Luxury Apartments in Oak
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6031-37 W North Ave., Oak Park, IL 60302
New construction 24-unit apartment portfolio in Oak Park, Illinois.
Property Size29,142 SF
Price / SF$264.22
Days on Market224
Property Features for 6031-37 W North Ave.
General Information
Standard status
Active
Size
29,142 SF
Total Parking Spaces
27
Property subtype
Multifamily
Building Details
Year Built
2022
Buildings
3
Units
24
Listing Agency:
Kiser group
Listed By:
Jacob Price · License #475.201874
(773) 293-5045
Source:
Crexi
Added: Feb 23
Changed: Aug 8
Last Checked: Aug 8 at 6:34AM
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 Kiser group
Investment Insights
Based on property information with market context.
Located in Oak Park, Illinois, the property at 6031-37 W. North Ave is a 24-unit portfolio of condo-quality luxury residences constructed in 2022. The portfolio consists of three buildings, featuring 24 spacious 2-bedroom, 2-bathroom apartments. The property includes twelve garage spots and fifteen exterior parking spaces. The apartments feature modern electric fireplaces, high-end appliance packages, and large, spa-like bathrooms. The floorplans are modern, open concept, with in-unit laundry and individual HVAC systems for each unit. The property is located in Chicago’s Oak Park suburb, with access to public transportation, including Metra (1.2 miles) and CTA (2 miles), and is almost equidistant to both O’Hare and Midway airports. Oak Park is known for its tree-lined streets, community, and architectural legacy. It is home to the largest collection of Frank Lloyd Wright buildings. The area offers shops, cafes, restaurants, cultural venues, parks, playgrounds, and green spaces. Oak Park is known for its diversity, schools, and arts scene, with access to CTA Green and Blue Lines and Metra service.
Key Highlights
- New construction (2022) 24‑unit portfolio of condo‑quality luxury residences.
- Spacious 2 bed / 2 bath apartments with modern, open‑concept floorplans, electric fireplaces, high‑end appliances, and spa‑like bathrooms.
- In‑unit laundry and individual HVAC systems for efficient operation and easy maintenance.
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$338,071
Cap Rate
4.39%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$6,761,420
$6.8M
Cap Rate 7%
$4,829,586
$4.8M
Cap Rate 9%
$3,756,344
$3.8M
Market Conditions
NOI Build-Up for 29,142 SF
Gross rent
$660.9K $22.68/SF
− Vacancy
−$46.3K −$1.59/SF
EGI
$614.7K $21.09/SF
− OpEx
−$276.6K −$9.49/SF
NOI
$338.1K $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%
$6,761,420
Cap Rate 7%
$4,829,586
Cap Rate 9%
$3,756,344
Alternative Uses
Best Use
Apartment 5plus
$4.83M
$4.23M – $5.63M
NOI $338,071 @ 7.0% cap · market cap 4.39%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$10.06M
$8.80M – $11.74M
NOI $704,298 @ 7.0% cap · market cap 9.15%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
1,142
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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Cap Rate, Value Estimation, Potential NOI and more
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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 - New construction 24-unit apartment portfolio in Oak Park, Illinois.
Where is this apartment building located?
The property is located at 6031-37 W North Ave. Oak Park, IL.
What is the asking price?
The asking price for this property is $7,700,000.
What are key features of this property?
This property features: New construction (2022) 24‑unit portfolio of condo‑quality luxury residences.; Spacious 2 bed / 2 bath apartments with modern, open‑concept floorplans, electric fireplaces, high‑end appliances, and spa‑like bathrooms.; In‑unit laundry and individual HVAC systems for efficient operation and easy maintenance.
