Mixed-Use Multifamily
For Sale
$19,250,000
1242 W Lawrence Ave, Chicago, IL 60640
Mixed-use building with 54 residential units and two commercial spaces along West Lawrence Avenue.
Property Size46,454 SF
Price / SF$476.23
Days on Market93
Property Features for 1242 W Lawrence Ave
General Information
Standard status
Active
Size
46,454 SF
Property subtype
Mixed-Use
Occupancy
97%
Additional Details
Cap Rate
5.77%
Multifamily Units
54
Amenities
Excellent Uptown Neighborhood Location
High-End Amenities Including Resident Lounge, Two Rooftop Decks with City Views, Sundeck and Dog Run
Mix of Studio, One and Two-Bedroom Units
Units Feature Modern Finishes and Floor-to-Ceiling Windows
Balconies Available in Select Apartments
27 Parking Spaces
Building Details
Building Size
46,454 SF
Units
56
Listing Agency:
Marcus & Millichap | Chicago Downtown
Listed By:
Kyle Stengle · License #License(s): IL: 475.138461
(312) 327-5455
Source:
Marcusmillichap
Added: Jul 10
Changed: Sep 10
Last Checked: Oct 9 at 4:19PM
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 Marcus & Millichap | Chicago Downtown
Investment Insights
Based on property information with market context.
The Balaban at 1242 West Lawrence Avenue is a mixed-use multifamily asset featuring 54 residential units and two commercial spaces. The residential component includes 9 studio units, 37 one-bedroom/one-bath units, 4 two-bedroom/one-bath units, and 4 two-bedroom/one-and-a-half-bath units, creating a diversified unit mix within a single ownership structure.
The property is positioned along West Lawrence Avenue in Chicago’s Uptown neighborhood, providing street frontage on a major commercial and transit corridor. The location is described as offering strong visibility and walkability, with proximity to CTA Red Line access and neighborhood retail and dining along Broadway and Lawrence.
As presented, the building’s scale and combined residential and commercial income components are intended to support stable operations in an established North Side submarket.
The property is positioned along West Lawrence Avenue in Chicago’s Uptown neighborhood, providing street frontage on a major commercial and transit corridor. The location is described as offering strong visibility and walkability, with proximity to CTA Red Line access and neighborhood retail and dining along Broadway and Lawrence.
As presented, the building’s scale and combined residential and commercial income components are intended to support stable operations in an established North Side submarket.
Key Highlights
- Mixed‑use multifamily building at 1242 W Lawrence Ave in Chicago’s Uptown neighborhood
- Comprises 54 multifamily units plus 2 commercial spaces along West Lawrence Avenue
- Unit mix: 9 studios, 37 one‑bed/one‑bath, 4 two‑bed/one‑bath, and 4 two‑bed/1.5‑bath
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$619,635
Cap Rate
3.22%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$12,392,700
$12.4M
Cap Rate 7%
$8,851,929
$8.9M
Cap Rate 9%
$6,884,833
$6.9M
Market Conditions
NOI Build-Up for 40,422 SF
Gross rent
$1.19M $29.40/SF
− Vacancy
−$61.8K −$1.53/SF
EGI
$1.13M $27.87/SF
− OpEx
−$507.0K −$12.54/SF
NOI
$619.6K $15.33/SF
Area
Chicago, IL
Vacancy
5.20%
Lease Rate
$29.40 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$12,392,700
Cap Rate 7%
$8,851,929
Cap Rate 9%
$6,884,833
Alternative Uses
Best Use
Apartment 5plus
$8.85M
$7.75M – $10.33M
NOI $619,635 @ 7.0% cap · market cap 3.22%
Second Best
Retail
$7.99M
$6.99M – $9.32M
NOI $559,230 @ 7.0% cap · market cap 2.91%
Theoretical Best
Office A
$19.06M
$16.68M – $22.24M
NOI $1,334,120 @ 7.0% cap · market cap 6.93%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
54
Residential units
Location Intelligence
Trade Area within ½ mile
4,409
Businesses Nearby
Explore this area
Business Placement
Demographics for 60640, IL
65,941
Population
40,850
Households
1.6
Avg Household Size
38
Median Age
63%
College-Educated
92%
High-School Grad
2.4 sq mi
ZIP Area
27,475
Density / Sq Mi
$71,030
Median Household Income
$59,264
Median Earnings
$1,374
Median Rent
$363,300
Median Home Value
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Market
Vacancy Rate% for Multifamily in Midwest region
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Frequently Asked Questions
What type of property is this?
Apartment building - Mixed-use building with 54 residential units and two commercial spaces along West Lawrence Avenue.
Where is this apartment building located?
The property is located at 1242 W Lawrence Ave Chicago, IL.
What is the asking price?
The asking price for this property is $19,250,000.
What are key features of this property?
This property features: Mixed‑use multifamily building at 1242 W Lawrence Ave in Chicago’s Uptown neighborhood; Comprises 54 multifamily units plus 2 commercial spaces along West Lawrence Avenue; Unit mix: 9 studios, 37 one‑bed/one‑bath, 4 two‑bed/one‑bath, and 4 two‑bed/1.5‑bath
