Duplex with Detached
New
For Sale
$450,000
Pending
9330 S 51st Avenue, Oak Lawn, IL 60453
Both apartments have two bedrooms, one bathroom, and in-unit laundry; a single-family conversion is also noted as a possibility.
Property Size1,400 SF
Days on Market3
Property Features for 9330 S 51st Avenue
General Information
Standard status
Pending
Size
1,400 SF
Total Parking Spaces
3
Property subtype
Two to Four Units
Units
Unit Mix
2 x 2BR/1BA
Multifamily Units
2
Additional Details
Public Transit
Yes
Tenant in Place
Yes
Taxes and HOA fees
Annual Taxes
$8,467
Amenities
laundry in each unit
yard
back deck
Unfinished,Full
Utility Room-1st Floor,Utility Room-2nd Floor
2
4
Lake Michigan
3
75' x 125'
No
Garage Door Opener,Garage,Yes,Garage Owned,Detached
Concrete Perimeter
Building Details
Year Built
1891
Buildings
1
Listing Agency:
Century 21 Circle
(224) 269-8556
Listed By:
Thomas Quigley
Source:
Michanarealestatesolutions
Added: Oct 29
Changed: Oct 30
Last Checked: Oct 30 at 1:43AM
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 Century 21 Circle
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Investment Insights
Based on property information with market context.
This 1891 duplex has two apartments, each configured with 2 bedrooms, 1 bathroom, and laundry. A lower-level tenant has rented for more than 10 years. The detached garage is described as a 3-car garage, and the property includes a rear deck and a large yard spanning a triple lot. A single-family conversion is also identified as a possible use.
The property is at 9330 S 51st Avenue in Oak Lawn, near downtown, Metra, and restaurants. The school district is described as a factor in the surrounding residential area. Utilities have been updated within the past 10 years; the roof and siding are 7 years old, and the rear staircase was replaced within the past 4 years. Access for viewing is limited to the upper apartment until a serious offer is made.
The property is at 9330 S 51st Avenue in Oak Lawn, near downtown, Metra, and restaurants. The school district is described as a factor in the surrounding residential area. Utilities have been updated within the past 10 years; the roof and siding are 7 years old, and the rear staircase was replaced within the past 4 years. Access for viewing is limited to the upper apartment until a serious offer is made.
Key Highlights
- Two apartments, each with 2 bedrooms, 1 bathroom, and laundry
- Detached 3‑car garage
- Property dimensions: 75' x 125'; described as a triple lot
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$18,166
Cap Rate
4.04%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$363,320
$363.3K
Cap Rate 7%
$259,514
$259.5K
Cap Rate 9%
$201,844
$201.8K
Market Conditions
NOI Build-Up for 1,400 SF
Gross rent
$28.1K $20.04/SF
− Vacancy
−$2.1K −$1.50/SF
EGI
$26.0K $18.54/SF
− OpEx
−$7.8K −$5.56/SF
NOI
$18.2K $12.98/SF
Area
Cook County, IL
Vacancy
7.50%
Lease Rate
$20.04 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$363,320
Cap Rate 7%
$259,514
Cap Rate 9%
$201,844
Alternative Uses
Best Use
Multifamily LT 5
$259.5K
$227.1K – $302.8K
NOI $18,166 @ 7.0% cap · market cap 4.04%
Second Best
Apartment 5plus
$232.0K
$203.0K – $270.7K
NOI $16,241 @ 7.0% cap · market cap 3.61%
Theoretical Best
Office A
$483.4K
$422.9K – $563.9K
NOI $33,835 @ 7.0% cap · market cap 7.52%
Zoning and permitted uses should be independently verified with authorities.
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Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
1,504
Businesses Nearby
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Business Placement
Demographics for 60453, IL
58,362
Population
23,115
Households
2.5
Avg Household Size
40
Median Age
30%
College-Educated
90%
High-School Grad
8.5 sq mi
ZIP Area
6,866
Density / Sq Mi
$82,493
Median Household Income
$48,810
Median Earnings
$1,310
Median Rent
$267,900
Median Home Value
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Market
Vacancy Rate% for Multifamily in Midwest region
Frequently Asked Questions
What type of property is this?
Duplex - Both apartments have two bedrooms, one bathroom, and in-unit laundry; a single-family conversion is also noted as a possibility.
Where is this duplex located?
The property is located at 9330 S 51st Avenue Oak Lawn, IL.
What is the asking price?
The asking price for this property is $450,000.
What are key features of this property?
This property features: Two apartments, each with 2 bedrooms, 1 bathroom, and laundry; Detached 3‑car garage; Property dimensions: 75' x 125'; described as a triple lot
