Brick Triplex with Finished
For Sale
Under Contract
$1,499,000
1214 W Ohio Street, Chicago, IL 60642
Residential Income, Chicago, IL
Property Size3,650 SF
Price / SF$410.68
Days on Market51
Property Features for 1214 W Ohio Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
MULTI
Bedrooms
9
Bathrooms
7
Full bathrooms
7
Rooms
Bedroom 7, Bedroom 6, Bedroom 8, Bathroom 6, Bedroom 3, Bedroom 5, Bathroom 2, Bedroom 9, Bathroom 3, Bathroom 5, Basement, Bathroom 1, Bathroom 4, Bathroom 7, Bedroom 4, Bedroom 1, Bedroom 2
Parking
3
Parking features
Owned, Off Alley
Patio and Porch features
Deck
Basement
Full, Walk-Out Access, Finished
Elementary school district
299
Middle school district
299
High school district
299
Directions
On Ohio, just west of Ogden
Subdivision
CHI - West Town
Standard status
Active Under Contract
APN
17081200310000
Taxes and HOA fees
Tax Year
2024
Tax Annual Amount
21965
Utilities
Sewer type
Public Sewer
Heating system
Forced Air, Natural Gas
Water source
Public
Amenities
in-unit washer/dryer
private rear decks
hardwood floors
updated kitchens/baths
fireplaces
secure perimeter fencing with electronic lock door
Building Details
Year built
1993
Building materials
Brick, Block
Roof type
Asphalt
Listing Agency:
Keller Williams Infinity · Keller Williams Realty
Listed By:
Satyanarayan Teeparti
(630) 778-5800
Added: Jul 21
Changed: Sep 3
Last Checked: Sep 9 at 12:06AM
MLS# 12706870
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.
Investment Insights
Based on property information with market context.
This fully leased, legal three-unit brick property was built in 1993 and provides more than 3,650 square feet of above-grade living space, along with a finished basement. The unit mix includes a three-bedroom, three-bathroom duplex-down and two matching three-bedroom, two-bathroom residences. Each unit includes in-unit washer and dryer connections, hardwood flooring, updated kitchens and bathrooms, fireplaces, private rear decks, and dedicated HVAC equipment. Recent improvements include furnaces, A/C units, tankless water heaters, and an asphalt roof installed in 2022.
The property includes a fenced perimeter with an electronically secured entry door, individual gas and electric meters, public water and sewer, and a rear three-car parking footprint accessed off the alley. The parking area may support future options such as a private garage or coach house/ADU, subject to buyer verification of zoning and City of Chicago requirements.
CTA train service is a five-minute walk away, with bus service two minutes from the property. I-90 is 0.4 miles away, and I-290 is 1.2 miles away. The property is also located 0.6 miles from Bally's Casino, 0.5 miles from the Fulton Market Expansion, and 2 miles from the United Center Expansion.
The property includes a fenced perimeter with an electronically secured entry door, individual gas and electric meters, public water and sewer, and a rear three-car parking footprint accessed off the alley. The parking area may support future options such as a private garage or coach house/ADU, subject to buyer verification of zoning and City of Chicago requirements.
CTA train service is a five-minute walk away, with bus service two minutes from the property. I-90 is 0.4 miles away, and I-290 is 1.2 miles away. The property is also located 0.6 miles from Bally's Casino, 0.5 miles from the Fulton Market Expansion, and 2 miles from the United Center Expansion.
Key Highlights
- Fully leased legal 3‑unit brick building built in 1993
- More than 3,650 sq ft of above‑grade living space plus finished basement
- Unit mix includes one 3BR/3BA duplex‑down and two 3BR/2BA units
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
$60,845
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
4.06%
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%
$1,216,900
$1.2M
Cap Rate 7%
$869,214
$869.2K
Cap Rate 9%
$676,056
$676.1K
Market Conditions
NOI Build-Up for 3,650 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
$92.0K $25.20/SF
− Vacancy
−$5.1K −$1.39/SF
EGI
$86.9K $23.81/SF
− OpEx
−$26.1K −$7.14/SF
NOI
$60.8K $16.67/SF
Area
Chicago, IL
Vacancy
5.50%
Lease Rate
$25.20 /SF/Yr
Expense Ratio
30.00%
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%
$1,216,900
Cap Rate 7%
$869,214
Cap Rate 9%
$676,056
Alternative Uses
Best Use
Multifamily LT 5
$869.2K
$760.6K – $1.01M
NOI $60,845 @ 7.0% cap · market cap 4.06%
Second Best
Apartment 5plus
$799.3K
$699.4K – $932.5K
NOI $55,951 @ 7.0% cap · market cap 3.73%
Theoretical Best
Office A
$1.72M
$1.51M – $2.01M
NOI $120,468 @ 7.0% cap · market cap 8.04%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Yes
Highway access
Yes
Paved road access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
5,467
Businesses Nearby
Explore this area
Business Placement
Demographics for 60642, IL
21,687
Population
12,144
Households
1.8
Avg Household Size
33
Median Age
78%
College-Educated
97%
High-School Grad
1.7 sq mi
ZIP Area
12,757
Density / Sq Mi
$141,179
Median Household Income
$90,885
Median Earnings
$2,216
Median Rent
$604,200
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?
Triplex - Fully leased three-unit property with private decks, in-unit laundry, and separate tenant-paid utilities.
Where is this triplex located?
The property is located at 1214 W Ohio Street Chicago, IL.
What is the asking price?
The asking price for this property is $1,499,000.
What are key features of this property?
This property features: Fully leased legal 3‑unit brick building built in 1993; More than 3,650 sq ft of above‑grade living space plus finished basement; Unit mix includes one 3BR/3BA duplex‑down and two 3BR/2BA units
