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    5331 S Calumet Ave Chicago, IL 60615

    View on Map
    Sponsored
    For Sale
    $1,032,500

    MULTI_FAMILY - Chicago, IL

    Property size:
    1,400 SF
    Days on Market:
    12
    Last Refresh:
    Mar 17 at 5:06 am

    Property Features for 5331 S Calumet Ave

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Other
    Standard status
    Active
    Zoning
    MULTI
    Rooms
    Bedroom 5, Bedroom 6, Bedroom 8, Bathroom 2, Bathroom 3, Bedroom 4, Bedroom 11, Bathroom 5, Bedroom 3, Basement, Bedroom 7, Bedroom 1, Bedroom 12, Bedroom 2, Bathroom 6, Bathroom 4, Bedroom 10, Bathroom 7, Bedroom 9, Bathroom 1, Bathroom 8
    Bedrooms
    12
    Bathrooms
    8
    APN
    20103130180000
    Parking
    5
    Parking features
    Off Street, Off Alley
    Basement
    Full, Finished
    Size
    1,400 SF

    Utilities

    Sewer type
    Public Sewer
    Heating system
    Natural Gas
    Water source
    Public

    Building Details

    Year built
    2007
    Building materials
    Brick

    We can help!

    Listing Contact
    Thomas Hart

    33 Realty (773) 327-4975

    Listing agent Thomas Hart (219) 465-8584

    Listing date Mar 5, 2026

    MLS# 12277868 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

    Washington Park Four-Unit Multifamily Property

    This four-unit multifamily property, constructed in 2007, is located in east Washington Park. All four units feature three bedrooms and two bathrooms. Three of the four units include in-unit laundry hook-ups. Interior features include hardwood and tile flooring, modern appliances, gas-forced heat and central air, granite countertops, and individual hot water tanks. Each unit has separate dining and living areas. Unit sizes range between 1,200 and 1,400 square feet. Kitchens are equipped with refrigerators, dishwashers, gas stoves, built-in microwaves, garbage disposals, and cabinetry. The property has steel porches with individual outdoor spaces, a sump pump and grinder pump, breaker panels in-unit, five exterior parking spaces with an automatic gate, common coin laundry, new carpet and paint in the common hallway, granite countertops and islands, and updated lighting and bathroom fixtures. Unit 4 has been rehabbed with modern improvements. Individual utilities are present. Current leases are below market value. This property presents an opportunity for an owner-occupant to live in one unit and receive income from the other three.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Quadplexes

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Auto Repair Shop Gym & Fitness Center

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

    Location Insight

    • Map
    • Local Demand
    City
    Chicago
    County
    Cook
    State
    Illinois
    Longitude
    -87.617606
    Latitude
    41.797855

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    FAQs

    What type of property is this?
    Quadplex - Four-unit multifamily property in east Washington Park, Chicago.
    Where is this quadplex located?
    The property is located at 5331 S Calumet Ave Chicago, IL.
    What is the asking price?
    The asking price for this property is $1,032,500.
    What are key features of this property?
    This property features: - Four-unit building in appreciating east Washington Park offers owner-occupant investment opportunity with income from three units.; - All units are spacious (1,200-1,400 SF) 3-bed / 2-bath with separate living and dining areas, larger than most new construction.; - Modern features include hardwood and tile throughout, modern appliances, and granite countertops. In-unit hot water tanks and individual utilities.
    (219) 465-8584
    Request Owner's contact information
    5331 S Calumet Ave Chicago, IL 60615
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    Chicago, IL 60615
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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
    5331 S Calumet Ave Chicago, IL 60615
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    We can help!
    Listing Contact
    Thomas Hart
    Real Estate License ID: 475149185
    (219) 465-8584 (773) 327-4975
    Learn more
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