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    The Largest CRE Database in the US with Over 1 Million Listings

    1838 N Rockwell St Chicago, IL 60647

    Sponsored
    For Sale
    $1,875,000

    MULTI_FAMILY - Other - Chicago, IL

    Days on Market:
    47
    Last Refresh:
    Jan 31 at 1:06 am

    Property Features for 1838 N Rockwell St

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Other
    Property condition
    Under Construction
    Standard status
    Active
    Rooms
    Bathroom 2, Bedroom 8, Bedroom 3, Bedroom 2, Basement, Bedroom 9, Bedroom 6, Bedroom 4, Bedroom 1, Bedroom 5, Bathroom 5, Bedroom 7, Bathroom 1, Bathroom 3, Bathroom 4
    Bedrooms
    9
    Bathrooms
    5
    APN
    13364120350000
    Parking
    2
    Parking features
    Garage
    Basement
    Daylight, Finished, Full

    Utilities

    Sewer type
    Public Sewer
    Heating system
    Natural Gas, Forced Air

    Building Details

    Year built
    2026
    Building materials
    Fiber Cement
    Architectural style
    Other

    We can help!

    Listing Contact
    Julie Busby
    Julie Busby

    Compass Real Estate

    Listing agent Julie Busby (312) 275-5714

    Listing date Dec 16, 2025

    MLS# 12474624 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.

    Learn more

    Property Insight Report

    Overview

    New Construction 3-Unit Investment Property

    This new construction property in Chicago, IL, presents an investment opportunity with two row homes and a coach house ADU, complemented by a 2-car garage. Constructed by an experienced team, the property features craftsmanship and premium finishes, designed for low maintenance and high income. Units 1 and 2 function as townhomes, each offering 4 bedrooms and 2 baths across approximately 1,700 sq. ft. on three levels. The coach house provides a private one-bedroom, one-bath residence with a living area of approximately 500 sq. ft. Each of the three units includes an in-unit washer/dryer, engineered oak hardwood flooring, marble bathrooms, custom lighting, and smart home technology. The kitchens are equipped with Bosch stainless steel appliances, quartz countertops, and under-cabinet lighting. Each unit has its own electrical panel, plus a separate common area electric panel, high-efficiency heating and cooling units with smart thermostat integration, and pre-wiring for cable, internet, and phone services. The exterior features Marvin black-frame windows, Hardie siding, and landscaped grounds. Located in West Bucktown, the property is near the 606, Logan Square, and Bucktown's dining and shopping areas, with access to the Blue Line. The targeted completion date is early 2026.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Apartment buildings

    Suggested Use

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

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

    Location Insight

    • Map
    • Local Demand
    City
    Chicago
    County
    Cook
    State
    Illinois
    Longitude
    -87.692584
    Latitude
    41.915021

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    FAQs

    What type of property is this?
    Apartment building - New construction 3-unit property in West Bucktown, Chicago.
    Where is this apartment building located?
    The property is located at 1838 N Rockwell St Chicago, IL.
    What is the asking price?
    The asking price for this property is $1,875,000.
    What are key features of this property?
    This property features: - New construction 3-unit property: Offers immediate rental income potential.; - High-end finishes and smart home technology: Features engineered oak hardwood flooring, marble bathrooms, and Bosch stainless steel appliances.; - Townhome-style units: Two units feature 4 bedrooms and 2 baths.
    (312) 890-4818
    Request Owner's contact information
    1838 N Rockwell St Chicago, IL 60647
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    Chicago, IL 60647
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    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
    1838 N Rockwell St Chicago, IL 60647
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    We can help!
    Listing Contact
    Julie Busby
    Julie Busby
    Real Estate License ID: 475153702
    (312) 890-4818
    Learn more
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