Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Back to Search
    22-Unit Multifamily Property For Sale Title is generated by Realmo AI

    2241 Mannheim Rd, Melrose Park, IL 60164

    View on Map
    Claim this Listing
    Loading data...
    Loading data...
    Loading data...
    For Sale
    Contact for pricing

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

    Type:Multifamily
    Added:
    Feb 19, 2026
    Days on Market:
    92
    Last Refresh:
    Mar 17 at 1:16 pm

    Property Features for 2241 Mannheim Rd

    General Information

    Standard status
    Active
    Property subtype
    Multifamily

    We can help!

    Listing Contact
    Ryan Engle

    Listing agent Ryan Engle License #IL 475.143971

    Listing office Marcus & Millichap - Chicago Oak Brook

    Listing date Feb 19, 2026

    Source Crexi

    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 Marcus & Millichap - Chicago Oak Brook

    HighLights

    • 22‑unit multifamily property.
    • Located at 2241 North Mannheim Road in Melrose Park, Illinois.
    • Opportunity to acquire an asset.
    • Upside rental potential.
    • Great unincorporated Melrose Park location.
    • Marketed for sale by The Engle & Angelov Group of Marcus & Millichap.

    Overview

    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.
    Property Profile Insight Report 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

      Commercial Building on Mannheim Road

      Free-standing commercial building with high visibility and traffic count.
      2345 N Mannheim Road, Leyden Township, IL 60164
      View Details
    • $674,700

      Ranch Brick Duplex in Melrose

      Updated duplex with finished basement, balconies, and fenced yard.
      1315 N 17th Avenue, Melrose Park, IL 60160
      View Details
    • $749,000

      Melrose Park Multifamily Investment

      Brick multifamily property with large apartments and recent updates.
      1720 N 1st Avenue, Melrose Park, IL 60160
      View Details
    • $749,000

      Melrose Park Multifamily Property

      Brick multifamily property featuring large apartments and parking.
      1730 N 1st Avenue, Melrose Park, IL 60160
      View Details
    • $850,000
      10,060 SF

      Melrose Park Manufacturing Warehouse

      10,060 SF manufacturing warehouse with two units.
      1605 N 31st Ave, Melrose Park, IL 60160
      View Details
    • $879,700

      Turnkey Multifamily in Melrose Park

      Six-unit multifamily property with refreshed units and strong rental income.
      805 N 22nd Avenue, Melrose Park, IL 60160
      View Details
    • $480,000

      Melrose Park Brick Two-Flat

      Solid brick 2-flat, ideal for investors, fully occupied.
      2029 19th Avenue, Melrose Park, IL 60160
      View Details
    • $1,100,000

      Melrose Park Land For Sale

      Commercial land available in Melrose Park, Illinois.
      2305 N Mannheim Road, Melrose Park, IL 60164
      View Details
    • $1,750,000
      22,200 SF

      Melrose Park Warehouse Opportunity

      22,200 SF warehouse on 1.06 acres near O’Hare Airport.
      4817 W Lake St, Melrose Park, IL 60160
      View Details
    • $879,700
      2,329 SF

      Turn Key 6-Unit Building

      Six-unit building with refreshed units and strong rental income.
      805 North 22nd Avenue, Melrose Park, IL 60160
      View Details
    • Contact for pricing
      64,888 SF

      Melrose Park Warehouse Space Available

      64,888 SF warehouse space in ideal Cook County location.
      1937 & 1953 North 17th Avenue, Melrose Park, IL 60160
      View Details
    • $1,900,000

      Melrose Park Multifamily Investment Opportunity

      22-unit multifamily property in Melrose Park, Illinois, for sale.
      2241 Mannheim Rd, Melrose Park, IL 60164
      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 is the asking price?
    The asking price for this property is $1,900,000.
    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.
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing
    Ryan Engle
    Real Estate License ID: IL 475.143971
    Learn More
    Request Owner's contact information
    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.
    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
    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

    Thank You for Inquiry
    2241 Mannheim Rd, Melrose Park, IL 60164
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!