21-Unit Apartment
For Sale
$4,400,000
433 S Grove Ave, Oak Park, IL 60302
Four multifamily properties with partially renovated units and updated kitchens, baths, flooring, and fixtures.
Property Size20,449 SF
Days on Market41
Property Features for 433 S Grove Ave
General Information
Standard status
Active
Size
20,449 SF
Property subtype
Multifamily
Occupancy
95%
Site & Location
Highway Access
Yes
Public Transit
Yes
Units
Unit Mix
1 x studio, 1 x 1BR/1BA, 18 x 2BR/1BA, 1 x 3BR/1BA, 1 x 3BR/2BA
Multifamily Units
21
Additional Details
Cap Rate
5.18%
Amenities
Buildings May Be Purchased Individually - Please See OM for Individual Financials
Highly Desirable West Oak Park Locations
Upside in Rent Through Continued Unit Renovation
Tenant Utility Reimbursement
On-Site, Income-Generating Parking and Coin Laundry
Close Proximity to Downtown Oak Park, CTA and Metra Stations
Building Details
Building Size
20,449 SF
Buildings
4
Units
21
Listed By:
Eric Bell · License #License(s): IL: 475.144220
(630) 570-2157
Source:
Marcusmillichap
Added: Sep 2
Changed: Oct 10
Last Checked: Oct 11 at 2:57AM
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 Eric Bell
Investment Insights
Based on property information with market context.
This multifamily offering combines four properties and 21 apartment units in Oak Park, Illinois. The portfolio includes a mix of studio, one-bedroom, two-bedroom, and three-bedroom residences, with the source data noting one legally non-conforming studio unit. Renovated apartments include vinyl plank flooring, upgraded kitchens with dishwashers, refreshed bathroom tile backsplashes and vanities, and updated fixtures.
The properties are located at 414 S Kenilworth Ave, approximately nine miles west of Chicago’s Loop. Access to the broader area includes Interstate 290, Metra and CTA rail service, and Pace bus lines; the Loop is described as reachable within 20 minutes. The portfolio is identified as partially rehabbed and well maintained, with unit improvements already completed in portions of the asset.
The properties are located at 414 S Kenilworth Ave, approximately nine miles west of Chicago’s Loop. Access to the broader area includes Interstate 290, Metra and CTA rail service, and Pace bus lines; the Loop is described as reachable within 20 minutes. The portfolio is identified as partially rehabbed and well maintained, with unit improvements already completed in portions of the asset.
Key Highlights
- Four‑property multifamily portfolio totaling 21 apartment units
- Unit mix includes studio, one-, two-, and three‑bedroom apartments
- Renovated units feature vinyl plank flooring and updated fixtures
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$237,225
Cap Rate
5.39%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$4,744,500
$4.7M
Cap Rate 7%
$3,388,929
$3.4M
Cap Rate 9%
$2,635,833
$2.6M
Market Conditions
NOI Build-Up for 20,449 SF
Gross rent
$463.8K $22.68/SF
− Vacancy
−$32.5K −$1.59/SF
EGI
$431.3K $21.09/SF
− OpEx
−$194.1K −$9.49/SF
NOI
$237.2K $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 Rate 5%
$4,744,500
Cap Rate 7%
$3,388,929
Cap Rate 9%
$2,635,833
Alternative Uses
Best Use
Apartment 5plus
$3.39M
$2.97M – $3.95M
NOI $237,225 @ 7.0% cap · market cap 5.39%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$7.06M
$6.18M – $8.24M
NOI $494,208 @ 7.0% cap · market cap 11.23%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
21
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
3,705
Businesses Nearby
Explore this area
Business Placement
Demographics for 60302, IL
33,698
Population
15,702
Households
2.1
Avg Household Size
41
Median Age
71%
College-Educated
97%
High-School Grad
3.0 sq mi
ZIP Area
11,233
Density / Sq Mi
$97,414
Median Household Income
$69,368
Median Earnings
$1,348
Median Rent
$450,700
Median Home Value
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Market
Vacancy Rate% for Multifamily in Midwest region
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Frequently Asked Questions
What type of property is this?
Apartment building - Four multifamily properties with partially renovated units and updated kitchens, baths, flooring, and fixtures.
Where is this apartment building located?
The property is located at 433 S Grove Ave Oak Park, IL.
What is the asking price?
The asking price for this property is $4,400,000.
What are key features of this property?
This property features: Four‑property multifamily portfolio totaling 21 apartment units; Unit mix includes studio, one-, two-, and three‑bedroom apartments; Renovated units feature vinyl plank flooring and updated fixtures
