Gut Rehabbed Washington Boulevard
5027-29 West Washington Boulevard Chicago, IL 60644
5027-29 West Washington Boulevard, Chicago, IL, 60644
$1,425,000
For Sale
$1,425,000
Six-unit building near downtown Chicago with high income potential.
Property Size7,500 SF
Price / SF$190
Days on Market484
Property Features for 5027-29 West Washington Boulevard
General Information
- Standard status
- Active
- Size
- 7,500 SF
- Property subtype
- Multi Family 5+ / Condo/Townhouse
Building Details
- Year Built
- 1900
Listing agency
@properties Christie's International Real Estate
(773) 842-2753
Listed by
Jonie Montalbano · License #471016795
(773) 842-2753
Source
Compass
Added: Mar 27, 2025 Updated: Jul 10 at 12:16PM Checked: Jul 22 at 8:41AM
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 @properties Christie's International Real Estate
Investment Insights
Based on property information with market context.
This six-unit apartment building, styled as condos, is located on a tree-lined street off Washington Boulevard. Five of the units have been completely gut rehabbed and feature three bedrooms each. The remaining unit is in pristine original condition, a large two-bedroom apartment with a full dining room in a retro style, but with all new mechanics. The property is situated on an extra-wide and extra-deep lot and includes a four-car brick garage with separate doors for each space, as well as a large backyard. Each unit has separate and individual utilities, with electrical panels in each unit. Super high-efficiency furnaces and AC are Aqua-Therm systems with heat pump technology. Laundry hook-ups are available in each unit. The kitchens feature quartz counters, stainless steel appliances, and solid maple cabinets. Hardwood floors are present throughout, and all units have high ceilings of 9 feet. A large, open, double basement with high ceilings, large window openings, and separate entrances and exits on each side of the building offers the potential to add value with additional living space. The property is situated between Downtown Chicago and Oak Park, offering access to shopping, restaurants, and transportation. It is close to the expressway and all lines of transportation, making it a desirable property for investors.
Key Highlights
- Complete gut rehab of 5 units, each featuring 3 bedrooms.
- Separate and individual utilities for each unit.
- High‑efficiency Aqua‑Therm furnaces and AC with heat pump technology.
Local Financial Insights For Apartment 5plus
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $220.5k | $29.40 |
| − Vacancy | −$11.5k | −$1.53 |
| EGI | $209.0k | $27.87 |
| − OpEx | −$94.1k | −$12.54 |
| NOI | $115.0k | $15.33 |
7,500 SF · lease $29.40/SF/yr · vacancy 5.20% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$1.64M
$1.44M – $1.92M
NOI $114,969 @ 7.0% cap · market cap 8.07%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.54M
$3.09M – $4.13M
NOI $247,536 @ 7.0% cap · market cap 17.37%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
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FAQs
What type of property is this?
Apartment building - Six-unit building near downtown Chicago with high income potential.
Where is this apartment building located?
The property is located at 5027-29 West Washington Boulevard Chicago, IL.
What is the asking price?
The asking price for this property is $1,425,000.
What are key features of this property?
This property features: Complete gut rehab of 5 units, each featuring 3 bedrooms.; Separate and individual utilities for each unit.; High‑efficiency Aqua‑Therm furnaces and AC with heat pump technology.
