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

    7317-19 S Luella Ave Chicago, IL 60649

    Sponsored
    For Sale
    Under Contract
    $680,000

    MULTI_FAMILY - Chicago, IL

    Days on Market:
    17
    Last Refresh:
    Feb 20 at 4:06 am

    Property Features for 7317-19 S Luella Ave

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Other
    Standard status
    Active Under Contract
    Zoning
    MULTI
    Rooms
    Bedroom 4, Bathroom 41, Bedroom 6, Bathroom 12, Bathroom 29, Bedroom 35, Bedroom 46, Bathroom 33, Bedroom 33, Bathroom 4, Bathroom 40, Bedroom 1, Bedroom 54, Bedroom 60, Bathroom 6, Bedroom 61, Bathroom 39, Bedroom 39, Bedroom 48, Bedroom 55, Bedroom 27, Bathroom 32, Bedroom 3, Bedroom 24, Bedroom 49, Bathroom 5, Bathroom 31, Bedroom 47, Bedroom 8, Bedroom 36, Bedroom 63, Bathroom 42, Bathroom 23, Bathroom 7, Bedroom 28, Bathroom 16, Bedroom 51, Bathroom 10, Bedroom 21, Bathroom 19, Bedroom 7, Bathroom 20, Bedroom 10, Bathroom 36, Bedroom 62, Bedroom 57, Bedroom 18, Bathroom 26, Bathroom 13, Bedroom 13, Bedroom 11, Bedroom 44, Bedroom 40, Bathroom 15, Bedroom 58, Bedroom 15, Bathroom 38, Bedroom 23, Bedroom 9, Bathroom 17, Bathroom 14, Bedroom 53, Bathroom 34, Bathroom 27, Bedroom 38, Bedroom 56, Bedroom 26, Bedroom 29, Bathroom 37, Bedroom 22, Bedroom 30, Bedroom 17, Bathroom 11, Bedroom 34, Bathroom 35, Bathroom 22, Basement, Bedroom 52, Bedroom 5, Bathroom 25, Bedroom 19, Bathroom 30, Bedroom 12, Bathroom 21, Bedroom 41, Bathroom 28, Bedroom 32, Bedroom 2, Bedroom 25, Bathroom 9, Bathroom 24, Bathroom 2, Bedroom 42, Bedroom 43, Bedroom 45, Bedroom 31, Bathroom 18, Bathroom 1, Bedroom 59, Bathroom 3, Bedroom 14, Bedroom 20, Bedroom 37, Bathroom 8, Bedroom 16, Bedroom 50
    Bedrooms
    63
    APN
    20252180040000
    Fireplace
    1
    Basement
    Partially Finished, Storage Space, Concrete, Exterior Entry

    Utilities

    Cooling system
    Window Unit(s)

    Building Details

    Year built
    1927
    Floors in Building
    3
    Number of units
    6
    Building materials
    Brick, Concrete

    We can help!

    Listing Contact
    Norma Lawson
    Norma Lawson

    Exit Strategy Realty (312) 493-0920

    Listing agent Norma Lawson (773) 720-7711

    Listing date Feb 4, 2026

    MLS# 12402913 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

    South Shore Multi-Unit Building

    This residential multi-unit building is located in the South Shore area. The structure includes six units in total, all in excellent condition. One unit is currently owner-occupied, and the remaining five are rented out to long-standing tenants on a month-to-month lease basis. The building includes over 18 bedrooms and 14 bathrooms above grade. The basement has a family/recreational room, an additional bedroom, a full-featured kitchen, and one and a half bathrooms, with its own front and back exits. The six above-grade apartments maintain traditional character elements throughout with high ceilings, crown moldings, hardwood floors, six fireplaces, and Juliet balconies. All units include kitchen appliances that sell with the property. Each unit has separate cooking gas and electric. It features a shared outdoor cement patio space in the back exterior. Parking is available in the two spacious 2.5-car garages. The owner-occupied unit allows command over the property while also benefiting from the rental income. All rented units generate a stable income. Located in a vibrant neighborhood, it's a short walk to parks, shops, cafes, public transportation, and the lakefront. The property is suitable for conversion into condos.
    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 Grocery & Convenience Store

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

    Location Insight

    • Map
    • Local Demand
    City
    Chicago
    County
    Cook
    State
    Illinois
    Longitude
    -87.569727
    Latitude
    41.762017

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    FAQs

    What type of property is this?
    Apartment building - Residential multi-unit building in Chicago's South Shore area.
    Where is this apartment building located?
    The property is located at 7317-19 S Luella Ave Chicago, IL.
    What is the asking price?
    The asking price for this property is $680,000.
    What are key features of this property?
    This property features: - Six-unit building with one owner-occupied unit and five rented units providing immediate rental income.; - Basement with separate entrances, full kitchen, bedroom, and bathrooms, functioning as a separate living space.; - Two spacious 2.5 car garages included.
    (773) 720-7711
    Request Owner's contact information
    7317-19 S Luella Ave Chicago, IL 60649
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    Chicago, IL 60649
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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
    7317-19 S Luella Ave Chicago, IL 60649
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    We can help!
    Listing Contact
    Norma Lawson
    Norma Lawson
    Real Estate License ID: 475154858
    (773) 720-7711 (312) 554-5478 (312) 493-0920
    Learn more
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