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    4500 W. Fullerton Avenue Chicago, IL 60639

    View on Map
    Sponsored
    For Sale
    $6,250,000

    36-unit walkup, Chicago's Hermosa neighborhood

    Property size:
    32,800 SF

    Property Features for 4500 W. Fullerton Avenue

    General Information

    Property type
    Multifamily properties
    Square Feet
    32,800 SF
    Price / Square Foot
    $190
    Elevators
    N/A
    Lot Size
    32,800 SF

    Building Details

    Buildings
    1
    Stories
    3

    Overview

    Hermosa Multifamily Investment Opportunity

    Located at 4500 W. Fullerton Avenue in Chicago's Hermosa neighborhood, this 32,800 square foot multifamily property presents an investment opportunity. The building features 32 residential units, including twelve 1-bedroom/1-bathroom units, twelve 2-bedroom/1-bathroom units, and eight 3-bedroom/1-bathroom units, along with four ground-floor commercial spaces. The residential units have modern kitchens and bathrooms, individual heating, and separate meters. Building upgrades include a new 1600 amp electrical service and copper plumbing throughout. A silver-coated roof was installed in 2023, and extensive masonry and tuckpointing were completed in 2024. The property also features two 100-gallon hot water tanks and an on-site laundry facility. Central air conditioning for the retail units is scheduled for completion in 2024. The property benefits from an assumable Fannie Mae loan with a balance of $4,155,000, a 4.02% interest rate, and a maturity date of April 2032. A wall advertising sign on Fullerton Avenue generates additional income. The property is situated on a 0.75-acre lot.

    We can help!

    Listing Contact
    Noah Clark

    Learn more

    Property Insight Report

    HighLights

    • 36‑unit walk‑up in Chicago's Hermosa neighborhood, offering a mix of 1, 2, and 3‑bedroom apartments, plus four commercial units.
    • Features a new 1600 amp electrical service, copper plumbing, and a recently installed silver‑coated roof.
    • Assumable loan available: $4,155,000 balance, 4.02% interest, maturing in April 2032.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    William Cawley, DC Alternative Medicine Practice David J. Cunningham, ... Alternative Medicine Practice Avanzado Quiropractico, S.C. Alternative Medicine Practice Advanced Pain Care ... Physician Ring Barry S ... Physician

    Suggested Use

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

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

    Location Insight

    • Map
    • Local Demand
    City
    Chicago
    State
    Illinois
    Longitude
    -87.739324
    Latitude
    41.924658

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    FAQs

    What type of property is this?
    Multifamily property - 36-unit walkup, Chicago's Hermosa neighborhood
    Where is this multifamily property located?
    The property is located at 4500 W. Fullerton Avenue Chicago, IL.
    What is the asking price?
    The asking price for this property is $6,250,000.
    What are key features of this property?
    This property features: 36-unit walk-up in Chicago's Hermosa neighborhood, offering a mix of 1, 2, and 3-bedroom apartments, plus four commercial units.; Features a new 1600 amp electrical service, copper plumbing, and a recently installed silver-coated roof.; Assumable loan available: $4,155,000 balance, 4.02% interest, maturing in April 2032.
    (773) 293-5033
    Request Owner's contact information
    4500 W. Fullerton Avenue Chicago, IL 60639
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    Chicago, IL 60639
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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
    4500 W. Fullerton Avenue Chicago, IL 60639
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    We can help!
    Listing Contact
    Noah Clark
    (773) 293-5033
    Learn more
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