Well-Maintained Multifamily
For Sale
$24,500,000
2130 122nd St, Blue Island, IL 60406
345-unit apartment complex in Blue Island, Illinois.
Property Size169,641 SF
Price / SF$144.42
Days on Market161
Property Features for 2130 122nd St
General Information
Standard status
Active
Size
169,641 SF
Property subtype
Multifamily
Building Details
Building Size
169,641 SF
Year Built
1954
Listed By:
Lee Kiser · License #IL #471014529
(773) 919-1297
Source:
Kisergroup
Added: Mar 27
Changed: Sep 3
Last Checked: Aug 8 at 1:16PM
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 Lee Kiser
Investment Insights
Based on property information with market context.
Blue Station Apartments is a well-maintained, 345-unit multifamily community located in Blue Island, Illinois. The property features a mix of studio, one, and two-bedroom apartments. Over the past four years, the community has undergone over $3.1 million in capital improvements. The property's location is near the Metra train station and public transportation, providing access to downtown Chicago in approximately 30 minutes. The apartments feature practical floor plans with open kitchens and spacious bedrooms. On-site laundry facilities are available. The property is located among nearby shopping and residential neighborhoods.
Key Highlights
- 345‑unit multifamily community offering immediate scale in the Chicagoland market.
- Located steps from the Metra train station, providing convenient access to downtown Chicago in approximately 30 minutes.
- Over $3.1 million in capital improvements completed in the past four years.
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
$1,967,975
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
8.03%
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%
$39,359,500
$39.4M
Cap Rate 7%
$28,113,929
$28.1M
Cap Rate 9%
$21,866,389
$21.9M
Market Conditions
NOI Build-Up for 169,641 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
$3.85M $22.68/SF
− Vacancy
−$269.3K −$1.59/SF
EGI
$3.58M $21.09/SF
− OpEx
−$1.61M −$9.49/SF
NOI
$1.97M $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%
$39,359,500
Cap Rate 7%
$28,113,929
Cap Rate 9%
$21,866,389
Alternative Uses
Best Use
Apartment 5plus
$28.11M
$24.60M – $32.80M
NOI $1,967,975 @ 7.0% cap · market cap 8.03%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$58.57M
$51.25M – $68.33M
NOI $4,099,851 @ 7.0% cap · market cap 16.73%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
577
Businesses Nearby
Explore this area
Business Placement
Demographics for 60406, IL
24,011
Population
9,925
Households
2.4
Avg Household Size
36
Median Age
18%
College-Educated
82%
High-School Grad
5.4 sq mi
ZIP Area
4,446
Density / Sq Mi
$59,502
Median Household Income
$34,379
Median Earnings
$1,081
Median Rent
$166,000
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 - 345-unit apartment complex in Blue Island, Illinois.
Where is this apartment building located?
The property is located at 2130 122nd St Blue Island, IL.
What is the asking price?
The asking price for this property is $24,500,000.
What are key features of this property?
This property features: 345‑unit multifamily community offering immediate scale in the Chicagoland market.; Located steps from the Metra train station, providing convenient access to downtown Chicago in approximately 30 minutes.; Over $3.1 million in capital improvements completed in the past four years.
