Building Details

Building Size 1,223 SF

Year Built 1951

Listing Agency: Realty Executives Ambassador r***@robertshutay.com Show Phone

Listed By: Robert Shutay · License #471003186

Source: Dawnmckennagroup

Added: Aug 6 Changed: Aug 12 Last Checked: Aug 11 at 1:09PM

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Investment Insights

Based on property information with market context.

This residential income property at 8808 Corcoran Road offers 1,223 square feet with three bedrooms and two bathrooms. Built in 1951, the home has been updated with wood laminate flooring, new bathroom vanities and fixtures, quartz countertops, a backsplash, stainless steel oven range and refrigerator, soft-close cabinetry, can lighting, and a skylight. The kitchen also includes a generous eating area.

A family room connects to the fenced backyard through a sliding door. Additional improvements include a new washer and dryer in the laundry area and a brand-new furnace. The combination of refreshed interior finishes, updated appliances, and functional living spaces provides a well-maintained residential configuration.

Key Highlights

• 1,223 SF residential income property with 3 bedrooms and 2 bathrooms
• Updated kitchen with quartz countertops, backsplash, stainless appliances, and soft‑close drawers
• Wood laminate flooring throughout the home

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

$14,188

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

5.68%

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%

$283,760 $283.8K

Cap Rate 7%

$202,686 $202.7K

Cap Rate 9%

$157,644 $157.6K

Market Conditions

NOI Build-Up for 1,223 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

$27.7K $22.68/SF

− Vacancy

−$1.9K −$1.59/SF

EGI

$25.8K $21.09/SF

− OpEx

−$11.6K −$9.49/SF

NOI

$14.2K $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%

$283,760

Cap Rate 7%

$202,686

Cap Rate 9%

$157,644

Alternative Uses

Best Use

Apartment 5plus

$202.7K

$177.4K – $236.5K (±1% cap)

NOI $14,188 @ 7.0% cap · market cap 5.68%

Second Best

—

—

no second resolved use

Theoretical Best

Office A

$422.2K

$369.5K – $492.6K (±1% cap)

NOI $29,557 @ 7.0% cap · market cap 11.83%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

Property Profile

Current Use

Residential income properties

Suggested Use

Top Pick Law Firm Real Estate Agency Hair Salon Spa & Massage Center Food Market Computer & Electronic Repair

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

2,749

Businesses Nearby

Explore this area Business Placement

Demographics for 60456, IL

4,343

Population

1,916

Households

2.3

Avg Household Size

43

Median Age

20%

College-Educated

92%

High-School Grad

0.5 sq mi

ZIP Area

8,686

Density / Sq Mi

$59,265

Median Household Income

$42,091

Median Earnings

$812

Median Rent

$152,000

Median Home Value

Questions? Ask Rey

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Frequently Asked Questions

What type of property is this?

Residential income property - Renovated interior includes quartz kitchen finishes, stainless appliances, and a fenced rear yard.

Where is this residential income property located?

The property is located at 8808 Corcoran Road Hometown, IL.

What is the asking price?

The asking price for this property is $249,900.

What are key features of this property?

This property features: 1,223 SF residential income property with 3 bedrooms and 2 bathrooms; Updated kitchen with quartz countertops, backsplash, stainless appliances, and soft‑close drawers; Wood laminate flooring throughout the home