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    Chicago Multifamily Property Near Devon Title is generated by Realmo AI

    6414 N Rockwell Street, Chicago, IL 60645

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    Claim this Listing
    For Sale
    Under Contract
    $669,000

    MULTI_FAMILY - Chicago, IL

    Added:
    May 5, 2025
    Days on Market:
    389
    Last Refresh:
    May 28 at 1:06 am

    Property Features for 6414 N Rockwell Street

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Other
    Zoning
    MULTI
    Bedrooms
    6
    Bathrooms
    3
    Rooms
    Bedroom 6, Bathroom 1, Bathroom 3, Basement, Bedroom 2, Bedroom 5, Bedroom 3, Bedroom 4, Bathroom 2, Bedroom 1
    Parking
    3
    Parking features
    Garage
    Basement
    Finished, Full
    Standard status
    Active Under Contract
    APN
    10364270260000

    Taxes and HOA fees

    Tax Year
    2024
    Tax Annual Amount
    9800

    Utilities

    Sewer type
    Public Sewer
    Heating system
    Natural Gas, Forced Air

    Building Details

    Year built
    1954
    Building materials
    Brick

    We can help!

    Listing Contact
    Mark Ahmad
    Mark Ahmad

    Listing agent Mark Ahmad License #471007186

    Listing office Century 21 Circle 3372 W Devon Ave, Chicago, IL

    Listing date May 5, 2025

    MLS# 12356946 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

    • 3‑unit legal brick building in West Ridge/West Rogers Park.
    • Prime location near Devon Ave./Western Ave. with access to retailers and restaurants.
    • Recent improvements including 2019 roof, newer furnace, and water tanks in garden unit.
    • Central air conditioning.
    • In‑unit washer and dryer in 2nd and 3rd floor units.
    • Walking distance to public transportation (Devon Ave. Rockwell St. bus stop).

    Overview

    Located in the West Ridge/West Rogers Park neighborhood of Chicago, this brick building features three legal units. Situated in a prime location within the Devon Avenue/Western Avenue district, the property offers convenient access to various amenities. Recent improvements include a 2019 roof, a newer furnace in the garden unit, and updated water tanks. The second and third units are equipped with in-unit washer and dryer. Each floor consists of two bedrooms and one bathroom. The building is within walking distance of public transportation, specifically the Devon Avenue Rockwell Street bus stop, retailers, restaurants, and daily necessities. Its location provides easy access to major roads, Lake Shore Drive, northwest suburbs, and interstates. Currently tenant-occupied, the building presents an opportunity for updates and potential rent increases. The building also features central air conditioning.
    Property Profile Location Intelligence

    Current Use by Public Records

    room for 1 Hostel

    Suggested Use

    Law Firm Restaurant Real Estate Agency Spa & Massage Center Hair Salon Dental Office 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
    -87.695137
    Latitude
    41.998159

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    FAQs

    What type of property is this?
    Triplex - Three-unit building in West Ridge/Rogers Park near Devon Avenue.
    Where is this triplex located?
    The property is located at 6414 N Rockwell Street Chicago, IL.
    What is the asking price?
    The asking price for this property is $669,000.
    What are key features of this property?
    This property features: 3‑unit legal brick building in West Ridge/West Rogers Park.; Prime location near Devon Ave./Western Ave. with access to retailers and restaurants.; Recent improvements including 2019 roof, newer furnace, and water tanks in garden unit.
    (312) 513-4490
    We can help!
    Listing Contact
    Mark Ahmad
    Mark Ahmad
    Real Estate License ID: 471007186
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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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