Quadplex with Detached
For Sale
Under Contract
$625,000
2643 N California Avenue, Chicago, IL 60647
Residential Income, Chicago, IL
Property Size3,475 SF
Lot Size0.07 Acres
Price / SF$179.86
Days on Market48
Property Features for 2643 N California Avenue
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
6
Bathrooms
4
Full bathrooms
4
Rooms
Bedroom 6, Bedroom 4, Bedroom 5, Bathroom 4, Bathroom 1, Bathroom 2, Bedroom 3, Bathroom 3, Basement, Bedroom 1, Den, Bedroom 2
Parking
2
Parking features
Garage
Patio and Porch features
Deck
Basement
Full, Unfinished
Elementary school
Brentano Elementary School Math
Middle school
Brentano Elementary School Math
High school
Schurz High School
Elementary school district
299
Middle school district
299
High school district
299
Directions
California 1 block south of Diversey. Just south of Planet Fitness
Subdivision
CHI - Logan Square
Standard status
Active Under Contract
APN
13254080030000
Lot size
0.07 Acres
Taxes and HOA fees
Tax Year
2024
Tax Annual Amount
12121
Utilities
Sewer type
Public Sewer
Heating system
Other (Heating)
Amenities
private rear decks
full unfinished basement
fenced backyard
Building Details
Year built
1897
Building materials
Vinyl Siding, Asbestos, Combination
Roof type
Asphalt
Listing Agency:
Compass
(312) 733-7201
Listed By:
Megan Sullivan
(773) 909-3749
Added: Jul 23
Changed: Sep 5
Last Checked: Sep 8 at 9:06PM
MLS# 12710369
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.
Built in 1897, this Chicago quadplex contains approximately 3,475 square feet above grade on a 3,150-square-foot lot, along with a full unfinished basement. The unit mix includes two one-bedroom apartments and two two-bedroom-plus-den residences. Interior features include spacious rooms, adaptable floor plans, private rear decks, and original stained wood doors with period hardware. A detached two-car garage and fenced backyard add useful outdoor and parking amenities.
The property is located at 2643 N. California Avenue, one block from Logan Boulevard and near restaurants, cafes, parks, and public transportation. It falls within the boundaries of the 606 Ordinance. Limited updates have been completed over the past several decades, and the building is offered as-is with deferred maintenance, repairs, and modernization anticipated.
The property is located at 2643 N. California Avenue, one block from Logan Boulevard and near restaurants, cafes, parks, and public transportation. It falls within the boundaries of the 606 Ordinance. Limited updates have been completed over the past several decades, and the building is offered as-is with deferred maintenance, repairs, and modernization anticipated.
Key Highlights
- Approximately 3,475 square feet above grade on a 3,150‑square‑foot lot
- Unit mix includes two one‑bedroom and two two‑bedroom‑plus‑den residences
- Detached two‑car garage and fenced backyard
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
$53,269
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
8.52%
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%
$1,065,380
$1.1M
Cap Rate 7%
$760,986
$761.0K
Cap Rate 9%
$591,878
$591.9K
Market Conditions
NOI Build-Up for 3,475 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
$102.2K $29.40/SF
− Vacancy
−$5.3K −$1.53/SF
EGI
$96.9K $27.87/SF
− OpEx
−$43.6K −$12.54/SF
NOI
$53.3K $15.33/SF
Area
Chicago, IL
Vacancy
5.20%
Lease Rate
$29.40 /SF/Yr
Expense Ratio
45.00%
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%
$1,065,380
Cap Rate 7%
$760,986
Cap Rate 9%
$591,878
Alternative Uses
Best Use
Multifamily LT 5
$827.5K
$724.1K – $965.5K
NOI $57,928 @ 7.0% cap · market cap 9.27%
Second Best
Apartment 5plus
$761.0K
$665.9K – $887.8K
NOI $53,269 @ 7.0% cap · market cap 8.52%
Theoretical Best
Office A
$1.64M
$1.43M – $1.91M
NOI $114,692 @ 7.0% cap · market cap 18.35%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
2,597
Businesses Nearby
Explore this area
Business Placement
Demographics for 60647, IL
85,631
Population
41,975
Households
2
Avg Household Size
33
Median Age
61%
College-Educated
92%
High-School Grad
4.0 sq mi
ZIP Area
21,408
Density / Sq Mi
$102,851
Median Household Income
$65,776
Median Earnings
$1,714
Median Rent
$557,300
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?
Quadplex - Four residences, private decks, a fenced yard, and a full basement support a flexible multifamily layout.
Where is this quadplex located?
The property is located at 2643 N California Avenue Chicago, IL.
What is the asking price?
The asking price for this property is $625,000.
What are key features of this property?
This property features: Approximately 3,475 square feet above grade on a 3,150‑square‑foot lot; Unit mix includes two one‑bedroom and two two‑bedroom‑plus‑den residences; Detached two‑car garage and fenced backyard
