New Construction 3-Unit
For Sale
$930,000
Pending
6508 S Ingleside Avenue Chicago, Chicago, IL 60637
Newer construction three-unit property with dedicated parking and sprinkler systems, featuring a mix of rented units and a vacant unit.
Property Size4,200 SF
Days on Market43
Property Features for 6508 S Ingleside Avenue Chicago
General Information
Standard status
Pending
Size
4,200 SF
Total Parking Spaces
3
Property subtype
Two to Four Units
Additional Details
Sprinkler System
Yes
Multifamily Units
3
Taxes and HOA fees
Annual Taxes
$4,661
Amenities
curated kitchens with custom cabinetry
decorative wood panel accents
professional-grade appliances
quartz countertops
sleek designer backsplashes
engineered hardwood flooring
spa-inspired bathrooms with oversized frameless glass showers and high-end fixtures
closet systems
sprinkler systems
dedicated parking
6
9
3
Public
3050 SQ FT
No
CO Detectors,Water Heater-Electric
Assigned,Off Alley,Off Street,Yes,Owned
Building Details
Year Built
2022
Tenancy
Multi
Listing Agency:
(847) 558-6808
Listed By:
Luigui Corral
(847) 558-6808
Source:
Remaxadream
Added: Jul 9
Changed: Aug 8
Last Checked: Jul 23 at 2:56AM
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 Luigui Corral
Investment Insights
Based on property information with market context.
This newer construction 3-unit building offers modern, design-forward interiors and income flexibility. The property totals 9 bedrooms and 6 bathrooms across three units, with features including custom cabinetry, professional-grade appliances, quartz countertops, engineered hardwood flooring, and spa-inspired bathrooms with oversized frameless glass showers. Additional in-unit improvements include closet systems, dedicated parking, and sprinkler systems. Two units are currently rented, and Unit #3 is vacant.
The offering is for 6508 S Ingleside Avenue in Chicago. The remarks note proximity to major local destinations including the University of Chicago, Jackson Park harbor, the lakefront and beaches, and the Obama Presidential Center.
An additional offering is described at 6500–6508 S Ingleside Avenue, consisting of four luxury new construction 3-unit buildings. The properties may be purchased individually or as a package, depending on the number of buildings selected.
The offering is for 6508 S Ingleside Avenue in Chicago. The remarks note proximity to major local destinations including the University of Chicago, Jackson Park harbor, the lakefront and beaches, and the Obama Presidential Center.
An additional offering is described at 6500–6508 S Ingleside Avenue, consisting of four luxury new construction 3-unit buildings. The properties may be purchased individually or as a package, depending on the number of buildings selected.
Key Highlights
- Newer 2022‑built 3‑unit building in Woodlawn with 9 bedrooms and 6 total baths
- Two units currently rented with Unit #3 vacant for immediate income and flexibility
- Dedicated parking with 3 total parking spaces (assigned, off alley, and off street; owned)
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
$70,013
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
7.53%
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%
$1,400,260
$1.4M
Cap Rate 7%
$1,000,186
$1.0M
Cap Rate 9%
$777,922
$777.9K
Market Conditions
NOI Build-Up for 4,200 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
$105.8K $25.20/SF
− Vacancy
−$5.8K −$1.39/SF
EGI
$100.0K $23.81/SF
− OpEx
−$30.0K −$7.14/SF
NOI
$70.0K $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%
$1,400,260
Cap Rate 7%
$1,000,186
Cap Rate 9%
$777,922
Alternative Uses
Best Use
Multifamily LT 5
$1.00M
$875.2K – $1.17M
NOI $70,013 @ 7.0% cap · market cap 7.53%
Second Best
Apartment 5plus
$919.7K
$804.8K – $1.07M
NOI $64,382 @ 7.0% cap · market cap 6.92%
Theoretical Best
Office A
$1.98M
$1.73M – $2.31M
NOI $138,620 @ 7.0% cap · market cap 14.91%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
3
Residential units
Multi-tenant
Tenancy
Yes
Sprinkler system
Location Intelligence
Trade Area within ½ mile
1,127
Businesses Nearby
Explore this area
Business Placement
Demographics for 60637, IL
53,555
Population
26,717
Households
2
Avg Household Size
31
Median Age
37%
College-Educated
89%
High-School Grad
4.5 sq mi
ZIP Area
11,901
Density / Sq Mi
$42,080
Median Household Income
$33,227
Median Earnings
$1,170
Median Rent
$243,700
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?
Triplex - Newer construction three-unit property with dedicated parking and sprinkler systems, featuring a mix of rented units and a vacant unit.
Where is this triplex located?
The property is located at 6508 S Ingleside Avenue Chicago Chicago, IL.
What is the asking price?
The asking price for this property is $930,000.
What are key features of this property?
This property features: Newer 2022‑built 3‑unit building in Woodlawn with 9 bedrooms and 6 total baths; Two units currently rented with Unit #3 vacant for immediate income and flexibility; Dedicated parking with 3 total parking spaces (assigned, off alley, and off street; owned)
