Updated Condo in
For Sale
$215,000
850 Lorraine Road #2M, Wheaton, IL 60187
Updated 2-bedroom, 2-bath condo in desirable Wheaton location.
Property Size1,100 SF
Price / SF$195.45
Days on Market365
Property Features for 850 Lorraine Road #2M
General Information
Standard status
Active
Size
1,100 SF
Property subtype
Condominium
Amenities
Steam
Wall Unit(s)
Baseboard
Range
Microwave
Dishwasher
Refrigerator
Deck, Asphalt
Building Details
Building Size
1,100 SF
Year Built
1961
Listing Agency:
(630) 776-2404
Listed By:
Ken - Kate Albert · License #IL
(630) 776-2404
Source:
Kw
Added: Aug 22, 2025
Changed: Aug 8
Last Checked: Aug 20 at 7:21PM
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 Ken - Kate Albert
Investment Insights
Based on property information with market context.
This updated second-floor condo features 2 bedrooms and 2 bathrooms and is located in a well-maintained elevator building. The unit has been freshly painted and features new carpet. The living space includes an expansive living room and dining area that opens to a private balcony. The eat-in kitchen features wood cabinets, ample storage, a generous pantry, Corian countertops, and stainless steel appliances. The primary bedroom includes three large closets with custom closet systems and a private bathroom with a walk-in shower. The second bedroom includes a large closet. A second full bathroom is located off the entryway and includes an additional linen closet. One garage space and one exterior parking space are included. Additional amenities include a storage unit and coin laundry in the building. The property is conveniently located near the College of DuPage, restaurants, parks, and golf courses. The property is located in Wheaton School District 200.
Key Highlights
- Wheaton School District 200
- Updated 2‑Bedroom, 2‑Bath Condo
- Large Eat‑In Kitchen with Wood Cabinets, Corian Countertops, and Stainless Steel Appliances
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
$12,761
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
5.94%
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%
$255,220
$255.2K
Cap Rate 7%
$182,300
$182.3K
Cap Rate 9%
$141,789
$141.8K
Market Conditions
NOI Build-Up for 1,100 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
$24.9K $22.68/SF
− Vacancy
−$1.7K −$1.59/SF
EGI
$23.2K $21.09/SF
− OpEx
−$10.4K −$9.49/SF
NOI
$12.8K $11.60/SF
Area
DuPage 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%
$255,220
Cap Rate 7%
$182,300
Cap Rate 9%
$141,789
Alternative Uses
Best Use
Apartment 5plus
$182.3K
$159.5K – $212.7K
NOI $12,761 @ 7.0% cap · market cap 5.94%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$379.8K
$332.3K – $443.1K
NOI $26,585 @ 7.0% cap · market cap 12.37%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
593
Businesses Nearby
Explore this area
Business Placement
Demographics for 60187, IL
30,059
Population
10,619
Households
2.8
Avg Household Size
37
Median Age
62%
College-Educated
95%
High-School Grad
6.6 sq mi
ZIP Area
4,554
Density / Sq Mi
$119,048
Median Household Income
$49,625
Median Earnings
$1,744
Median Rent
$432,200
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 - Updated 2-bedroom, 2-bath condo in desirable Wheaton location.
Where is this apartment building located?
The property is located at 850 Lorraine Road #2M Wheaton, IL.
What is the asking price?
The asking price for this property is $215,000.
What are key features of this property?
This property features: Wheaton School District 200; Updated 2‑Bedroom, 2‑Bath Condo; Large Eat‑In Kitchen with Wood Cabinets, Corian Countertops, and Stainless Steel Appliances
