Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    The Largest CRE Database in the US with Over 1 Million Listings

    2241 Mannheim Rd Melrose Park, IL 60164

    View on Map
    Loading data...
    Loading data...
    Loading data...
    For Sale
    Contact for pricing

    22-unit multifamily property in Melrose Park, Illinois, with rental upside.

    Property Features for 2241 Mannheim Rd

    General Information

    Standard status
    Active

    We can help!

    Listing Contact
    Ryan Engle
    Source: Crexi

    Listing Agency: Marcus & Millichap - Chicago Oak Brook Listing Agent: Ryan Engle

    Displayed information is deemed reliable but is not guaranteed and should be independently verified.

    Learn more

    Overview

    22-Unit Multifamily Property For Sale

    A 22-unit multifamily property is available for sale at 2241 North Mannheim Road in Melrose Park, Illinois. This investment presents an opportunity to acquire an asset with potential for increased rental income within the Melrose Park area.
    Location Intelligence

    Current Use by Public Records

    Jp Enterprises & Catering ... Take-out & Catering

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Center Pharmacy

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Melrose Park
    County
    Cook
    State
    Illinois
    Longitude
    -87.8837195
    Latitude
    41.9187205

    Nearby Similar for Sale

    • $399,900
      6,200 SF

      Commercial Building on Mannheim Road

      Free-standing commercial building with high visibility and traffic count.
      2345 N Mannheim Rd, Melrose Park, IL 60164
      View Details
    • $750,000
      0.23 Acres

      Melrose Park Commercial Opportunity

      Commercial property with restaurant and bar in Melrose Park.
      1911 Rice St, Melrose Park, IL 60160
      View Details
    • New
      $599,000
      0.09 Acres

      Solid Brick Three-Flat Investment

      Three-flat property with income potential near shops and transportation.
      1724 N 19Th Ave, Melrose Park, IL 60160
      View Details
    • $879,700
      0.05 Acres

      Turnkey Multifamily in Melrose Park

      Six-unit multifamily property with refreshed units and strong rental income.
      805 N 22Nd Ave, Melrose Park, IL 60160
      View Details
    • $529,990

      Melrose Park Multi-Family Opportunity

      Multi-family property for sale in Melrose Park, Illinois.
      2029 19Th Ave, Melrose Park, IL 60160
      View Details
    • $625,000

      Melrose Park Multi-Family Investment

      Legal brick three-unit building with garage and updated systems.
      1306 N 36Th Ave, Melrose Park, IL 60160
      View Details
    • $355,000
      0.07 Acres

      Melrose Park Multifamily Investment

      Two-unit property with vacant lot and ample parking.
      1510 N 15Th Ave, Melrose Park, IL 60160
      View Details
    • $1,100,000

      Melrose Park Land For Sale

      Commercial land available in Melrose Park, Illinois.
      2305 N Mannheim Rd, Melrose Park, IL 60164
      View Details
    • $159,000

      Melrose Park Income Opportunity

      Melrose Park duplex with rehab potential for investors or owner-occupants.
      2032 N 18Th Ave, Melrose Park, IL 60160
      View Details
    • Contact for pricing

      Melrose Park Warehouse Space Available

      64,888 SF warehouse space in ideal Cook County location.
      1937 North 17Th Ave, Melrose Park, IL 60160
      View Details
    • Contact for pricing

      Berkeley Industrial Building For Sale

      25,500 SF industrial building with highway access and ample parking.
      5500 Mcdermott Dr, Berkeley, IL 60163
      View Details
    • Contact for pricing

      Berkeley Industrial Building For Sale

      10,600 SF industrial building with 14' clear height.
      5520 Mcdermott Dr, Berkeley, IL 60163
      View Details

    FAQs

    What type of property is this?
    Apartment building - 22-unit multifamily property in Melrose Park, Illinois, with rental upside.
    Where is this apartment building located?
    The property is located at 2241 Mannheim Rd Melrose Park, IL.
    What are key features of this property?
    This property features: - 22-unit multifamily property.; - Located at 2241 North Mannheim Road in Melrose Park, Illinois.; - Opportunity to acquire an asset.
    Request Owner's contact information
    2241 Mannheim Rd Melrose Park, IL 60164
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    2241 Mannheim Rd
    Melrose Park, IL 60164
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    2241 Mannheim Rd Melrose Park, IL 60164
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    We can help!
    Listing Contact
    Ryan Engle
    Real Estate License ID: 475143971
    Learn More
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!