Updated All-Brick
For Sale
$525,000
Pending
450 North Addison Road, Villa Park, IL 60181
All-brick duplex with two renovated three-bedroom, one-bath residences, detached 2½-car garage, and finished basements.
Property Size2,400 SF
Days on Market62
Property Features for 450 North Addison Road
General Information
Standard status
Pending
Size
2,400 SF
Total Parking Spaces
2
Property subtype
Two to Four Units / 2 Flat
Additional Details
Fenced Yard
Yes
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$5,538
Amenities
fenced backyard
deck
landscaped gardens
finished basement
family room
laundry room
detached garage
Building Details
Year Built
1960
Year Renovated
2026
Construction
all-brick
Tenancy
Multi
Listing Agency:
Wirtz Real Estate Group Inc.
Listed By:
Kimberly Wirtz · License #471005499
(708) 516-3050
Source:
Compass
Added: Jul 6
Changed: Aug 8
Last Checked: Jul 24 at 2:27PM
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 Wirtz Real Estate Group Inc.
Investment Insights
Based on property information with market context.
This updated all-brick duplex includes two spacious three-bedroom, one-bath residences. Unit 450 features a sun-filled living room with hardwood floors, a remodeled kitchen with white shaker cabinetry, quartz countertops, subway tile backsplash, and a breakfast bar/dining area that opens to a deck overlooking a private, fenced backyard. The updated bathroom includes a quartz vanity and tile shower. A basement with a laundry room and crawlspace provides additional storage, and the home also includes a finished English lookout basement in the second residence.
Unit 452 offers an updated kitchen with refreshed cabinetry and stainless steel appliances, a bright living room with hardwood floors, and hardwood flooring throughout the three bedrooms. The renovated bathroom includes a stylish vanity. Its finished English lookout basement expands living space with a family room and laundry room with a utility sink, along with crawlspace for additional storage.
Renovations include extensive updates to Unit 450 in 2021 and updates to Unit 452 in 2026, along with major building and mechanical improvements in 2022. Exterior and garage enhancements include a new garage roof and flat roof, new garage gutters and garage door/opener, and new furnaces and central air conditioning units serving both residences. Additional upgrades include water heater replacements in both units, and the property includes a detached 2½-car garage.
Unit 452 offers an updated kitchen with refreshed cabinetry and stainless steel appliances, a bright living room with hardwood floors, and hardwood flooring throughout the three bedrooms. The renovated bathroom includes a stylish vanity. Its finished English lookout basement expands living space with a family room and laundry room with a utility sink, along with crawlspace for additional storage.
Renovations include extensive updates to Unit 450 in 2021 and updates to Unit 452 in 2026, along with major building and mechanical improvements in 2022. Exterior and garage enhancements include a new garage roof and flat roof, new garage gutters and garage door/opener, and new furnaces and central air conditioning units serving both residences. Additional upgrades include water heater replacements in both units, and the property includes a detached 2½-car garage.
Key Highlights
- All‑brick duplex (Year Built 1960) with two renovated 3‑bedroom, 1‑bath residences
- Unit 450 extensively renovated in 2021: fresh paint, refinished hardwood floors, stainless appliances, quartz countertops, shaker cabinets, remodeled bath, and new doors/blinds/patio door
- Unit 452 updated in 2026 with new six‑panel doors, refinished hardwood floors, refreshed kitchen cabinets, renovated bathroom, new blinds, stainless appliances, and a new water heater
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
$31,142
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
5.93%
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%
$622,840
$622.8K
Cap Rate 7%
$444,886
$444.9K
Cap Rate 9%
$346,022
$346.0K
Market Conditions
NOI Build-Up for 2,400 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
$48.1K $20.04/SF
− Vacancy
−$3.6K −$1.50/SF
EGI
$44.5K $18.54/SF
− OpEx
−$13.3K −$5.56/SF
NOI
$31.1K $12.98/SF
Area
DuPage County, IL
Vacancy
7.50%
Lease Rate
$20.04 /SF/Yr
Expense Ratio
30.00%
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%
$622,840
Cap Rate 7%
$444,886
Cap Rate 9%
$346,022
Alternative Uses
Best Use
Multifamily LT 5
$444.9K
$389.3K – $519.0K
NOI $31,142 @ 7.0% cap · market cap 5.93%
Second Best
Apartment 5plus
$397.7K
$348.0K – $464.0K
NOI $27,842 @ 7.0% cap · market cap 5.30%
Theoretical Best
Office A
$828.6K
$725.0K – $966.7K
NOI $58,003 @ 7.0% cap · market cap 11.05%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Multi-tenant
Tenancy
Yes
Fenced yard
Location Intelligence
Trade Area within ½ mile
968
Businesses Nearby
Explore this area
Business Placement
Demographics for 60181, IL
29,821
Population
12,485
Households
2.4
Avg Household Size
38
Median Age
38%
College-Educated
92%
High-School Grad
6.5 sq mi
ZIP Area
4,588
Density / Sq Mi
$90,375
Median Household Income
$47,191
Median Earnings
$1,619
Median Rent
$294,700
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?
Duplex - All-brick duplex with two renovated three-bedroom, one-bath residences, detached 2½-car garage, and finished basements.
Where is this duplex located?
The property is located at 450 North Addison Road Villa Park, IL.
What is the asking price?
The asking price for this property is $525,000.
What are key features of this property?
This property features: All‑brick duplex (Year Built 1960) with two renovated 3‑bedroom, 1‑bath residences; Unit 450 extensively renovated in 2021: fresh paint, refinished hardwood floors, stainless appliances, quartz countertops, shaker cabinets, remodeled bath, and new doors/blinds/patio door; Unit 452 updated in 2026 with new six‑panel doors, refinished hardwood floors, refreshed kitchen cabinets, renovated bathroom, new blinds, stainless appliances, and a new water heater
