East Garfield Park Triplex
For Sale
$875,000
321 South Washtenaw Avenue, Chicago, IL 60612
3 Units :: New Construction :: East Garfield Park
Property Size3,600 SF
Lot Size0.08 Acres
Price / SF$243.06
Days on Market583
Property Features for 321 South Washtenaw Avenue
General Information
Standard status
Active
Property type
Multifamily properties, Residential income homes, Other residential income properties, Residential income properties, Investment properties
Size
3,600 SF
Elevators
N/A
Lot size
0.08 Acres
Building Details
Buildings
1
Stories
3
Units
3
Listing Agency:
(773) 293-5033
Listed By:
Noah
(773) 293-5033
Added: Jan 17, 2025
Changed: Mar 16
Investment Insights
Based on property information with market context.
Located in the East Garfield Park neighborhood of Chicago, Illinois, the property at 321 South Washtenaw Avenue, zip code 60612, is a newly constructed (2022) three-unit multifamily building. Each unit features two bedrooms and two bathrooms, with high-quality finishes including stainless steel appliances and quartz countertops in each kitchen. In-unit laundry facilities, individual water heaters, and high-efficiency furnaces with air conditioning are included in each unit. The building size is 3600 square feet and sits on a lot of approximately 0.08 acres. This property is suitable for investors seeking a return on investment. The property's modern amenities and location make it attractive to renters, promising occupancy and rental income. This turnkey investment is ready for immediate occupancy and income generation.
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
$60,011
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
6.86%
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%
$1,200,220
$1.2M
Cap Rate 7%
$857,300
$857.3K
Cap Rate 9%
$666,789
$666.8K
Market Conditions
NOI Build-Up for 3,600 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
$90.7K $25.20/SF
− Vacancy
−$5.0K −$1.39/SF
EGI
$85.7K $23.81/SF
− OpEx
−$25.7K −$7.14/SF
NOI
$60.0K $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%
$1,200,220
Cap Rate 7%
$857,300
Cap Rate 9%
$666,789
Alternative Uses
Best Use
Multifamily LT 5
$857.3K
$750.1K – $1.00M
NOI $60,011 @ 7.0% cap · market cap 6.86%
Second Best
Apartment 5plus
$788.4K
$689.8K – $919.8K
NOI $55,185 @ 7.0% cap · market cap 6.31%
Theoretical Best
Office A
$1.70M
$1.49M – $1.98M
NOI $118,817 @ 7.0% cap · market cap 13.58%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
1,739
Businesses Nearby
Explore this area
Business Placement
Demographics for 60612, IL
34,402
Population
16,763
Households
2.1
Avg Household Size
34
Median Age
41%
College-Educated
89%
High-School Grad
3.7 sq mi
ZIP Area
9,298
Density / Sq Mi
$60,457
Median Household Income
$46,582
Median Earnings
$1,330
Median Rent
$331,600
Median Home Value
Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Multifamily property - 3 Units :: New Construction :: East Garfield Park
Where is this multifamily property located?
The property is located at 321 South Washtenaw Avenue Chicago, IL.
What is the asking price?
The asking price for this property is $875,000.
