Brick Two-Unit Apartment
For Sale
Contact for pricing
808 Mackinaw Avenue, Calumet City, IL 60409
Fully occupied duplex with separate utilities, private laundry rooms, and off-street parking.
Property Size1,601 SF
Price / SF$131.50
Days on Market12
Property Features for 808 Mackinaw Avenue
General Information
Standard status
Active
Size
1,601 SF
Property subtype
Multifamily
Zoning
MULTI
Occupancy
100%
Net Operating Income
$20,163
Financials
Cap Rate
9.6%
Gross Income
$31,020
Average Monthly Rent
$1,292
Units
Unit Mix
2 x 2BR/1BA
Multifamily Units
2
Additional Details
Utilities to Site
Yes
Amenities
in-unit laundry
backyard
Building Details
Year Built
1978
Buildings
1
Stories
1
Construction
brick
Tenancy
Multi
Listing Agency:
eXp Realty
(773) 630-9205
Listed By:
Michael Scanlon · License #475199260
Source:
Crexi
Added: Jul 29
Changed: Aug 5
Last Checked: Aug 8 at 7:31AM
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 eXp Realty
Investment Insights
Based on property information with market context.
This one-story brick duplex contains approximately 1,601 square feet and was built in 1978. Each apartment includes two bedrooms, one full bathroom, an equipped kitchen, generous closet space, and a dedicated laundry room. Forced-air heating serves both units, while gas and electric utilities are separately metered. The property has a slab foundation with no basement or shared basement area.
Outdoor features include a spacious backyard and a long driveway providing off-street parking. The property is zoned MULTI and is located at 808 Mackinaw Avenue in Calumet City, Illinois. Both apartments are currently occupied. The sale is offered as-is, with leases, rents, expenses, square footage, and other property details subject to buyer verification.
Outdoor features include a spacious backyard and a long driveway providing off-street parking. The property is zoned MULTI and is located at 808 Mackinaw Avenue in Calumet City, Illinois. Both apartments are currently occupied. The sale is offered as-is, with leases, rents, expenses, square footage, and other property details subject to buyer verification.
Key Highlights
- Two apartments, each with 2 bedrooms and 1 full bathroom
- Approximately 1,601 square feet; built in 1978
- Brick, one‑story construction with a slab foundation
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
$18,573
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
8.82%
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%
$371,460
$371.5K
Cap Rate 7%
$265,329
$265.3K
Cap Rate 9%
$206,367
$206.4K
Market Conditions
NOI Build-Up for 1,601 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
$36.3K $22.68/SF
− Vacancy
−$2.5K −$1.59/SF
EGI
$33.8K $21.09/SF
− OpEx
−$15.2K −$9.49/SF
NOI
$18.6K $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%
$371,460
Cap Rate 7%
$265,329
Cap Rate 9%
$206,367
Alternative Uses
Best Use
Multifamily LT 5
$296.8K
$259.7K – $346.2K
NOI $20,774 @ 7.0% cap · market cap 9.87%
Second Best
Apartment 5plus
$265.3K
$232.2K – $309.6K
NOI $18,573 @ 7.0% cap · market cap 8.82%
Theoretical Best
Office A
$552.8K
$483.7K – $644.9K
NOI $38,693 @ 7.0% cap · market cap 18.38%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
280
Businesses Nearby
Explore this area
Business Placement
Demographics for 60409, IL
36,045
Population
16,868
Households
2.1
Avg Household Size
39
Median Age
20%
College-Educated
88%
High-School Grad
7.7 sq mi
ZIP Area
4,681
Density / Sq Mi
$53,991
Median Household Income
$37,389
Median Earnings
$1,138
Median Rent
$133,600
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?
Duplex - Fully occupied duplex with separate utilities, private laundry rooms, and off-street parking.
Where is this duplex located?
The property is located at 808 Mackinaw Avenue Calumet City, IL.
What is the asking price?
The asking price for this property is $210,537.
What are key features of this property?
This property features: Two apartments, each with 2 bedrooms and 1 full bathroom; Approximately 1,601 square feet; built in 1978; Brick, one‑story construction with a slab foundation
