31-Unit Apartment
New
For Sale
$3,100,000
8 Superior St, Oak Park, IL 60302
Multifamily property with an established residential configuration in Oak Park.
Property Size22,724 SF
Days on Market3
Property Features for 8 Superior St
General Information
Standard status
Active
Size
22,724 SF
Property subtype
Multifamily
Additional Details
Cap Rate
6.86%
Multifamily Units
31
Amenities
Long-Term Owner with Significant Rental Upside
Nicely Appointed Private Courtyard and Select Units with Private Balconies
Seven Garage Parking Spaces, Newer Boiler and Hot Water Tank
Close to Oak Park Metra Station and Austin CTA Blue Line Station
Average Household Income for Oak Park is $98,800
Building Details
Building Size
22,724 SF
Units
31
Listing Agency:
Chicago Oak Brook Office
Listed By:
Ryan Engle · License #License(s): IL: 475.143971
(630) 570-2230
Source:
Marcusmillichap
Added: Sep 13
Last Checked: Sep 14 at 5:08AM
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 Chicago Oak Brook Office
Investment Insights
Based on property information with market context.
The property is a 31-unit apartment building located at 8 Superior Street in Oak Park, Illinois. It is offered for sale as a multifamily asset and has remained under long-term ownership. The property’s unit count and apartment-building format provide a clearly defined residential income configuration.
Key Highlights
- 31‑unit apartment building
- Located at 8 Superior Street in Oak Park, IL 60302
- Held by a long‑term owner
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
$263,617
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
8.50%
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%
$5,272,340
$5.3M
Cap Rate 7%
$3,765,957
$3.8M
Cap Rate 9%
$2,929,078
$2.9M
Market Conditions
NOI Build-Up for 22,724 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
$515.4K $22.68/SF
− Vacancy
−$36.1K −$1.59/SF
EGI
$479.3K $21.09/SF
− OpEx
−$215.7K −$9.49/SF
NOI
$263.6K $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%
$5,272,340
Cap Rate 7%
$3,765,957
Cap Rate 9%
$2,929,078
Alternative Uses
Best Use
Apartment 5plus
$3.77M
$3.30M – $4.39M
NOI $263,617 @ 7.0% cap · market cap 8.50%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$7.85M
$6.86M – $9.15M
NOI $549,189 @ 7.0% cap · market cap 17.72%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
31
Residential units
Location Intelligence
Trade Area within ½ mile
1,616
Businesses Nearby
Explore this area
Business Placement
Demographics for 60302, IL
33,698
Population
15,702
Households
2.1
Avg Household Size
41
Median Age
71%
College-Educated
97%
High-School Grad
3.0 sq mi
ZIP Area
11,233
Density / Sq Mi
$97,414
Median Household Income
$69,368
Median Earnings
$1,348
Median Rent
$450,700
Median Home Value
Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - Multifamily property with an established residential configuration in Oak Park.
Where is this apartment building located?
The property is located at 8 Superior St Oak Park, IL.
What is the asking price?
The asking price for this property is $3,100,000.
What are key features of this property?
This property features: 31‑unit apartment building; Located at 8 Superior Street in Oak Park, IL 60302; Held by a long‑term owner
