6-Unit Apartment
For Sale
$935,000
Pending
8233 O Connor Drive, River Grove, IL 60171
Freestanding brick property with updated kitchens, hardwood flooring, and dedicated outdoor parking for each apartment.
Property Size5,635 SF
Days on Market311
Property Features for 8233 O Connor Drive
General Information
Standard status
Pending
Size
5,635 SF
Total Parking Spaces
6
Property subtype
Multi Family 5+ / Flats
Zoning
MULTI
Occupancy
100%
Net Operating Income
$65,919
Units
Multifamily Units
6
Parking per Unit
1
Additional Details
Public Transit
Yes
Taxes and HOA fees
Annual Taxes
$19,351
Building Details
Year Built
1969
Buildings
1
Stories
3
Construction
brick
Listing Agency:
RE/MAX City
(773) 350-6100
Listed By:
Tadeusz · License #475107752
(773) 350-6100
Source:
Compass
Added: Oct 26, 2025
Changed: Aug 30
Last Checked: Aug 31 at 10:00PM
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 RE/MAX City
Investment Insights
Based on property information with market context.
This fully leased, freestanding brick apartment building contains 6 units and 5,635 square feet. Built in 1969, the property features copper water piping, refreshed kitchens, hardwood flooring throughout the apartments, and a newer furnace. Each residence is assigned one outdoor parking space.
Positioned on O Connor Drive in River Grove, the building is situated on a quiet residential street with public transportation and stores nearby. MULTI zoning supports the apartment use, while the existing occupancy and unit count provide a straightforward multifamily configuration.
Positioned on O Connor Drive in River Grove, the building is situated on a quiet residential street with public transportation and stores nearby. MULTI zoning supports the apartment use, while the existing occupancy and unit count provide a straightforward multifamily configuration.
Key Highlights
- 6‑unit apartment building with 5,635 square feet
- Fully rented property with 1 outdoor parking space assigned to each apartment
- Freestanding brick construction built in 1969
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
$65,371
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
6.99%
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%
$1,307,420
$1.3M
Cap Rate 7%
$933,871
$933.9K
Cap Rate 9%
$726,344
$726.3K
Market Conditions
NOI Build-Up for 5,635 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
$127.8K $22.68/SF
− Vacancy
−$8.9K −$1.59/SF
EGI
$118.9K $21.09/SF
− OpEx
−$53.5K −$9.49/SF
NOI
$65.4K $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%
$1,307,420
Cap Rate 7%
$933,871
Cap Rate 9%
$726,344
Alternative Uses
Best Use
Apartment 5plus
$933.9K
$817.1K – $1.09M
NOI $65,371 @ 7.0% cap · market cap 6.99%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.95M
$1.70M – $2.27M
NOI $136,186 @ 7.0% cap · market cap 14.57%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
6
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
705
Businesses Nearby
Explore this area
Business Placement
Demographics for 60171, IL
10,612
Population
4,456
Households
2.4
Avg Household Size
40
Median Age
26%
College-Educated
91%
High-School Grad
2.3 sq mi
ZIP Area
4,614
Density / Sq Mi
$74,793
Median Household Income
$43,696
Median Earnings
$1,230
Median Rent
$244,700
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 - Freestanding brick property with updated kitchens, hardwood flooring, and dedicated outdoor parking for each apartment.
Where is this apartment building located?
The property is located at 8233 O Connor Drive River Grove, IL.
What is the asking price?
The asking price for this property is $935,000.
What are key features of this property?
This property features: 6‑unit apartment building with 5,635 square feet; Fully rented property with 1 outdoor parking space assigned to each apartment; Freestanding brick construction built in 1969
