Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Back to Search
    Chicago Multifamily Rehab Opportunity Title is generated by Realmo AI

    1005 N Springfield Avenue, Chicago, IL 60651

    View on Map
    Claim this Listing
    For Sale
    $525,000

    MULTI_FAMILY - Chicago, IL

    Added:
    Apr 18, 2026
    Days on Market:
    47
    Last Refresh:
    Jun 3 at 9:06 am

    Property Features for 1005 N Springfield Avenue

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Other
    Bedrooms
    8
    Bathrooms
    4
    Rooms
    Bedroom 3, Bedroom 8, Bathroom 1, Basement, Bathroom 3, Bedroom 7, Bathroom 2, Bedroom 5, Bedroom 1, Bedroom 4, Bedroom 6, Bedroom 2, Bathroom 4
    Parking
    4
    Parking features
    Garage
    Basement
    Full, Unfinished
    Standard status
    Active
    APN
    16023110180000

    Taxes and HOA fees

    Tax Year
    2023
    Tax Annual Amount
    8253

    Utilities

    Sewer type
    Public Sewer
    Heating system
    Natural Gas

    Building Details

    Year built
    1930
    Building materials
    Brick

    We can help!

    Listing Contact
    Jose Tenezaca

    Listing agent Jose Tenezaca License #475137805

    Listing office RE/MAX City 7020 W. Higgins Ave., IL

    Listing date Apr 18, 2026

    MLS# 12623003 Listing URL

    Copyright © 2026 Midwest Real Estate Data, LLC. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    HighLights

    • Four‑unit brick building plus two basement units, offering income potential.
    • Four‑car garage provides ample parking.
    • Located close to schools, public transportation, and supermarkets.
    • Brick construction.
    • Front and rear entrances.
    • New garage roof.

    Overview

    This four-unit brick building in Chicago presents a significant opportunity. The property includes two basement units with front and rear entrances, plus a four-car garage. The garage has a new roof, and the building's brickwork has been tuckpointed. The property requires rehabilitation. It is located close to schools, public transportation, and a supermarket. The property is sold in as-is condition and cash only.
    Property Profile Location Intelligence

    Current Use by Public Records

    Quadplexes

    Suggested Use

    Law Firm Restaurant Real Estate Agency Spa & Massage Center Dental Office Hair Salon Nail Salon Food Market Gym & Fitness Center Skin Care Clinic

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Chicago
    County
    Cook
    State
    Illinois
    Longitude
    -87.723409
    Latitude
    41.899343

    Nearby Similar for Sale

    • $459,000
      3,000 SF

      Chicago Commercial Buildings For Sale

      Three commercial buildings in a busy Chicago neighborhood retail location.
      1753-1759 W 79th Street, Chicago, IL 60620
      View Details
    • $749,000
      3,700 SF

      West Town Corner Retail Space

      New construction retail space in booming West Town neighborhood.
      1445 W Chicago Avenue, Chicago, IL 60642
      View Details
    • $949,000
      4,055 SF

      Turnkey Restaurant Venue with PPA License

      Fully renovated restaurant with licenses and uncommitted VGT potential.
      7455 W Irving Park Road, Chicago, IL 60634
      View Details
    • $949,000
      4,055 SF

      Turnkey Restaurant Venue with PPA License

      Fully renovated restaurant with licenses and VGT potential in Chicago.
      7455 W Irving Park Road, Chicago, IL 60634
      View Details
    • $949,000
      4,055 SF

      Turnkey Restaurant Venue with Licenses

      Fully renovated restaurant with licenses and residential unit for sale.
      7455 W Irving Park Road, Chicago, IL 60634
      View Details
    • $779,900

      Chicago Commercial Brick Storefronts For Sale

      Income-producing commercial property with long-term tenants on a busy corner.
      5600 W Division Street, Chicago, IL 60651
      View Details
    • $649,000
      2,176 SF

      Turnkey Restaurant Opportunity in Chicago

      Below-market lease in East Lakeview, fully equipped restaurant with assets.
      420 W Belmont Avenue, Chicago, IL 60657
      View Details
    • $759,000
      5,000 SF

      Prime Retail Space in Chicago

      Commercial property in a high-traffic retail district.
      4411 N Kedzie Avenue, Chicago, IL 60625
      View Details
    • $625,000
      4,593 SF

      Fulton River District Commercial Loft

      Classic timber loft in Fulton River District, Chicago.
      566 W Lake Street, Chicago, IL 60661
      View Details
    • $549,900
      2,806 SF

      Wicker Park Corner Retail Building

      2,806 SF retail building in prime Wicker Park location.
      2357 W North Avenue, Chicago, IL 60647
      View Details
    • $1,300,000
      6,400 SF

      Renovated Chicago Industrial Flex Warehouse

      6,400 SF renovated industrial flex warehouse in Chicago for sale.
      3146 W Chicago Avenue, Chicago, IL 60622
      View Details
    • $649,000

      Brighton Park Commercial Strip Center

      Well-maintained commercial strip center in high-traffic location, fully leased.
      4044-48 S ARCHER Avenue, Chicago, IL 60632
      View Details

    FAQs

    What type of property is this?
    Quadplex - Four-unit brick building with rehab potential in Chicago.
    Where is this quadplex located?
    The property is located at 1005 N Springfield Avenue Chicago, IL.
    What is the asking price?
    The asking price for this property is $525,000.
    What are key features of this property?
    This property features: Four‑unit brick building plus two basement units, offering income potential.; Four‑car garage provides ample parking.; Located close to schools, public transportation, and supermarkets.
    (773) 775-0600
    We can help!
    Listing Contact
    Jose Tenezaca
    Real Estate License ID: 475137805
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Thank You for Inquiry
    1005 N Springfield Avenue, Chicago, IL 60651
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!