Six-Unit Apartment
For Sale
$949,999
7101 W 99th Street, Chicago Ridge, IL 60415
Fully occupied multifamily property with updated apartments and coin-operated laundry.
Property Size6,078 SF
Days on Market48
Property Features for 7101 W 99th Street
General Information
Standard status
Active
Size
6,078 SF
Property subtype
Commercial
Zoning
MULTI
Occupancy
100%
Site & Location
Highway Access
Yes
Public Transit
Yes
Additional Details
Multifamily Units
6
Taxes and HOA fees
Annual Taxes
$19,091
Amenities
coin-operated laundry
Building Details
Building Size
6,078 SF
Year Built
1972
Buildings
1
Stories
3
Units
6
Listing Agency:
Royal Family Real Estate
(847) 985-0200
Listed By:
Grace Pawlikowski · License #475125362
(847) 985-0200
Source:
Cavanaghrealty
Added: Jul 16
Changed: Aug 31
Last Checked: Aug 4 at 8:08AM
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 Royal Family Real Estate
Investment Insights
Based on property information with market context.
Built in 1972, this multifamily property contains six apartments and is fully occupied. The building includes a coin-operated laundry area, while many of the apartments have been updated or remodeled. Capital improvements include a roof and hot water heater installed in 2013, along with newer windows added in 2012.
The property is located at 7101 W 99th Street in Chicago Ridge, near shopping, dining, public transportation, and major expressways. MULTI zoning supports the apartment-building use, and the existing occupancy provides an established operating profile for a multifamily buyer.
The property is located at 7101 W 99th Street in Chicago Ridge, near shopping, dining, public transportation, and major expressways. MULTI zoning supports the apartment-building use, and the existing occupancy provides an established operating profile for a multifamily buyer.
Key Highlights
- Six‑unit apartment building built in 1972
- Fully occupied multifamily property
- Roof and hot water heater installed in 2013
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
$70,510
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
7.42%
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%
$1,410,200
$1.4M
Cap Rate 7%
$1,007,286
$1.0M
Cap Rate 9%
$783,444
$783.4K
Market Conditions
NOI Build-Up for 6,078 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
$137.8K $22.68/SF
− Vacancy
−$9.6K −$1.59/SF
EGI
$128.2K $21.09/SF
− OpEx
−$57.7K −$9.49/SF
NOI
$70.5K $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%
$1,410,200
Cap Rate 7%
$1,007,286
Cap Rate 9%
$783,444
Alternative Uses
Best Use
Apartment 5plus
$1.01M
$881.4K – $1.18M
NOI $70,510 @ 7.0% cap · market cap 7.42%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.10M
$1.84M – $2.45M
NOI $146,892 @ 7.0% cap · market cap 15.46%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
6
Residential units
100%
Occupancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
783
Businesses Nearby
Explore this area
Business Placement
Demographics for 60415, IL
14,433
Population
5,840
Households
2.5
Avg Household Size
37
Median Age
28%
College-Educated
91%
High-School Grad
2.3 sq mi
ZIP Area
6,275
Density / Sq Mi
$69,389
Median Household Income
$48,226
Median Earnings
$1,198
Median Rent
$217,800
Median Home Value
Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Apartment building - Fully occupied multifamily property with updated apartments and coin-operated laundry.
Where is this apartment building located?
The property is located at 7101 W 99th Street Chicago Ridge, IL.
What is the asking price?
The asking price for this property is $949,999.
What are key features of this property?
This property features: Six‑unit apartment building built in 1972; Fully occupied multifamily property; Roof and hot water heater installed in 2013
