Bronzeville Multifamily Investment
For Sale
$3,995,000
544 E Oakwood Blvd, Chicago, IL 60653
16,100 SF 19 unit building in the coveted Bronzeville neighborhood of Chicago.
Property Size16,100 SF
Lot Size0.37 Acres
Price / SF$248.14
Days on Market584
Property Features for 544 E Oakwood Blvd
General Information
Standard status
Active
Property type
Multifamily properties, Residential income homes, Other residential income properties, Residential income properties, Investment properties
Size
16,100 SF
Elevators
N/A
Lot size
0.37 Acres
Building Details
Buildings
1
Stories
3
Listing Agency:
(630) 209-3622
Listed By:
Noah
(630) 209-3622
Added: Jan 16, 2025
Changed: Mar 16
Investment Insights
Based on property information with market context.
Located at 544 E. Oakwood Blvd in Chicago's Bronzeville neighborhood, this 16,100 square foot multifamily property presents an investment opportunity. The building features nineteen units, including sixteen two-bedroom, one-bathroom units; two three-bedroom, two-bathroom units; and one four-bedroom, two-bathroom unit. All units have spacious layouts, individual HVAC systems, and hardwood flooring. There are four additional garden units that offer potential for renovation and increased rental income. The building has newer windows, a new roof, updated plumbing, and a silver-coated roof. Original marble common areas and an on-site laundry facility are included. The building is minutes from downtown Chicago and steps from Lake Michigan. The property has the option to assume existing Freddie Mac financing with an approximate loan balance of $2,580,000, a 3.53% interest rate, and two years of interest-only payments remaining, with nine years until maturity. The property is situated on a 0.37-acre lot.
Key Highlights
- Prime Bronzeville Location
- Nineteen (19) Units + Three (3) Potential Garden Units
- Sixteen (16) 2Bd/1Ba, Two (2) 3Bd/2Ba, & One (1) 4Bd/2Ba
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
$268,384
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
6.72%
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%
$5,367,680
$5.4M
Cap Rate 7%
$3,834,057
$3.8M
Cap Rate 9%
$2,982,044
$3.0M
Market Conditions
NOI Build-Up for 16,100 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
$405.7K $25.20/SF
− Vacancy
−$22.3K −$1.39/SF
EGI
$383.4K $23.81/SF
− OpEx
−$115.0K −$7.14/SF
NOI
$268.4K $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%
$5,367,680
Cap Rate 7%
$3,834,057
Cap Rate 9%
$2,982,044
Alternative Uses
Best Use
Multifamily LT 5
$3.83M
$3.35M – $4.47M
NOI $268,384 @ 7.0% cap · market cap 6.72%
Second Best
Apartment 5plus
$3.53M
$3.08M – $4.11M
NOI $246,799 @ 7.0% cap · market cap 6.18%
Theoretical Best
Office A
$7.59M
$6.64M – $8.86M
NOI $531,377 @ 7.0% cap · market cap 13.30%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,125
Businesses Nearby
Explore this area
Business Placement
Demographics for 60653, IL
33,146
Population
18,279
Households
1.8
Avg Household Size
37
Median Age
38%
College-Educated
90%
High-School Grad
2.4 sq mi
ZIP Area
13,811
Density / Sq Mi
$39,565
Median Household Income
$49,335
Median Earnings
$856
Median Rent
$347,800
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 - 16,100 SF 19 unit building in the coveted Bronzeville neighborhood of Chicago.
Where is this multifamily property located?
The property is located at 544 E Oakwood Blvd Chicago, IL.
What is the asking price?
The asking price for this property is $3,995,000.
What are key features of this property?
This property features: Prime Bronzeville Location; Nineteen (19) Units + Three (3) Potential Garden Units; Sixteen (16) 2Bd/1Ba, Two (2) 3Bd/2Ba, & One (1) 4Bd/2Ba
