Six-Unit Apartment
New
For Sale
$975,000
714 W Ivanhoe Lane, Mount Prospect, IL 60056
The 1977 property occupies a landscaped Mount Prospect subdivision setting, with parks reachable on foot.
Property Size5,067 SF
Price / SF$192.42
Days on Market6
Property Features for 714 W Ivanhoe Lane
General Information
Standard status
Active
Size
5,067 SF
Property subtype
MULTI_FAMILY
Additional Details
Multifamily Units
6
Tenant in Place
Yes
Taxes and HOA fees
Annual Taxes
$17,948
Building Details
Building Size
5,067 SF
Year Built
1977
Listing Agency:
RE/MAX City
Listed By:
Jesus Vazquez · License #475142675
(773) 775-0600
Source:
Dawnmckennagroup
Added: Oct 19
Changed: Oct 23
Last Checked: Oct 23 at 3:14PM
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 RE/MAX City
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Investment Insights
Based on property information with market context.
This six-unit apartment building contains 5,067 square feet and dates to 1977. The units are described as well maintained, and the property has landscaped grounds.
At 714 W Ivanhoe Lane in Mount Prospect, the building is situated in a subdivision with parks within walking distance.
At 714 W Ivanhoe Lane in Mount Prospect, the building is situated in a subdivision with parks within walking distance.
Key Highlights
- Six‑unit multifamily property
- 5,067 square feet
- Built in 1977
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$58,781
Cap Rate
6.03%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,175,620
$1.2M
Cap Rate 7%
$839,729
$839.7K
Cap Rate 9%
$653,122
$653.1K
Market Conditions
NOI Build-Up for 5,067 SF
Gross rent
$114.9K $22.68/SF
− Vacancy
−$8.0K −$1.59/SF
EGI
$106.9K $21.09/SF
− OpEx
−$48.1K −$9.49/SF
NOI
$58.8K $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%
$1,175,620
Cap Rate 7%
$839,729
Cap Rate 9%
$653,122
Alternative Uses
Best Use
Apartment 5plus
$839.7K
$734.8K – $979.7K
NOI $58,781 @ 7.0% cap · market cap 6.03%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.75M
$1.53M – $2.04M
NOI $122,458 @ 7.0% cap · market cap 12.56%
Zoning and permitted uses should be independently verified with authorities.
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Lease Details
6
Residential units
Location Intelligence
Trade Area within ½ mile
694
Businesses Nearby
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Business Placement
Demographics for 60056, IL
57,177
Population
23,202
Households
2.5
Avg Household Size
41
Median Age
49%
College-Educated
92%
High-School Grad
10.9 sq mi
ZIP Area
5,246
Density / Sq Mi
$104,168
Median Household Income
$54,158
Median Earnings
$1,456
Median Rent
$376,300
Median Home Value
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Market
Vacancy Rate% for Multifamily in Midwest region
Frequently Asked Questions
What type of property is this?
Multifamily property - The 1977 property occupies a landscaped Mount Prospect subdivision setting, with parks reachable on foot.
Where is this multifamily property located?
The property is located at 714 W Ivanhoe Lane Mount Prospect, IL.
What is the asking price?
The asking price for this property is $975,000.
What are key features of this property?
This property features: Six‑unit multifamily property; 5,067 square feet; Built in 1977
