Chicago Multifamily Portfolio: 70
For Sale
$11,700,000
5710 N Winthrop & 6211 N Kenmore, Chicago, IL 60660
Two property portfolio in Edgewater - 6211 N. Kenmore & 5710 N. Winthrop
Property Size39,835 SF
Lot Size0.91 Acres
Price / SF$293.71
Days on Market583
Property Features for 5710 N Winthrop & 6211 N Kenmore
General Information
Standard status
Active
Property type
Multifamily properties, Residential income homes, Other residential income properties, Residential income properties, Investment properties
Size
39,835 SF
Elevators
N/A
Lot size
0.91 Acres
Listing Agency:
(773) 293-5045
Listed By:
Jacob
(773) 293-5045
Added: Jan 16, 2025
Changed: Mar 16
Investment Insights
Based on property information with market context.
This investment portfolio features two multifamily properties located in Chicago's Edgewater neighborhood, comprising a total of 70 units. The properties are divided between 6211 N. Kenmore, a 28-unit building, and 5710 N. Winthrop, a 42-unit building. The 4+1 style building at 6211 N. Kenmore includes twelve studio apartments and sixteen one-bedroom/one-bathroom apartments, along with 19 parking spaces. Renovations completed in 2018 included new kitchens, bathrooms, flooring, doors, windows, updated plumbing and electrical systems, resurfaced parking, and added laundry facilities on each floor. The corridor-style building at 5710 N. Winthrop features twenty-five studio and seventeen one-bedroom/one-bathroom units. An 18-month renovation completed in 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. The combined building size is 39,835 square feet on a total land area of 0.91 acres. Both properties offer rental upside, with current rents averaging 11-12% below market rates. The properties are located six miles from downtown Chicago and near Loyola University and Lake Michigan, with convenient access to public transportation (Union Pacific North Metra, CTA Red Line, and bus routes).
Key Highlights
- Two property portfolio in Edgewater - 6211 N. Kenmore & 5710 N. Winthrop
- 70 modernized apartments with rental upside in current rates
- Renovated common area spaces
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$664,041
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
5.68%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$13,280,820
$13.3M
Cap Rate 7%
$9,486,300
$9.5M
Cap Rate 9%
$7,378,233
$7.4M
Market Conditions
NOI Build-Up for 39,835 SF
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.
Gross rent
$1.00M $25.20/SF
− Vacancy
−$55.2K −$1.39/SF
EGI
$948.6K $23.81/SF
− OpEx
−$284.6K −$7.14/SF
NOI
$664.0K $16.67/SF
Area
Chicago, IL
Vacancy
5.50%
Lease Rate
$25.20 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$13,280,820
Cap Rate 7%
$9,486,300
Cap Rate 9%
$7,378,233
Alternative Uses
Best Use
Multifamily LT 5
$9.49M
$8.30M – $11.07M
NOI $664,041 @ 7.0% cap · market cap 5.68%
Second Best
Apartment 5plus
$8.72M
$7.63M – $10.18M
NOI $610,637 @ 7.0% cap · market cap 5.22%
Theoretical Best
Office A
$18.78M
$16.43M – $21.91M
NOI $1,314,746 @ 7.0% cap · market cap 11.24%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
3,289
Businesses Nearby
Explore this area
Business Placement
Demographics for 60660, IL
42,534
Population
23,508
Households
1.8
Avg Household Size
38
Median Age
57%
College-Educated
93%
High-School Grad
1.3 sq mi
ZIP Area
32,718
Density / Sq Mi
$66,206
Median Household Income
$46,871
Median Earnings
$1,286
Median Rent
$287,500
Median Home Value
Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Multifamily property - Two property portfolio in Edgewater - 6211 N. Kenmore & 5710 N. Winthrop
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 property portfolio in Edgewater - 6211 N. Kenmore & 5710 N. Winthrop; 70 modernized apartments with rental upside in current rates; Renovated common area spaces
