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 Market178
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
(773) 293-5045
Listed By:
Jacob Price · License #475.201874
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 = 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
$338,071
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
4.39%
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%
$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
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
$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 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%
$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
Property Profile
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
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 - 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.
