7-Unit Apartment Building with
New
For Sale
$899,900
5592 WICKFORD Lane, Loves Park, IL 61111
MULTIFAMILY, LOVES PARK, IL
Property Size5,241 SF
Price / SF$171.70
Days on Market2
Property Features for 5592 WICKFORD Lane
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
17
Bathrooms
9
Full bathrooms
9
Rooms
Bathroom 7, Bathroom 6, Bedroom 9, Bedroom 12, Bedroom 3, Bedroom 10, Bedroom 17, Bedroom 16, Bathroom 9, Bathroom 3, Bedroom 4, Bedroom 15, Bathroom 5, Bedroom 1, Bedroom 14, Bedroom 7, Bedroom 8, Bathroom 8, Bathroom 4, Bedroom 5, Basement, Bedroom 11, Bedroom 13, Bathroom 2, Bedroom 2, Bedroom 6, Bathroom 1
Parking
14
Appliances
Stove/Cooktop
Elementary school
Maple Elementary
Middle school
Harlem Jr
High school
Harlem High School
Elementary school district
Harlem 122
Middle school district
Harlem 122
High school district
Harlem 122
Subdivision
Winnebago County
Standard status
Active
APN
0833451005
Size
5,241 SF
Taxes and HOA fees
Tax Year
2025
Tax Description
PLAT NO 7 WINFORD ESTATES BNG PT S 1/2 SEC 33-45-2 LOT 7
Tax Annual Amount
15018
Legal Description
PLAT NO 7 WINFORD ESTATES BNG PT S 1/2 SEC 33-45-2 LOT 7
Utilities
Heating system
Forced Air
Cooling system
Central Air
Amenities
laundry room
Building Details
Year built
1990
Floors in Building
2
Number of units
7
Roof type
Shingle
Listing Agency:
DICKERSON & NIEMAN
(815) 227-5900
Listed By:
Mark Payne · License #475127655
(815) 978-0788
Added: Sep 3
Last Checked: Sep 4 at 6:06AM
MLS# 202605596
Copyright © 2026 NorthWest Illinois Alliance of REALTORS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This 5,241-square-foot apartment property in Loves Park contains seven units: three three-bedroom apartments, one two-bedroom, two-bath apartment, and three one-bedroom apartments. One of the three-bedroom units is occupied by the owner, while the two-bedroom unit has been completely remodeled. Built in 1990, the property includes central air, forced-air heating, and laundry rooms serving the units.
Four apartments have attached garages accommodating more than two cars each, and the property offers up to seven additional garage spaces for tenant use or rental. The shingle roof is seven years old. The landlord pays water and sewer service.
Four apartments have attached garages accommodating more than two cars each, and the property offers up to seven additional garage spaces for tenant use or rental. The shingle roof is seven years old. The landlord pays water and sewer service.
Key Highlights
- Seven‑unit apartment complex with three three‑bedroom, one two‑bedroom, and three one‑bedroom units
- 5,241 square feet; built in 1990
- Completely remodeled two‑bedroom, two‑bath apartment
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
$46,094
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
5.12%
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%
$921,880
$921.9K
Cap Rate 7%
$658,486
$658.5K
Cap Rate 9%
$512,156
$512.2K
Market Conditions
NOI Build-Up for 5,241 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
$91.2K $17.40/SF
− Vacancy
−$7.4K −$1.41/SF
EGI
$83.8K $15.99/SF
− OpEx
−$37.7K −$7.20/SF
NOI
$46.1K $8.79/SF
Area
Winnebago County, IL
Vacancy
8.10%
Lease Rate
$17.40 /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%
$921,880
Cap Rate 7%
$658,486
Cap Rate 9%
$512,156
Alternative Uses
Best Use
Apartment 5plus
$658.5K
$576.2K – $768.2K
NOI $46,094 @ 7.0% cap · market cap 5.12%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.43M
$1.25M – $1.67M
NOI $99,998 @ 7.0% cap · market cap 11.11%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
7
Residential units
Location Intelligence
Trade Area within ½ mile
127
Businesses Nearby
Explore this area
Business Placement
Demographics for 61111, IL
23,028
Population
10,248
Households
2.2
Avg Household Size
41
Median Age
24%
College-Educated
92%
High-School Grad
14.2 sq mi
ZIP Area
1,622
Density / Sq Mi
$58,391
Median Household Income
$42,751
Median Earnings
$1,101
Median Rent
$143,700
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?
Apartment building - Unit mix includes one-, two-, and three-bedroom apartments with garage access.
Where is this apartment building located?
The property is located at 5592 WICKFORD Lane Loves Park, IL.
What is the asking price?
The asking price for this property is $899,900.
What are key features of this property?
This property features: Seven‑unit apartment complex with three three‑bedroom, one two‑bedroom, and three one‑bedroom units; 5,241 square feet; built in 1990; Completely remodeled two‑bedroom, two‑bath apartment
