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    5055 W Wrightwood Ave Chicago, IL 60639

    Sponsored
    For Sale
    $1,475,000

    Updated 12-unit building; strong cash flow.

    Property size:
    7,400 SF

    Description

    Added:
    Jan 17, 2025
    Days on Market:
    363
    This exceptional 12-unit walk-up building is located in Chicago's vibrant Belmont Cragin neighborhood at 5055 W. Wrightwood Ave, 60639. The property boasts a diverse unit mix, including two studio apartments, six one-bedroom/one-bathroom units, and four two-bedroom/one-bathroom units. All units feature recently updated kitchens and bathrooms, enhancing their appeal to tenants. Significant capital improvements have been made, including the installation of individual HVAC systems for each unit, ensuring optimal climate control and tenant comfort. Further upgrades include newer vinyl windows, updated copper plumbing, durable steel porches, and a robust 1200 AMP electrical service. One exterior parking space is available at the rear of the building. The property sits on a 0.17-acre lot and offers a total building size of 7,400 square feet. Currently generating a cap rate exceeding 7.3%, this asset presents a compelling investment opportunity. With potential for rent increases to market levels (approximately 10%), the cap rate could reach 7.73%, yielding cash returns over 8.74%. This well-maintained property offers immediate cash flow and significant upside potential for the discerning investor.

    Property Features for 5055 W Wrightwood Ave

    General Information

    Property type
    Multifamily properties
    Square Feet
    7,400 SF
    Price / Square Foot
    $199
    Elevators
    N/A
    Lot Size
    7,400 SF

    Building Details

    Year Built
    1927
    Buildings
    1
    Stories
    2
    Units
    12

    HighLights

    • Twelve‑unit building in Chicago's Belmont Cragin neighborhood.
    • Features updated kitchens, baths, HVAC, plumbing, and electrical systems.
    • Offers a mix of studio, one‑bedroom, and two‑bedroom units; one exterior parking space.
    Location Intelligence

    Current Use by Public Records

    Residential income homes

    Suggested Use

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

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

    Location Insight

    • Map
    • Local Demand
    City
    Chicago
    State
    Illinois
    Longitude
    -87.753583
    Latitude
    41.92756

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    FAQs

    What type of property is this?
    Multifamily property - Updated 12-unit building; strong cash flow.
    Where is this multifamily property located?
    The property is located at 5055 W Wrightwood Ave Chicago, IL.
    What is the asking price?
    The asking price for this property is $1,475,000.
    What are key features of this property?
    This property features: Twelve-unit building in Chicago's Belmont Cragin neighborhood.; Features updated kitchens, baths, HVAC, plumbing, and electrical systems.; Offers a mix of studio, one-bedroom, and two-bedroom units; one exterior parking space.
    (312) 860-7940
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    5055 W Wrightwood Ave 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.

    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
    5055 W Wrightwood Ave Chicago, IL 60639
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