Six-Unit Multifamily
For Sale
$925,000
8047 W Foster Lane, Niles, IL 60714
Well-maintained six one-bedroom, one-bath units with coin laundry, off-street parking, and tenant-paid electric.
Property Size4,029 SF
Days on Market38
Property Features for 8047 W Foster Lane
General Information
Standard status
Active
Size
4,029 SF
Property subtype
Commercial
Zoning
MULTI
Additional Details
Highway Access
Yes
Multifamily Units
6
Taxes and HOA fees
Annual Taxes
$17,092
Building Details
Building Size
4,029 SF
Year Built
1965
Stories
3
Units
6
Listing Agency:
Coldwell Banker Commercial NRT
(312) 860-4043
Listed By:
Paul Proano · License #475170890
(312) 860-4043
Source:
Exit2newbeginningz
Added: Jul 18
Changed: Aug 24
Last Checked: Aug 13 at 3:46AM
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 Coldwell Banker Commercial NRT
Investment Insights
Based on property information with market context.
This well-maintained six-unit multifamily building offers six one-bedroom, one-bath apartments. The property includes approximately 8.5 off-street parking spaces and an on-site coin laundry, which provides supplemental income. Tenant-paid electric helps minimize operating expenses.
Ownership has maintained the building for over 43 years, completing routine capital improvements, including a new furnace in 2024 and regular roof seal-coating every three years. The building is described as stabilized, with value-add potential through below-market rents on select units.
The property is located at the end of a quiet cul-de-sac and is adjacent to a public park, with convenient access to shopping, dining, public transportation, major expressways, and O’Hare International Airport.
Ownership has maintained the building for over 43 years, completing routine capital improvements, including a new furnace in 2024 and regular roof seal-coating every three years. The building is described as stabilized, with value-add potential through below-market rents on select units.
The property is located at the end of a quiet cul-de-sac and is adjacent to a public park, with convenient access to shopping, dining, public transportation, major expressways, and O’Hare International Airport.
Key Highlights
- Six‑unit multifamily building built in 1965 with six 1‑bedroom, 1‑bath apartments
- New furnace installed in 2024 and routine capital improvements, including roof seal‑coating every three years
- Approx. 8.5 off‑street parking spaces for tenants and guests
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
$46,740
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
5.05%
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%
$934,800
$934.8K
Cap Rate 7%
$667,714
$667.7K
Cap Rate 9%
$519,333
$519.3K
Market Conditions
NOI Build-Up for 4,029 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
$91.4K $22.68/SF
− Vacancy
−$6.4K −$1.59/SF
EGI
$85.0K $21.09/SF
− OpEx
−$38.2K −$9.49/SF
NOI
$46.7K $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%
$934,800
Cap Rate 7%
$667,714
Cap Rate 9%
$519,333
Alternative Uses
Best Use
Apartment 5plus
$667.7K
$584.3K – $779.0K
NOI $46,740 @ 7.0% cap · market cap 5.05%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.39M
$1.22M – $1.62M
NOI $97,372 @ 7.0% cap · market cap 10.53%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
6
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
948
Businesses Nearby
Explore this area
Business Placement
Demographics for 60714, IL
31,006
Population
11,867
Households
2.6
Avg Household Size
49
Median Age
39%
College-Educated
88%
High-School Grad
6.3 sq mi
ZIP Area
4,922
Density / Sq Mi
$78,868
Median Household Income
$46,553
Median Earnings
$1,247
Median Rent
$351,100
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 - Well-maintained six one-bedroom, one-bath units with coin laundry, off-street parking, and tenant-paid electric.
Where is this apartment building located?
The property is located at 8047 W Foster Lane Niles, IL.
What is the asking price?
The asking price for this property is $925,000.
What are key features of this property?
This property features: Six‑unit multifamily building built in 1965 with six 1‑bedroom, 1‑bath apartments; New furnace installed in 2024 and routine capital improvements, including roof seal‑coating every three years; Approx. 8.5 off‑street parking spaces for tenants and guests
