Six-Unit Multifamily
8047 W Foster Ln Niles, IL 60714
New
8047 W Foster Ln, Niles, IL, 60714
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For Sale
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Well-maintained six one-bedroom, one-bath units with coin laundry, off-street parking, and tenant-paid electric.
Property Size4,029 SF
Price / SF$229.59
Days on Market6
Property Features for 8047 W Foster Ln
General Information
- Standard status
- Active
- Size
- 4,029 SF
- Property subtype
- Multifamily
Building Details
- Year Built
- 1965
Listing Agency
Coldwell Banker Commercial
(312) 860-4043
Listed by
Paul Proano · License #IL 475.170890
Source
Crexi
Added: Jul 15 Updated: Jul 19 at 2:03 am Checked: Jul 20 at 4:21 am
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
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
Local Financial Insights For Apartment 5plus
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 | $91.4k | $22.68 |
| − Vacancy | −$6.4k | −$1.59 |
| EGI | $85.0k | $21.09 |
| − OpEx | −$38.2k | −$9.49 |
| NOI | $46.7k | $11.60 |
4,029 SF · lease $22.68/SF/yr · vacancy 7.00% · expense 45.00%
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 local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Basketball Court
Sports Field & Court
Similar For Sale Nearby
FAQs
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 Ln 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
