Updated Condo in 55+
For Sale
$264,000
6320 Pine Ridge Drive #1B Tinley, Tinley Park, IL 60477
Move-in ready, updated 2-bedroom, 2-bath condo in Tinley Park.
Property Size1,800 SF
Days on Market403
Property Features for 6320 Pine Ridge Drive #1B Tinley
General Information
Standard status
Active
Size
1,800 SF
Property subtype
Condominium
Amenities
Forced Air
Central Air
Natural Gas
Range
Microwave
Dishwasher
Refrigerator
Washer
Dryer
Deck, Asphalt
Building Details
Building Size
1,800 SF
Year Built
1998
Listing Agency:
Keller Williams Preferred Realty
(815) 954-2525
Listed By:
Scott Schoon · License #475143110
(815) 954-2525
Source:
Kw
Added: Jul 14, 2025
Changed: Aug 8
Last Checked: Aug 18 at 10:38PM
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 Keller Williams Preferred Realty
Investment Insights
Based on property information with market context.
This updated 2-bedroom, 2-bath condo is designed for comfort and convenience in a well-maintained elevator building tailored for the 55+ lifestyle. The interior features fresh paint throughout, brand-new carpet, sleek new appliances, modern countertops, and a stylish new backsplash. The condo offers spacious bedrooms, including a primary suite with a generous walk-in closet. A screened-in balcony provides a space for relaxation. This property offers a low-maintenance lifestyle with upgrades.
Key Highlights
- Move‑in ready condition with fresh paint, new carpet, appliances, countertops, and backsplash.
- Located in a well‑maintained 55+ elevator building.
- Two bedrooms and two bathrooms, including a primary suite with a walk‑in closet.
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
$20,881
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
7.91%
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%
$417,620
$417.6K
Cap Rate 7%
$298,300
$298.3K
Cap Rate 9%
$232,011
$232.0K
Market Conditions
NOI Build-Up for 1,800 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
$40.8K $22.68/SF
− Vacancy
−$2.9K −$1.59/SF
EGI
$38.0K $21.09/SF
− OpEx
−$17.1K −$9.49/SF
NOI
$20.9K $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%
$417,620
Cap Rate 7%
$298,300
Cap Rate 9%
$232,011
Alternative Uses
Best Use
Apartment 5plus
$298.3K
$261.0K – $348.0K
NOI $20,881 @ 7.0% cap · market cap 7.91%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$621.5K
$543.8K – $725.0K
NOI $43,502 @ 7.0% cap · market cap 16.48%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
91
Businesses Nearby
Explore this area
Business Placement
Demographics for 60477, IL
37,335
Population
16,261
Households
2.3
Avg Household Size
43
Median Age
34%
College-Educated
95%
High-School Grad
14.2 sq mi
ZIP Area
2,629
Density / Sq Mi
$93,862
Median Household Income
$57,381
Median Earnings
$1,485
Median Rent
$262,400
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 - Move-in ready, updated 2-bedroom, 2-bath condo in Tinley Park.
Where is this apartment building located?
The property is located at 6320 Pine Ridge Drive #1B Tinley Tinley Park, IL.
What is the asking price?
The asking price for this property is $264,000.
What are key features of this property?
This property features: Move‑in ready condition with fresh paint, new carpet, appliances, countertops, and backsplash.; Located in a well‑maintained 55+ elevator building.; Two bedrooms and two bathrooms, including a primary suite with a walk‑in closet.
