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

    7831 S Colfax Ave Chicago, IL 60649

    Sponsored
    For Sale
    Under Contract
    $550,000

    MULTI_FAMILY - Chicago, IL

    Days on Market:
    46
    Last Refresh:
    Jan 25 at 6:06 am

    Property Features for 7831 S Colfax Ave

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Other
    Standard status
    Active Under Contract
    Zoning
    MULTI
    Rooms
    Bathroom 3, Bedroom 16, Bedroom 18, Bedroom 7, Bathroom 12, Bedroom 6, Bathroom 2, Bathroom 9, Bedroom 4, Bedroom 17, Bedroom 5, Bedroom 11, Bathroom 1, Bedroom 15, Bedroom 3, Bathroom 7, Bathroom 11, Bedroom 20, Bathroom 10, Bedroom 19, Bedroom 2, Bathroom 8, Bedroom 10, Bedroom 21, Bathroom 4, Bedroom 1, Bedroom 9, Bedroom 12, Bedroom 13, Bathroom 5, Bedroom 8, Bedroom 14, Bathroom 6
    Bedrooms
    21
    APN
    21303290320000

    Building Details

    Year built
    1915
    Floors in Building
    4
    Number of units
    8

    We can help!

    Listing Contact
    Damaris Santiago

    Manage Chicago, Inc (773) 569-7325

    Listing agent Damaris Santiago (773) 992-6189

    Listing date Dec 11, 2025

    MLS# 12466306 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 8-Unit Multifamily Property

    Located in Chicago's South Shore neighborhood, this fully occupied 8-unit building is situated a few blocks from Lake Michigan. The property features new electric, plumbing, and HVAC systems, along with a newer roof that includes a skylight. Two new rear porches have been added. All city violations have been cleared, and the title is clean. The building comprises six oversized 3-bed/1-bath units, each with formal dining and living rooms, one large 2-bed/1-bath garden unit, and one 1-bed/1-bath garden unit. Each unit features spacious layouts with hardwood floors, ceramic tile kitchens and baths, and fire-rated unit doors. The property is fully occupied with responsible tenants who pay their own utilities. Current rents are below market value, presenting a value-add opportunity for investors.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Apartment buildings

    Suggested Use

    Law Firm Restaurant Realty agency Spa & Massage Dental Office Hair Salon Nail Salon Clothing Store Food Market Grocery Store

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

    Location Insight

    • Map
    • Local Demand
    City
    Chicago
    County
    Cook
    State
    Illinois
    Longitude
    -87.560972
    Latitude
    41.752618

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    FAQs

    What type of property is this?
    Apartment building - Fully occupied 8-unit building near Lake Michigan in Chicago.
    Where is this apartment building located?
    The property is located at 7831 S Colfax Ave Chicago, IL.
    What is the asking price?
    The asking price for this property is $550,000.
    What are key features of this property?
    This property features: - Fully occupied 8-unit building in South Shore, offering immediate cash flow.; - All-new electric, plumbing, and HVAC systems, plus a newer roof with skylight and two brand-new rear porches.; - Six oversized 3-bed/1-bath units with formal dining and living rooms, plus two garden units (2-bed/1-bath and 1-bed/1-bath).
    (773) 992-6189
    Request Owner's contact information
    7831 S Colfax 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
    7831 S Colfax Ave Chicago, IL 60649
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    We can help!
    Listing Contact
    Damaris Santiago
    Real Estate License ID: 475207620
    (773) 992-6189
    Learn more
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