Five-Unit Masonry Apartment
For Sale
$999,900
4728 N Olcott Avenue, Harwood Heights, IL 60706
Corner property with varied unit layouts, garden-level living space, and on-site parking.
Property Size5,131 SF
Days on Market38
Property Features for 4728 N Olcott Avenue
General Information
Standard status
Active
Size
5,131 SF
Total Parking Spaces
7
Property subtype
Commercial
Zoning
MULTI
Units
Unit Mix
2 x 1BR/1BA, 2 x 2BR/1BA, 1 x 3BR/2BA
Multifamily Units
5
Taxes and HOA fees
Annual Taxes
$15,287
Building Details
Building Size
5,131 SF
Year Built
1966
Stories
3
Units
5
Construction
masonry
Listing Agency:
Triton Realty Group LLC
(312) 788-9379
Listed By:
Nico Giannini
(312) 788-9379
Source:
Midwestrealestate
Added: Jul 24
Changed: Aug 29
Last Checked: Aug 15 at 6:35AM
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 Triton Realty Group LLC
Investment Insights
Based on property information with market context.
This 5,131-square-foot apartment building was constructed in 1966 and features full masonry construction, a center entrance, and a corner setting. The five-unit configuration includes two one-bedroom, one-bath apartments; two two-bedroom, one-bath apartments; and one three-bedroom, two-bath garden unit. Interior features include hardwood flooring in four apartments, oversized bedrooms, generous closet space, eat-in kitchens in the two-bedroom units, and a separate dining room in the garden unit. The garden apartment also includes a large kitchen and finished bathroom features with soaking tubs, separate showers, and substantial vanities.
The property provides seven parking spaces and is zoned MULTI. Located at 4728 N. Olcott Avenue in Harwood Heights, it sits across from Mariano's and near schools, parks, and entertainment. Four units are identified as having additional renovation potential.
The property provides seven parking spaces and is zoned MULTI. Located at 4728 N. Olcott Avenue in Harwood Heights, it sits across from Mariano's and near schools, parks, and entertainment. Four units are identified as having additional renovation potential.
Key Highlights
- Five‑unit apartment building with full masonry construction, center entrance, and corner placement
- 5,131 square feet; built in 1966
- Unit mix includes (2) 1 bed/1 bath, (2) 2 bed/1 bath, and (1) 3 bed/2 bath garden unit
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
$78,654
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
7.87%
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%
$1,573,080
$1.6M
Cap Rate 7%
$1,123,629
$1.1M
Cap Rate 9%
$873,933
$873.9K
Market Conditions
NOI Build-Up for 5,131 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
$150.9K $29.40/SF
− Vacancy
−$7.8K −$1.53/SF
EGI
$143.0K $27.87/SF
− OpEx
−$64.4K −$12.54/SF
NOI
$78.7K $15.33/SF
Area
Chicago, IL
Vacancy
5.20%
Lease Rate
$29.40 /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%
$1,573,080
Cap Rate 7%
$1,123,629
Cap Rate 9%
$873,933
Alternative Uses
Best Use
Apartment 5plus
$1.12M
$983.2K – $1.31M
NOI $78,654 @ 7.0% cap · market cap 7.87%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.42M
$2.12M – $2.82M
NOI $169,348 @ 7.0% cap · market cap 16.94%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
5
Residential units
Location Intelligence
Trade Area within ½ mile
951
Businesses Nearby
Explore this area
Business Placement
Demographics for 60706, IL
24,327
Population
9,720
Households
2.5
Avg Household Size
45
Median Age
30%
College-Educated
87%
High-School Grad
3.1 sq mi
ZIP Area
7,847
Density / Sq Mi
$85,000
Median Household Income
$48,602
Median Earnings
$1,242
Median Rent
$347,600
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?
Apartment building - Corner property with varied unit layouts, garden-level living space, and on-site parking.
Where is this apartment building located?
The property is located at 4728 N Olcott Avenue Harwood Heights, IL.
What is the asking price?
The asking price for this property is $999,900.
What are key features of this property?
This property features: Five‑unit apartment building with full masonry construction, center entrance, and corner placement; 5,131 square feet; built in 1966; Unit mix includes (2) 1 bed/1 bath, (2) 2 bed/1 bath, and (1) 3 bed/2 bath garden unit
