Brick Triplex with Rear
1233 S Spaulding Avenue, Chicago, IL 60623
For Sale
New
$439,900
Pending
Three above-ground apartments have separate gas and electric meters, with a two-car garage and unfinished basement.
Property Size1,900 SF
Days on Market3
Property Features for 1233 S Spaulding Avenue
General Information
Standard status
Size
Total Parking Spaces
Property subtype
Zoning
Site & Location
Neighborhood
Highway Access
Public Transit
Units
Unit Mix
Multifamily Units
Individually Metered Utilities
Taxes and HOA fees
Annual Taxes
Amenities
balcony
unfinished basement
Balcony
Building Details
Building Size
Buildings
Stories
Construction
Listing Agency:
Kale Realty
Listed By:
Anjali Khetarpal
(312) 939-5253
Source:
Kalelrealty
Added: Nov 11
Changed: Nov 12
Last Checked: Nov 13 at 7:27PM
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 Kale Realty
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Investment Insights
Based on property information with market context.
This brick triplex contains three above-ground apartments totaling 8 bedrooms and 3 bathrooms. Each unit has an eat-in kitchen and a rear balcony. The first-floor 2-bedroom apartment has an open kitchen and living space, an additional living area, in-unit laundry, and dishwasher hookups. The second- and third-floor apartments each have 3 bedrooms; the second has laundry and dishwasher hookups, while the third includes central A/C. Gas and electricity are individually metered. An unfinished basement and a two-car garage complete the property.
Recent work includes a city-replaced water service line and front sidewalk in 2024, steel basement support columns installed in 2021, and rear stair work in 2026. The garage door has also been replaced, and mechanical and appliance updates were made to the first- and second-floor apartments from 2020 to 2024. The property is near Douglass Park and offers access to the Illinois Medical District, I-290, public transportation, and the Roosevelt Road corridor.
Recent work includes a city-replaced water service line and front sidewalk in 2024, steel basement support columns installed in 2021, and rear stair work in 2026. The garage door has also been replaced, and mechanical and appliance updates were made to the first- and second-floor apartments from 2020 to 2024. The property is near Douglass Park and offers access to the Illinois Medical District, I-290, public transportation, and the Roosevelt Road corridor.
Key Highlights
- Three apartments with a total of 8 bedrooms and 3 bathrooms
- Separate gas and electric meters for each unit
- Rear balconies serve all three apartments
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$31,673
Cap Rate
7.20%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$633,460
$633.5K
Cap Rate 7%
$452,471
$452.5K
Cap Rate 9%
$351,922
$351.9K
Market Conditions
NOI Build-Up for 1,900 SF
Gross rent
$47.9K $25.20/SF
− Vacancy
−$2.6K −$1.39/SF
EGI
$45.2K $23.81/SF
− OpEx
−$13.6K −$7.14/SF
NOI
$31.7K $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 Rate 5%
$633,460
Cap Rate 7%
$452,471
Cap Rate 9%
$351,922
Alternative Uses
Best Use
Multifamily LT 5
$452.5K
$395.9K – $527.9K
NOI $31,673 @ 7.0% cap · market cap 7.20%
Second Best
Apartment 5plus
$416.1K
$364.1K – $485.4K
NOI $29,125 @ 7.0% cap · market cap 6.62%
Theoretical Best
Office A
$895.8K
$783.9K – $1.05M
NOI $62,709 @ 7.0% cap · market cap 14.26%
Zoning and permitted uses should be independently verified with authorities.
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Lease Details
3
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
811
Businesses Nearby
Explore this area
Business Placement
Demographics for 60623, IL
87,649
Population
31,300
Households
2.8
Avg Household Size
32
Median Age
14%
College-Educated
69%
High-School Grad
5.4 sq mi
ZIP Area
16,231
Density / Sq Mi
$44,040
Median Household Income
$32,642
Median Earnings
$1,054
Median Rent
$221,400
Median Home Value
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Market
Properties on Market for Triplexes in Chicago
Vacancy Rate% for Multifamily in Midwest region
Frequently Asked Questions
What type of property is this?
Triplex - Three above-ground apartments have separate gas and electric meters, with a two-car garage and unfinished basement.
Where is this triplex located?
The property is located at 1233 S Spaulding Avenue Chicago, IL.
What is the asking price?
The asking price for this property is $439,900.
What are key features of this property?
This property features: Three apartments with a total of 8 bedrooms and 3 bathrooms; Separate gas and electric meters for each unit; Rear balconies serve all three apartments
