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    1407 N Central Ave Chicago, IL 60651

    Under Contract
    For Sale
    $1,400,000

    Commercial Sale - Chicago, IL

    Days on Market:
    24
    Last Refresh:
    Dec 10 at 5:06 am

    Property Features for 1407 N Central Ave

    General Information

    Property type
    Commercial Sale
    Property subtype
    Other
    Standard status
    Active Under Contract
    APN
    16041080150000

    Building Details

    Year built
    1928
    Number of units
    17
    Architectural style
    Other

    Keller Williams Chicago ONEChicago (312) 216-2422 [email protected]

    Listing agent Anthony Hardy (312) 216-2422 License #475139834

    Listing date Nov 17, 2025

    MLS# 12477032 Listing URL

    Copyright © 2025 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.

    Overview

    Chicago Multifamily Investment Opportunity

    The Central Avenue Apartments, located in the Austin neighborhood of northwest Chicago, presents a 17-unit multifamily property for sale. The property, totaling 10,816 square feet, is 100% occupied and offers potential for increased income through unit renovations and rent adjustments. The current average rent is $997, with a pro forma average rent of $1,291. The property's current average price per square foot is $1.70, with a pro forma average of $2.18. Financial highlights include a current net operating income of $113,627 and a pro forma net operating income of $164,313. The current capitalization rate is 8.12%, with a pro forma capitalization rate of 11.14%. The current gross rent multiplier is 6.88, with a pro forma GRM of 5.60. The price per square foot is $129, and the price per unit is $82,353. The property is located in the Austin neighborhood, providing access to tenant demand, local employment centers, and public transportation. A light value-add program of $5,000 per unit upon turnover can push rental income to market levels. This 17-unit property is suitable for both first-time investors scaling into multifamily properties and seasoned owners seeking additional cash flow.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Apartment buildings

    Suggested Use

    Law Firm Restaurant Realty agency Spa & Massage Dental Office Hair Salon Clothing Store Nail Salon Food Market Gym & Fitness

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

    Location Insight

    • Map
    • Local Demand
    City
    Chicago
    County
    Cook
    State
    Illinois
    Longitude
    -87.7654463
    Latitude
    41.9061345

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    FAQs

    What type of property is this?
    Apartment building - 17-unit multifamily property in Chicago's Austin neighborhood with value-add potential.
    Where is this apartment building located?
    The property is located at 1407 N Central Ave Chicago, IL.
    What is the asking price?
    The asking price for this property is $1,400,000.
    What are key features of this property?
    This property features: - High Potential Return: Opportunity to achieve an 11%+ pro forma cap rate through strategic $5,000 per unit renovations and rent increases.; - Immediate Cash Flow: Property is 100% occupied, providing stable and immediate income for the investor.; - Value-Add Opportunity: Below-market rents allow for significant upside potential by increasing rents to market levels upon unit turnover.
    (312) 216-2422
    Request Owner's contact information
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    Chicago, IL 60651
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    Realmo Value Estimation

    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.

    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.

    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
    1407 N Central Ave Chicago, IL 60651
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