Two-Level Residential Income
New
For Sale
$350,000
617 South Boulevard Unit H, Oak Park, IL 60302
Three-bedroom condo with renovated primary bath, in-unit laundry, two exterior parking spaces, and access to nearby transit.
Property Size1,400 SF
Price / SF$250
Days on Market5
Property Features for 617 South Boulevard Unit H
General Information
Standard status
Active
Size
1,400 SF
Total Parking Spaces
2
Property subtype
Condo,Condo-Duplex
Units
Unit Mix
1 x 3BR/2.5BA
Multifamily Units
1
Additional Details
Public Transit
Yes
Taxes and HOA fees
Annual Taxes
$7,341
Amenities
gas fireplace
in-unit laundry
common-area deck
white picket fence
Building Details
Building Size
1,400 SF
Year Built
2000
Listing Agency:
@properties Christie's International Real Estate
(708) 246-0500
Listed By:
Arrick Pelton
Source:
Dawnmckennagroup
Added: Aug 19
Changed: Aug 22
Last Checked: Aug 22 at 11:21AM
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 @properties Christie's International Real Estate
Investment Insights
Based on property information with market context.
This duplex-up condominium offers 1,400 square feet across two levels, with three bedrooms and 2.5 baths. The main floor combines living and dining areas around a gas fireplace and includes a kitchen with quartz countertops and stainless steel appliances. Hardwood flooring extends throughout, while the primary suite remains on the main level with a private bath renovated in 2024 and fitted with a soaker tub. Two additional bedrooms and in-unit laundry are positioned upstairs.
Property updates include new windows and a skylight installed in 2021, newer HVAC and water heater systems, and a roof completed in 2024. The grounds feature a white picket fence, and the shared common-area deck provides outdoor space. Two exterior parking spots are included. The property is located on South Boulevard near the Oak Park Metra and CTA Green Line stops, with Oak Park River Forest High School, restaurants, shops, and daily services nearby.
Property updates include new windows and a skylight installed in 2021, newer HVAC and water heater systems, and a roof completed in 2024. The grounds feature a white picket fence, and the shared common-area deck provides outdoor space. Two exterior parking spots are included. The property is located on South Boulevard near the Oak Park Metra and CTA Green Line stops, with Oak Park River Forest High School, restaurants, shops, and daily services nearby.
Key Highlights
- 1,400 SF duplex‑up condo with two levels of living
- Three bedrooms and 2.5 baths
- Primary bathroom renovated in 2024 with a soaker tub
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
$16,241
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
4.64%
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%
$324,820
$324.8K
Cap Rate 7%
$232,014
$232.0K
Cap Rate 9%
$180,456
$180.5K
Market Conditions
NOI Build-Up for 1,400 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
$31.8K $22.68/SF
− Vacancy
−$2.2K −$1.59/SF
EGI
$29.5K $21.09/SF
− OpEx
−$13.3K −$9.49/SF
NOI
$16.2K $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%
$324,820
Cap Rate 7%
$232,014
Cap Rate 9%
$180,456
Alternative Uses
Best Use
Apartment 5plus
$232.0K
$203.0K – $270.7K
NOI $16,241 @ 7.0% cap · market cap 4.64%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$483.4K
$422.9K – $563.9K
NOI $33,835 @ 7.0% cap · market cap 9.67%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Residential units
Location Intelligence
Trade Area within ½ mile
2,452
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
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Residential income property - Three-bedroom condo with renovated primary bath, in-unit laundry, two exterior parking spaces, and access to nearby transit.
Where is this residential income property located?
The property is located at 617 South Boulevard Unit H Oak Park, IL.
What is the asking price?
The asking price for this property is $350,000.
What are key features of this property?
This property features: 1,400 SF duplex‑up condo with two levels of living; Three bedrooms and 2.5 baths; Primary bathroom renovated in 2024 with a soaker tub
