Turn Key 6-Unit
805 North 22nd Avenue Melrose Park, IL 60160
805 North 22nd Avenue, Melrose Park, IL, 60160
$869,700
For Sale
$869,700
Six-unit building with refreshed units and strong rental income.
Property Size2,329 SF
Price / SF$373.42
Days on Market195
Property Features for 805 North 22nd Avenue
General Information
- Standard status
- Active
- Size
- 2,329 SF
- Property subtype
- Multi Family 5+ / Corridor-Interior Entrance
Building Details
- Year Built
- 1961
Listing Agency
Chase Real Estate LLC
(630) 528-0497
Listed by
Neil Gates · License #475174838
(630) 528-0497
Source
Compass
Added: Jan 5 Checked: Jul 19 at 5:24 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 Chase Real Estate LLC
Investment Insights
Based on property information with market context.
This is a six-unit building featuring a mix of two-bedroom apartments, with one unit being a garden-level apartment. As of November 18th, four of the units are occupied by tenants. Four units have been recently refreshed. The financials provided are based on the full year of 2024. The property size is 2329 square feet. The seller is willing to replace the roof with an acceptable offer.
Key Highlights
- Turnkey 6‑unit building with tenants in place in 4 units.
- Exceptional rents currently being generated.
- Seller will replace the roof with an acceptable offer.
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 | $52.8k | $22.68 |
| − Vacancy | −$3.7k | −$1.59 |
| EGI | $49.1k | $21.09 |
| − OpEx | −$22.1k | −$9.49 |
| NOI | $27.0k | $11.60 |
2,329 SF · lease $22.68/SF/yr · vacancy 7.00% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$386.0K
$337.7K – $450.3K
NOI $27,018 @ 7.0% cap · market cap 3.11%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$804.1K
$703.6K – $938.1K
NOI $56,287 @ 7.0% cap · market cap 6.47%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
Apartment buildings
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FAQs
What type of property is this?
Apartment building - Six-unit building with refreshed units and strong rental income.
Where is this apartment building located?
The property is located at 805 North 22nd Avenue Melrose Park, IL.
What is the asking price?
The asking price for this property is $869,700.
What are key features of this property?
This property features: Turnkey 6‑unit building with tenants in place in 4 units.; Exceptional rents currently being generated.; Seller will replace the roof with an acceptable offer.
