Six-Unit Apartment
For Sale
$850,000
9220 S Sally Lane, Schiller Park, IL 60176
Quality-constructed six-unit multifamily property with some recently updated units and strong long-term occupancy history.
Property Size4,928 SF
Days on Market49
Property Features for 9220 S Sally Lane
General Information
Standard status
Active
Size
4,928 SF
Property subtype
Commercial
Zoning
MULTI
Additional Details
Highway Access
Yes
Multifamily Units
6
Taxes and HOA fees
Annual Taxes
$19,317
Building Details
Building Size
4,928 SF
Year Built
1969
Stories
2
Units
6
Tenancy
Multi
Listing Agency:
Berkshire Hathaway HomeServices American Heritage
(847) 364-6030
Listed By:
Frank Ramljak · License #471007635
(847) 364-6030
Source:
Allinonerealestateco
Added: Jul 6
Changed: Aug 23
Last Checked: Aug 21 at 11:02AM
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 Berkshire Hathaway HomeServices American Heritage
Investment Insights
Based on property information with market context.
Attractive, quality-constructed six-unit apartment building presented as nicely maintained from top to bottom. The property includes several units that have been updated recently, and it benefits from long-term ownership and long-term tenants.
The building is described as being close to restaurants, a forest preserve, and the interstate highway system, with proximity also noted to O’Hare Airport and the Rosemont Blue Line CTA station.
This is a straightforward multifamily holding with a total of six residential units, offered for sale.
The building is described as being close to restaurants, a forest preserve, and the interstate highway system, with proximity also noted to O’Hare Airport and the Rosemont Blue Line CTA station.
This is a straightforward multifamily holding with a total of six residential units, offered for sale.
Key Highlights
- 6‑unit multifamily apartment building built in 1969
- Quality‑constructed and nicely maintained, with some units updated recently
- Long‑time owner and several long‑term tenants
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
$57,169
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
6.73%
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%
$1,143,380
$1.1M
Cap Rate 7%
$816,700
$816.7K
Cap Rate 9%
$635,211
$635.2K
Market Conditions
NOI Build-Up for 4,928 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
$111.8K $22.68/SF
− Vacancy
−$7.8K −$1.59/SF
EGI
$103.9K $21.09/SF
− OpEx
−$46.8K −$9.49/SF
NOI
$57.2K $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%
$1,143,380
Cap Rate 7%
$816,700
Cap Rate 9%
$635,211
Alternative Uses
Best Use
Apartment 5plus
$816.7K
$714.6K – $952.8K
NOI $57,169 @ 7.0% cap · market cap 6.73%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.70M
$1.49M – $1.98M
NOI $119,099 @ 7.0% cap · market cap 14.01%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
6
Residential units
Multi-tenant
Tenancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
564
Businesses Nearby
Explore this area
Business Placement
Demographics for 60176, IL
11,714
Population
4,423
Households
2.6
Avg Household Size
39
Median Age
28%
College-Educated
87%
High-School Grad
2.5 sq mi
ZIP Area
4,686
Density / Sq Mi
$67,473
Median Household Income
$41,106
Median Earnings
$1,214
Median Rent
$276,200
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 - Quality-constructed six-unit multifamily property with some recently updated units and strong long-term occupancy history.
Where is this apartment building located?
The property is located at 9220 S Sally Lane Schiller Park, IL.
What is the asking price?
The asking price for this property is $850,000.
What are key features of this property?
This property features: 6‑unit multifamily apartment building built in 1969; Quality‑constructed and nicely maintained, with some units updated recently; Long‑time owner and several long‑term tenants
