype
Mixed-Use
Occupancy
94%
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: $2,094/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
Listed By:
Ryan Engle · License #License(s): IL: 475.143971
(630) 570-2230
Source:
Marcusmillichap
Added: Jul 9
Changed: Sep 24
Last Checked: Oct 14 at 7:38PM
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 / Yr
$620,781
Cap Rate
5.24%
Suggested Prices Based on Cap Rates
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
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 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.
How Realmo checks its estimates
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
