24-Unit Mixed-Use
For Sale
$3,050,000
2671 Sheridan Road, Zion, IL 60099
Mixed-use property with individually metered units, central HVAC, and on-site laundry.
Property Size14,000 SF
Price / SF$217.86
Days on Market198
Property Features for 2671 Sheridan Road
General Information
Standard status
Active
Size
14,000 SF
Total Parking Spaces
20
Net Operating Income
$216,612
Units
Unit Mix
24 x 1BR
Multifamily Units
24
Taxes and HOA fees
Annual Taxes
$43,211
Amenities
on-site laundry
security systems
Building Details
Year Built
1975
Buildings
1
Stories
4
Listing Agency:
Horvath & Tremblay IL, LLC
(312) 436-1019
Listed By:
Kelsey Zurweller · License #475205364
(312) 436-1019
Source:
Compass
Added: Feb 13
Changed: Aug 30
Last Checked: Aug 30 at 2:00AM
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 IL, LLC
Investment Insights
Based on property information with market context.
This 14,000-square-foot mixed-use building, constructed in 1975, contains 24 one-bedroom apartments and four commercial units. The property offers 7 below-grade parking spaces and 13 surface spaces, with individual utility metering and central HVAC serving the units. Four owned laundry machines are located on site for resident use.
Recent capital improvements include a PVC roofing system, window replacement completed in 2022, and updated common-area hallways from 2022. Three commercial HVAC condensers were replaced within the last three years. Security systems were added in 2024 and 2025, while the property also received a new concrete dumpster pad, vinyl fence enclosure, and gate. One commercial unit is currently vacant; the remaining units are occupied. The sale must include the neighboring property at 2661 Sheridan Road.
Recent capital improvements include a PVC roofing system, window replacement completed in 2022, and updated common-area hallways from 2022. Three commercial HVAC condensers were replaced within the last three years. Security systems were added in 2024 and 2025, while the property also received a new concrete dumpster pad, vinyl fence enclosure, and gate. One commercial unit is currently vacant; the remaining units are occupied. The sale must include the neighboring property at 2661 Sheridan Road.
Key Highlights
- 24 one‑bedroom apartments and 4 commercial units
- 14,000 square feet on a 1975‑built mixed‑use property
- 7 below‑grade parking spaces plus 13 surface spaces
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
$172,788
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
5.67%
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%
$3,455,760
$3.5M
Cap Rate 7%
$2,468,400
$2.5M
Cap Rate 9%
$1,919,867
$1.9M
Market Conditions
NOI Build-Up for 14,000 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
$336.0K $24.00/SF
− Vacancy
−$21.8K −$1.56/SF
EGI
$314.2K $22.44/SF
− OpEx
−$141.4K −$10.10/SF
NOI
$172.8K $12.34/SF
Area
Lake County, IL
Vacancy
6.50%
Lease Rate
$24.00 /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%
$3,455,760
Cap Rate 7%
$2,468,400
Cap Rate 9%
$1,919,867
Alternative Uses
Best Use
Apartment 5plus
$2.47M
$2.16M – $2.88M
NOI $172,788 @ 7.0% cap · market cap 5.67%
Second Best
Mixed Use
$2.07M
$1.81M – $2.42M
NOI $144,900 @ 7.0% cap · market cap 4.75%
Theoretical Best
Office A
$4.83M
$4.23M – $5.64M
NOI $338,349 @ 7.0% cap · market cap 11.09%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
24
Residential units
Location Intelligence
Trade Area within ½ mile
624
Businesses Nearby
Explore this area
Business Placement
Demographics for 60099, IL
31,579
Population
12,085
Households
2.6
Avg Household Size
36
Median Age
16%
College-Educated
86%
High-School Grad
22.6 sq mi
ZIP Area
1,397
Density / Sq Mi
$65,647
Median Household Income
$36,541
Median Earnings
$1,131
Median Rent
$190,300
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?
Mixed-use property - Mixed-use property with individually metered units, central HVAC, and on-site laundry.
Where is this mixed-use property located?
The property is located at 2671 Sheridan Road Zion, IL.
What is the asking price?
The asking price for this property is $3,050,000.
What are key features of this property?
This property features: 24 one‑bedroom apartments and 4 commercial units; 14,000 square feet on a 1975‑built mixed‑use property; 7 below‑grade parking spaces plus 13 surface spaces
