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    Brick Two-Flat Multifamily Title is generated by Realmo AI

    4046 W 21st Street, Chicago, IL 60623

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    Claim this Listing
    New
    For Sale
    $444,900

    MULTI_FAMILY - Chicago, IL

    Added:
    Jun 3, 2026
    Days on Market:
    3
    Last Refresh:
    Jun 5 at 1:06 pm

    Property Features for 4046 W 21st Street

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Other
    Zoning
    MULTI
    Bedrooms
    5
    Bathrooms
    2
    Rooms
    Basement, Bedroom 5, Bedroom 2, Bathroom 2, Bedroom 3, Bathroom 1, Bedroom 4, Bedroom 1
    Basement
    Unfinished, Full
    Standard status
    Active
    APN
    16224200230000

    Taxes and HOA fees

    Tax Year
    2024
    Tax Annual Amount
    4235

    Utilities

    Sewer type
    Public Sewer
    Heating system
    Natural Gas
    Water source
    Public

    Building Details

    Year built
    1908
    Building materials
    Brick

    We can help!

    Listing Contact
    Jose Martinez

    Listing agent Jose Martinez License #471019209

    Listing office RE/MAX Mi Casa 3958 W 55th St, Chicago, IL

    Listing date Jun 3, 2026

    MLS# 12667510 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.

    HighLights

    • Solid brick 2‑flat built in 1908 with natural gas heat
    • 1st‑floor unit: 2 bedrooms, 1 bath, living room, kitchen, and laundry
    • 2nd‑floor unit: 3 bedrooms, 1 bath, living room, kitchen, and laundry
    • Both units are vacant and include kitchen appliances (stove, refrigerator, microwave)
    • Full unfinished basement provides additional storage and potential for future expansion
    • Utilities: tenants pay their own gas and electric; public water and public sewer

    Overview

    This solid brick two-flat offers a duplex-style layout with two separate residential units. The first-floor unit is configured with two bedrooms and one bathroom, along with a living room, kitchen, and laundry area. The second-floor unit features three bedrooms and one bathroom, with the same general interior components including a living room, kitchen, and laundry. Each unit includes a kitchen with a stove, refrigerator, and microwave. The property also includes a full unfinished basement that can support additional storage and may allow for future development based on the buyer’s plans.

    The property is located in Chicago and is identified near major streets and public transportation, with schools and local amenities nearby. It is presented as a straightforward acquisition opportunity with both units currently vacant.

    With both units vacant, the property can be suited for an owner-occupant looking to live in one unit while renting the other, or for an investor seeking to lease both units without requiring tenant turnover. Tenant-paid gas and electric are included in the remarks, supporting a more direct utility expense model for future occupants.
    Property Profile Location Intelligence

    Current Use by Public Records

    Duplexes

    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
    -87.72666
    Latitude
    41.853663

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    FAQs

    What type of property is this?
    Duplex - Solid brick duplex with two vacant units, each with its own kitchen and laundry, plus an unfinished basement.
    Where is this duplex located?
    The property is located at 4046 W 21st Street Chicago, IL.
    What is the asking price?
    The asking price for this property is $444,900.
    What are key features of this property?
    This property features: Solid brick 2‑flat built in 1908 with natural gas heat; 1st‑floor unit: 2 bedrooms, 1 bath, living room, kitchen, and laundry; 2nd‑floor unit: 3 bedrooms, 1 bath, living room, kitchen, and laundry
    (773) 767-1616
    We can help!
    Listing Contact
    Jose Martinez
    Real Estate License ID: 471019209
    Request Owner's contact information
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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.

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