Updated Triplex with Attached
7941 Karlov Avenue Skokie, IL 60076
7941 Karlov Avenue, Skokie, IL, 60076
$799,900
Pending
For Sale
$799,900
Pending
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 Market35
Property Features for 7941 Karlov Avenue
General Information
- Standard status
- Pending
- Size
- 4,200 SF
- Property subtype
- Two to Four Units / 2 Flat
Building Details
- Year Built
- 1958
Listing agency
HomeSmart Realty Group
(630) 842-6000
Listed by
Bert Gor · License #475143640
(630) 842-6000
Source
Compass
Added: Jun 18 Updated: Jul 21 at 11:54AM Checked: Jul 22 at 6:45AM
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
Local Financial Insights For Multifamily LT 5
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $84.2k | $20.04 |
| − Vacancy | −$6.3k | −$1.50 |
| EGI | $77.9k | $18.54 |
| − OpEx | −$23.4k | −$5.56 |
| NOI | $54.5k | $12.98 |
4,200 SF · lease $20.04/SF/yr · vacancy 7.50% · expense 30.00%
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 local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Triplexes
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FAQs
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
