First Floor Condo with
For Sale
$265,000
9198 South Road #A Palos, Palos Hills, IL 60465
Three-bedroom condo with screened porch, garage, and community amenities.
Property Size1,600 SF
Price / SF$165.63
Days on Market366
Property Features for 9198 South Road #A Palos
General Information
Standard status
Active
Size
1,600 SF
Property subtype
Condominium
Amenities
Electric
Central Air
Range
Dishwasher
Refrigerator
Porch
Building Details
Building Size
1,600 SF
Year Built
1979
Listing Agency:
Keller Williams Preferred Realty
(708) 505-5111
Listed By:
Harry Ventimiglia · License #475116431
(708) 505-5111
Source:
Kw
Added: Aug 21, 2025
Changed: Aug 8
Last Checked: Aug 20 at 7:14PM
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 Keller Williams Preferred Realty
Investment Insights
Based on property information with market context.
This is a rarely available first-floor end unit condo featuring 3 bedrooms and 2 bathrooms. Located in Woods Edge in Palos Hills, the unit includes a screened porch overlooking forest preserves. The property has been meticulously maintained and updated, featuring a modern kitchen that opens to the dining area and living room, which includes a corner fireplace. A three-season room provides additional storage space. The condo includes three bedrooms, with the primary suite having a private bath. There is a convenient in-unit laundry room. The property also includes an extra-deep one-car garage located directly out the front door. Woods Edge offers walking paths with bridges, an outdoor pool, and a clubhouse. The location provides convenient access to local shopping, restaurants, and transportation. The property size is approximately 1600 square feet.
Key Highlights
- First floor end unit with screened porch overlooking forest preserves.
- 3 bedrooms, including a primary suite with private bath.
- Modern kitchen open to dining area and living room with corner fireplace.
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
$18,561
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
7.00%
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%
$371,220
$371.2K
Cap Rate 7%
$265,157
$265.2K
Cap Rate 9%
$206,233
$206.2K
Market Conditions
NOI Build-Up for 1,600 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
$36.3K $22.68/SF
− Vacancy
−$2.5K −$1.59/SF
EGI
$33.7K $21.09/SF
− OpEx
−$15.2K −$9.49/SF
NOI
$18.6K $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%
$371,220
Cap Rate 7%
$265,157
Cap Rate 9%
$206,233
Alternative Uses
Best Use
Apartment 5plus
$265.2K
$232.0K – $309.4K
NOI $18,561 @ 7.0% cap · market cap 7.00%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$552.4K
$483.4K – $644.5K
NOI $38,668 @ 7.0% cap · market cap 14.59%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
107
Businesses Nearby
Explore this area
Business Placement
Demographics for 60465, IL
18,530
Population
7,885
Households
2.4
Avg Household Size
42
Median Age
25%
College-Educated
87%
High-School Grad
4.3 sq mi
ZIP Area
4,309
Density / Sq Mi
$83,969
Median Household Income
$50,990
Median Earnings
$1,267
Median Rent
$259,200
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 - Three-bedroom condo with screened porch, garage, and community amenities.
Where is this apartment building located?
The property is located at 9198 South Road #A Palos Palos Hills, IL.
What is the asking price?
The asking price for this property is $265,000.
What are key features of this property?
This property features: First floor end unit with screened porch overlooking forest preserves.; 3 bedrooms, including a primary suite with private bath.; Modern kitchen open to dining area and living room with corner fireplace.
