Building Details

Year Built 1970

Year Renovated 2024

Buildings 1

Units 3

Listing Agency: Greenstone Partners Show Phone

Listed By: Chris Malay · License #IL 475.169199

Source: Crexi

Added: Mar 31 Changed: Aug 30 Last Checked: Aug 30 at 1:47PM

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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 Greenstone Partners

Investment Insights

Based on property information with market context.

This 3858-square-foot triplex, built in 1970, contains three residential units: one two-bedroom, one-bath apartment and two three-bedroom, two-bath apartments. The property also includes a three-car garage and owner-owned laundry facilities. Building updates completed in 2024 include a new boiler, copper plumbing, windows throughout except on the third floor, and garage soffit work.

Located at 81 Pine Ave in Riverside, the property is within walking distance of Riverside Metra and Downtown Riverside. The combination of a defined three-unit layout, garage capacity, laundry facilities, and recent capital improvements provides a clear physical profile for residential income property use.

Key Highlights

• Three‑unit layout: one 2‑bed/1‑bath apartment and two 3‑bed/2‑bath apartments
• 3858 SF building constructed in 1970
• 2024 improvements include boiler, copper plumbing, windows, and garage soffits

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

$50,061

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

8.01%

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%

$1,001,220 $1.0M

Cap Rate 7%

$715,157 $715.2K

Cap Rate 9%

$556,233 $556.2K

Market Conditions

NOI Build-Up for 3,858 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

$77.3K $20.04/SF

− Vacancy

−$5.8K −$1.50/SF

EGI

$71.5K $18.54/SF

− OpEx

−$21.5K −$5.56/SF

NOI

$50.1K $12.98/SF

Area

Cook County, IL

Vacancy

7.50%

Lease Rate

$20.04 /SF/Yr

Expense Ratio

30.00%

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%

$1,001,220

Cap Rate 7%

$715,157

Cap Rate 9%

$556,233

Alternative Uses

Best Use

Multifamily LT 5

$715.2K

$625.8K – $834.4K (±1% cap)

NOI $50,061 @ 7.0% cap · market cap 8.01%

Second Best

Apartment 5plus

$639.4K

$559.5K – $745.9K (±1% cap)

NOI $44,756 @ 7.0% cap · market cap 7.16%

Theoretical Best

Office A

$1.33M

$1.17M – $1.55M (±1% cap)

NOI $93,239 @ 7.0% cap · market cap 14.92%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

Property Profile

Current Use

Triplexes

Suggested Use

Top Pick Auto Parts Store Skin Care Clinic Plumbing Service Real Estate Agency Carpet & Flooring Store Grocery & Convenience Store

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

3

Residential units

Location Intelligence

Trade Area within ½ mile

579

Businesses Nearby

Explore this area Business Placement

Demographics for 60546, IL

16,819

Population

6,913

Households

2.4

Avg Household Size

42

Median Age

57%

College-Educated

96%

High-School Grad

4.0 sq mi

ZIP Area

4,205

Density / Sq Mi

$109,933

Median Household Income

$66,445

Median Earnings

$1,331

Median Rent

$377,600

Median Home Value

Market

Vacancy Rate% for Multifamily in Midwest region

6.5% 2022

7.5% 2023

7.8% 2024

8% 2025

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Frequently Asked Questions

What type of property is this?

Triplex - Income property with recent capital improvements and on-site laundry.

Where is this triplex located?

The property is located at 81 Pine Ave Riverside, IL.

What is the asking price?

The asking price for this property is $625,000.

What are key features of this property?

This property features: Three‑unit layout: one 2‑bed/1‑bath apartment and two 3‑bed/2‑bath apartments; 3858 SF building constructed in 1970; 2024 improvements include boiler, copper plumbing, windows, and garage soffits