Building Details

Year Built 1972

Buildings 2

Stories 3

Units 24

Listing Agency: Horvath & Tremblay

Listed By: Anthony Spangler · License #IL 475173833 Show Phone

Source: Crexi

Added: Mar 27 Changed: Sep 8 Last Checked: Sep 21 at 3:53AM

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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.

This for-sale multifamily investment portfolio features two three-story apartment buildings totaling 24 units. Across the portfolio, there are sixteen 2-bedroom/1-bath units and eight 1-bedroom/1-bath units. Combined gross living area is reported as 20,000 square feet within 24,000 square feet of gross area. Each property is separately identified as 103 W Eleanor St and 205 N Wolcott St.

The portfolio comprises 0.31 acres of land and includes 12 off-street parking spaces. The asset is positioned in Thornton, Illinois, with connectivity described to major thoroughfares including Interstate 94 (Bishop Ford Freeway), Interstate 80, and Route 1. The Metra Electric District Line is also noted nearby for commuter rail service to downtown Chicago.

At 205 N Wolcott St, the building arrangement is eight 2-bedroom/1-bath units and four 1-bedroom/1-bath units. At 103 W Eleanor St, the building arrangement is eight 2-bedroom/1-bath units and four 1-bedroom/1-bath units, creating an even unit mix across both addresses.

Key Highlights

• Two three‑story multifamily buildings in Thornton, IL with 24 total units
• Unit mix includes sixteen 2 bed/1 bath and eight 1 bed/1 bath units
• Total gross living area: 20,000 SF in 24,000 SF gross area

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

$278,420

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

8.98%

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%

$5,568,400 $5.6M

Cap Rate 7%

$3,977,429 $4.0M

Cap Rate 9%

$3,093,556 $3.1M

Market Conditions

NOI Build-Up for 24,000 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

$544.3K $22.68/SF

− Vacancy

−$38.1K −$1.59/SF

EGI

$506.2K $21.09/SF

− OpEx

−$227.8K −$9.49/SF

NOI

$278.4K $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 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%

$5,568,400

Cap Rate 7%

$3,977,429

Cap Rate 9%

$3,093,556

Alternative Uses

Best Use

Apartment 5plus

$3.98M

$3.48M – $4.64M (±1% cap)

NOI $278,420 @ 7.0% cap · market cap 8.98%

Second Best

—

—

no second resolved use

Theoretical Best

Office A

$8.29M

$7.25M – $9.67M (±1% cap)

NOI $580,027 @ 7.0% cap · market cap 18.71%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

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Current Use

King Limousine Limousine Service

Suggested Use

Top Pick Law Firm Dental Office Spa & Massage Center Auto Parts Store Hair Salon Nail Salon

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Location Intelligence

Trade Area within ½ mile

206

Businesses Nearby

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Demographics for 60476, IL

2,388

Population

849

Households

2.8

Avg Household Size

44

Median Age

25%

College-Educated

92%

High-School Grad

3.3 sq mi

ZIP Area

724

Density / Sq Mi

$61,111

Median Household Income

$35,750

Median Earnings

$1,099

Median Rent

$146,600

Median Home Value

Market

Vacancy Rate% for Multifamily in Midwest region

6.5% 2022

7.5% 2023

7.8% 2024

8% 2025

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What type of property is this? Where is this apartment buildings located? What is the asking price? Find similar properties What are key features of this property?

Frequently Asked Questions

What type of property is this?

Apartment building - Portfolio includes two three-story apartment buildings with 24 total units and 12 off-street parking spaces.

Where is this apartment building located?

The property is located at 205 N Wolcott St Thornton, IL.

What is the asking price?

The asking price for this property is $3,100,000.

What are key features of this property?

This property features: Two three‑story multifamily buildings in Thornton, IL with 24 total units; Unit mix includes sixteen 2 bed/1 bath and eight 1 bed/1 bath units; Total gross living area: 20,000 SF in 24,000 SF gross area