Building Details

Building Size 950 SF

Year Built 1961

Listing Agency: HomeSmart Realty Group m***@gmail.com Show Phone

Listed By: Mohammad Abdelrasoul · License #475173074

Source: Kw

Added: Aug 25, 2025 Changed: Aug 16 Last Checked: Aug 18 at 10:22PM

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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 HomeSmart Realty Group

Investment Insights

Based on property information with market context.

This updated 3rd-floor condo features a living space with a fireplace and a private balcony. The kitchen includes countertops, stainless steel appliances, and cabinet space. The property includes access to a clubhouse and pool, as well as an assigned parking space. Coin laundry is available on site. Note that while the current owner was allowed to have in-unit laundry for health reasons, new owners will not be able to maintain an in-unit washer and dryer per the HOA.

Key Highlights

• Updated 3rd‑floor condo with modern kitchen featuring brand‑new countertops and stainless steel appliances.
• Access to clubhouse and pool.
• Private balcony with peaceful views.**

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

$11,021

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

6.48%

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%

$220,420 $220.4K

Cap Rate 7%

$157,443 $157.4K

Cap Rate 9%

$122,456 $122.5K

Market Conditions

NOI Build-Up for 950 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

$21.5K $22.68/SF

− Vacancy

−$1.5K −$1.59/SF

EGI

$20.0K $21.09/SF

− OpEx

−$9.0K −$9.49/SF

NOI

$11.0K $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%

$220,420

Cap Rate 7%

$157,443

Cap Rate 9%

$122,456

Alternative Uses

Best Use

Apartment 5plus

$157.4K

$137.8K – $183.7K (±1% cap)

NOI $11,021 @ 7.0% cap · market cap 6.48%

Second Best

—

—

no second resolved use

Theoretical Best

Office A

$328.0K

$287.0K – $382.7K (±1% cap)

NOI $22,959 @ 7.0% cap · market cap 13.51%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

Property Profile

Current Use

Apartment buildings

Suggested Use

Top Pick Real Estate Agency Garden Center Kitchen & Bath Showroom Furniture & Home Goods Florist Pet Store

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Location Intelligence

Trade Area within ½ mile

691

Businesses Nearby

Explore this area Business Placement

Demographics for 60482, IL

11,216

Population

4,777

Households

2.3

Avg Household Size

39

Median Age

20%

College-Educated

89%

High-School Grad

2.3 sq mi

ZIP Area

4,877

Density / Sq Mi

$56,398

Median Household Income

$37,019

Median Earnings

$1,156

Median Rent

$216,800

Median Home Value

Market

Vacancy Rate% for Multifamily in Midwest region

6.5% 2022

7.5% 2023

7.8% 2024

8% 2025

Questions? Ask Rey

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Frequently Asked Questions

What type of property is this?

Apartment building - Updated 3rd-floor condo with fireplace, balcony, and modern kitchen.

Where is this apartment building located?

The property is located at 7408 W 111th Street #309 Worth, IL.

What is the asking price?

The asking price for this property is $170,000.

What are key features of this property?

This property features: Updated 3rd‑floor condo with **modern kitchen featuring brand‑new countertops and stainless steel appliances.**; Access to clubhouse and pool.; Private balcony with peaceful views.**