Updated Triplex with Attached
For Sale
$799,900
Pending
7941 Karlov Avenue, Skokie, IL 60076
Updated triplex with three self-contained units, courtyard, and attached 2-car and 1-car garages accessed from the alley.
Property Size4,200 SF
Days on Market99
Property Features for 7941 Karlov Avenue
General Information
Standard status
Pending
Size
4,200 SF
Total Parking Spaces
3
Property subtype
Two to Four Units / 2 Flat
Occupancy
100%
Additional Details
Business Included
Yes
Multifamily Units
3
Taxes and HOA fees
Annual Taxes
$17,929
Building Details
Year Built
1958
Tenancy
Multi
Listing Agency:
HomeSmart Realty Group
Listed By:
Bert Gor · License #475143640
(630) 842-6000
Source:
Compass
Added: Jun 18
Changed: Aug 8
Last Checked: Sep 22 at 8:52PM
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 triplex offers a total of over 4,200 square feet across three fully self-contained units. The first and second floors each feature spacious 3-bedroom, 2-bath layouts with full kitchens and private living spaces. The lower level adds a separate 2-bedroom, 2-bath apartment, creating flexibility for a range of residential income or owner-occupant setups.
Outside, the property includes a courtyard area and a notable garage configuration: a 2-car attached garage plus an additional 1-car attached garage, with access from the alley.
All three units are currently occupied by related family members, and showings are by appointment with proper notice required to view the entire building. The property is subject to a one-lender short sale, and the related heavy lifting has been completed; the lender is now considering reasonable offers.
Outside, the property includes a courtyard area and a notable garage configuration: a 2-car attached garage plus an additional 1-car attached garage, with access from the alley.
All three units are currently occupied by related family members, and showings are by appointment with proper notice required to view the entire building. The property is subject to a one-lender short sale, and the related heavy lifting has been completed; the lender is now considering reasonable offers.
Key Highlights
- Updated 1958 triplex with over 4,200 SF across three fully self‑contained units
- First and second floors each offer 3 bedrooms and 2 baths with full kitchens and private living spaces
- Lower‑level unit adds a 2‑bedroom, 2‑bath apartment for additional flexibility
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
$54,499
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
6.81%
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%
$1,089,980
$1.1M
Cap Rate 7%
$778,557
$778.6K
Cap Rate 9%
$605,544
$605.5K
Market Conditions
NOI Build-Up for 4,200 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
$84.2K $20.04/SF
− Vacancy
−$6.3K −$1.50/SF
EGI
$77.9K $18.54/SF
− OpEx
−$23.4K −$5.56/SF
NOI
$54.5K $12.98/SF
Area
Cook County, IL
Vacancy
7.50%
Lease Rate
$20.04 /SF/Yr
Expense Ratio
30.00%
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%
$1,089,980
Cap Rate 7%
$778,557
Cap Rate 9%
$605,544
Alternative Uses
Best Use
Multifamily LT 5
$778.6K
$681.2K – $908.3K
NOI $54,499 @ 7.0% cap · market cap 6.81%
Second Best
Apartment 5plus
$696.0K
$609.0K – $812.1K
NOI $48,723 @ 7.0% cap · market cap 6.09%
Theoretical Best
Office A
$1.45M
$1.27M – $1.69M
NOI $101,505 @ 7.0% cap · market cap 12.69%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
3
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
1,004
Businesses Nearby
Explore this area
Business Placement
Demographics for 60076, IL
34,295
Population
11,908
Households
2.9
Avg Household Size
42
Median Age
52%
College-Educated
91%
High-School Grad
5.1 sq mi
ZIP Area
6,725
Density / Sq Mi
$103,870
Median Household Income
$50,336
Median Earnings
$1,576
Median Rent
$381,000
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Midwest region
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Frequently Asked Questions
What type of property is this?
Triplex - Updated triplex with three self-contained units, courtyard, and attached 2-car and 1-car garages accessed from the alley.
Where is this triplex located?
The property is located at 7941 Karlov Avenue Skokie, IL.
What is the asking price?
The asking price for this property is $799,900.
What are key features of this property?
This property features: Updated 1958 triplex with over 4,200 SF across three fully self‑contained units; First and second floors each offer 3 bedrooms and 2 baths with full kitchens and private living spaces; Lower‑level unit adds a 2‑bedroom, 2‑bath apartment for additional flexibility
