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    5710 N. Winthrop & 6211 N. Kenmore Chicago, IL 60660

    Sponsored
    For Sale
    $11,700,000

    70-unit Chicago multifamily portfolio with upside.

    Property size:
    39,835 SF

    Description

    Added:
    Jan 16, 2025
    Days on Market:
    368
    This exceptional investment opportunity presents a portfolio of two meticulously renovated multifamily properties in Chicago's vibrant Edgewater neighborhood. The portfolio comprises 70 units, strategically divided between 6211 N. Kenmore (a 28-unit building) and 5710 N. Winthrop (a 42-unit building). 6211 N. Kenmore, a 4+1 style building, boasts twelve studio and sixteen one-bedroom/one-bathroom apartments, along with 19 parking spaces. Completed in 2018, renovations included new kitchens, bathrooms, flooring, doors, windows, updated plumbing and electrical systems, resurfaced parking, and added laundry facilities on each floor. Its proximity to Loyola University and Lake Michigan ensures consistent high demand. 5710 N. Winthrop, a corridor-style building, features twenty-five studio and seventeen one-bedroom/one-bathroom units. An extensive 18-month renovation (completed December 2020) encompassed new building electrical, updated common areas (flooring, baseboards, lighting, doors), modernized kitchens and baths with quartz countertops and shaker-style cabinetry, reconfigured floor plans for open-concept living, and new windows. Both properties offer significant rental upside, with current rents averaging 11-12% below market rates for comparable properties. Edgewater's booming development, appreciating property values, and convenient access to public transportation (Union Pacific North Metra, CTA Red Line, and bus routes), along with its thriving local amenities, make this a compelling investment. The portfolio's strong performance and significant rental upside potential position it for substantial returns. The properties are located just six miles from downtown Chicago. The total land area is 0.91 acres. The combined building size is 39,835 square feet. The asking price is $11,700,000.

    Property Features for 5710 N. Winthrop & 6211 N. Kenmore

    General Information

    Property type
    Multifamily properties
    Square Feet
    39,835 SF
    Price / Square Foot
    $293
    Elevators
    N/A
    Lot Size
    39,835 SF

    We can help!

    Listing Contact
    Jacob Price

    Learn more

    HighLights

    • Two Chicago Edgewater properties totaling 70 units.
    • Significant rental upside potential due to below‑market rents.
    • Extensive recent renovations including kitchens, baths, and common areas.
    Property Profile Location Intelligence

    Current Use by Public Records

    Residential income homes

    Map

    City
    Chicago
    State
    Illinois

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    FAQs

    What type of property is this?
    Multifamily property - 70-unit Chicago multifamily portfolio with upside.
    Where is this multifamily property located?
    The property is located at 5710 N. Winthrop & 6211 N. Kenmore Chicago, IL.
    What is the asking price?
    The asking price for this property is $11,700,000.
    What are key features of this property?
    This property features: Two Chicago Edgewater properties totaling 70 units.; Significant rental upside potential due to below-market rents.; Extensive recent renovations including kitchens, baths, and common areas.
    (773) 293-5045
    Request Owner's contact information
    5710 N. Winthrop & 6211 N. Kenmore Chicago, IL 60660
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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
    5710 N. Winthrop & 6211 N. Kenmore Chicago, IL 60660
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    We can help!
    Listing Contact
    Jacob Price
    (773) 293-5045
    Learn more
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