Building Details

Building Size 1,100 SF

Year Built 1961

Listed By: Ken - Kate Albert · License #IL Show Phone

Source: Kw

Added: Aug 22, 2025 Changed: Sep 30 Last Checked: Oct 5 at 4:39PM

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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 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 / Yr

$12,761

Cap Rate

5.94%

Suggested Prices Based on Cap Rates

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

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 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 (±1% cap)

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 (±1% cap)

NOI $26,585 @ 7.0% cap · market cap 12.37%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

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Current Use

House Of Ozren Clothing Store Chateau Lorraine Condominiums Condominium Complex

Suggested Use

Top Pick Law Firm Hair Salon Furniture & Home Goods Barber Shop Garden Center Food Market

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

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

6.5% 2022

7.5% 2023

7.8% 2024

8% 2025

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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