Mixed-Use Five-Unit
1104 W Madison St Chicago, IL 60607
For Sale
Contact for pricing
Gut-renovated five-unit mixed-use property with one commercial space and four residential units, including in-unit laundry.
Property Size8,979 SF
Price / SF$348.03
Days on Market60
Property Features for 1104 W Madison St
General Information
- Standard status
- Active
- Size
- 8,979 SF
- Property subtype
- Multifamily
Building Details
- Year Built
- 1869
Listing Agency:
Kiser Group
(773) 293-5032
Listed By:
Noah Birk · License #IL 475.125864
Source:
Crexi
Added: May 25
Changed: Jul 23
Last Checked: Jul 23 at 9:13AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Kiser Group
Investment Insights
Based on property information with market context.
1104 W. Madison is a gut-renovated five-unit mixed-use building featuring condo-quality finishes throughout. The unit mix includes one 3Bd/2Ba, three 2Bd/2Ba residential units, and one commercial space. Residential interiors offer open-concept layouts with modern kitchens, granite countertops, and stainless steel appliances. Each unit has its own furnace and hot water tank, along with in-unit laundry.
The property is positioned along Madison Street in Chicago’s West Loop area, with access to the CTA Blue Line nearby. Fulton Market is also described as being within a short walk.
The building was renovated in 2016 and is being offered for sale with an in-place cap rate of 6.25% and stated net operating income of $195,000.
The property is positioned along Madison Street in Chicago’s West Loop area, with access to the CTA Blue Line nearby. Fulton Market is also described as being within a short walk.
The building was renovated in 2016 and is being offered for sale with an in-place cap rate of 6.25% and stated net operating income of $195,000.
Key Highlights
- Gut‑renovated 5‑unit mixed‑use building (built 1869) with 1 commercial space and 4 residential units
- Unit mix: 1 x 3BD/2BA, 3 x 2BD/2BA, plus commercial space
- Renovated in 2016 with condo‑quality finishes and open‑concept residential layouts
Financial Insights For Apartment 5plus
Simulate Cap Rate and NOI
NOI Build-Up
- Vacancy
- income lost from leasable area expected to sit empty during the year — subtracted from gross rent.
- EGI (Effective Gross Income)
- gross rent minus vacancy losses — the realistic income before paying operating costs.
- OpEx (Operating Expenses)
- recurring costs to operate the property (property tax, insurance, utilities, maintenance, management) — excludes financing and capital improvements.
- NOI (Net Operating Income)
- income a property generates after operating costs but before financing and taxes.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $264.0k | $29.40 |
| − Vacancy | −$13.7k | −$1.53 |
| EGI | $250.3k | $27.87 |
| − OpEx | −$112.6k | −$12.54 |
| NOI | $137.6k | $15.33 |
8,979 SF · lease $29.40/SF/yr · vacancy 5.20% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$1.97M
$1.72M – $2.29M
NOI $137,641 @ 7.0% cap · market cap 4.40%
Second Best
Retail
$1.77M
$1.55M – $2.07M
NOI $124,223 @ 7.0% cap · market cap 3.98%
Theoretical Best
Office A
$4.23M
$3.70M – $4.94M
NOI $296,350 @ 7.0% cap · market cap 9.48%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Chicago Waffles
Restaurant
FAQs
What type of property is this?
Apartment building - Gut-renovated five-unit mixed-use property with one commercial space and four residential units, including in-unit laundry.
Where is this apartment building located?
The property is located at 1104 W Madison St Chicago, IL.
What is the asking price?
The asking price for this property is $3,125,000.
What are key features of this property?
This property features: Gut‑renovated 5‑unit mixed‑use building (built 1869) with 1 commercial space and 4 residential units; Unit mix: 1 x 3BD/2BA, 3 x 2BD/2BA, plus commercial space; Renovated in 2016 with condo‑quality finishes and open‑concept residential layouts
