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

    2122 N Springfield Ave Chicago, IL 60647

    Sponsored
    For Sale
    $1,325,000

    MULTI_FAMILY - Chicago, IL

    Lot size:
    0.12 Acres
    Days on Market:
    3
    Last Refresh:
    Feb 20 at 3:06 am

    Property Features for 2122 N Springfield Ave

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Other
    Standard status
    Active
    Zoning
    MULTI
    Rooms
    Bathroom 9, Bathroom 6, Bedroom 1, Bathroom 10, Bedroom 8, Bathroom 8, Bedroom 3, Bedroom 9, Bedroom 4, Bathroom 4, Bedroom 11, Bedroom 2, Bedroom 5, Bathroom 2, Bedroom 7, Bedroom 10, Bathroom 3, Bathroom 7, Bedroom 12, Bathroom 1, Bathroom 5, Bedroom 6
    Bedrooms
    12
    APN
    13351160230000
    Lot size
    0.12 Acres

    Utilities

    Cooling system
    Central Air

    Building Details

    Year built
    1930
    Floors in Building
    2
    Number of units
    5
    Building materials
    Brick

    We can help!

    Listing Contact
    Chris Gomes
    Chris Gomes

    Jameson Real Estate LLC (312) 335-3291

    Listing agent Chris Gomes (641) 781-9151

    Listing date Feb 18, 2026

    MLS# 12572009

    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

    Logan Square Gut-Rehabbed Five-Flat

    This is a turn-key Logan Square investment opportunity. It is a rare chance to acquire a fully gut-rehabbed five-flat on an oversized lot, tucked away on a quiet residential block just steps from Mozart Park and a quick three-minute bike ride to the 606 Trail. The building underwent a comprehensive gut renovation in 2019, including new gutters and downspouts, windows, rear steel porch, wrought iron fencing, all new underground plumbing and water service, new water heaters, and new electrical service and wiring throughout. Each unit features its own individually controlled HVAC system with central heat and air. Interior finishes include hardwood floors, exposed brick, excellent natural light, and in-unit washer and dryers. Updated kitchens offer quartz countertops, 42-inch cabinetry, tile backsplash, and stainless steel appliance packages with dishwasher and micro-hoods. The basement includes a dedicated bike storage room plus additional storage. The property also offers a fully fenced yard and five rear parking spaces. The lot size is 0.12 acres. It is located in Chicago, IL, 60647.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Apartment buildings

    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
    -87.7245472
    Latitude
    41.9197939

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    FAQs

    What type of property is this?
    Apartment building - Turn-key investment opportunity near Mozart Park and the 606 Trail.
    Where is this apartment building located?
    The property is located at 2122 N Springfield Ave Chicago, IL.
    What is the asking price?
    The asking price for this property is $1,325,000.
    What are key features of this property?
    This property features: - Fully gut-rehabbed five-flat (2019) with all new systems, including plumbing, electrical, and HVAC.; - Prime Logan Square location: steps from Mozart Park and a short bike ride to the 606 Trail.; - Each unit features individually controlled HVAC, in-unit washer/dryer, and updated kitchens with quartz countertops and stainless steel appliances.
    (641) 781-9151
    Request Owner's contact information
    2122 N Springfield Ave 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
    2122 N Springfield Ave Chicago, IL 60647
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    We can help!
    Listing Contact
    Chris Gomes
    Chris Gomes
    Real Estate License ID: 475174045
    (641) 781-9151 (312) 335-3291
    Learn more
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