28-Unit Apartment
New
For Sale
$3,400,000
2548 S Homan Ave, Chicago, IL 60623
Studios and one-bedroom apartments feature updated kitchens, modern baths, and individual furnaces.
Property Size16,983 SF
Days on Market5
Property Features for 2548 S Homan Ave
General Information
Standard status
Active
Size
16,983 SF
Total Parking Spaces
34
Property subtype
Multifamily
Site & Location
Highway Access
Yes
Public Transit
Yes
Units
Unit Mix
16 x 1Bd/1Ba, 12 x Studio
Multifamily Units
28
Building Details
Building Size
16,983 SF
Year Built
1920
Listing Agency:
(773) 293-5086
Listed By:
Jack Petrando · License #IL #475.185949
Source:
Kisergroup
Added: Aug 19
Changed: Aug 20
Last Checked: Aug 23 at 2:44AM
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 Jack Petrando
Investment Insights
Based on property information with market context.
Built in 1920, this apartment property contains 28 units comprising 16 one-bedroom/one-bath apartments and 12 studios. Interior improvements include modern kitchens and baths, while individual furnaces serve each unit. The property also provides 34 parking spaces.
The building is positioned near 26th Street, a major commercial corridor in Chicago’s Little Village neighborhood. Restaurants, retail stores, grocery options, and local services are nearby, with public transportation and access to I-290 providing connectivity across Chicago and surrounding suburbs.
The building is positioned near 26th Street, a major commercial corridor in Chicago’s Little Village neighborhood. Restaurants, retail stores, grocery options, and local services are nearby, with public transportation and access to I-290 providing connectivity across Chicago and surrounding suburbs.
Key Highlights
- 28 apartments: 16 one‑bedroom/one‑bath units and 12 studios
- 34 parking spaces
- Modern kitchens and baths
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
$260,335
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
7.66%
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%
$5,206,700
$5.2M
Cap Rate 7%
$3,719,071
$3.7M
Cap Rate 9%
$2,892,611
$2.9M
Market Conditions
NOI Build-Up for 16,983 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
$499.3K $29.40/SF
− Vacancy
−$26.0K −$1.53/SF
EGI
$473.3K $27.87/SF
− OpEx
−$213.0K −$12.54/SF
NOI
$260.3K $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 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%
$5,206,700
Cap Rate 7%
$3,719,071
Cap Rate 9%
$2,892,611
Alternative Uses
Best Use
Apartment 5plus
$3.72M
$3.25M – $4.34M
NOI $260,335 @ 7.0% cap · market cap 7.66%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$8.01M
$7.01M – $9.34M
NOI $560,521 @ 7.0% cap · market cap 16.49%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
28
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,949
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
Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - Studios and one-bedroom apartments feature updated kitchens, modern baths, and individual furnaces.
Where is this apartment building located?
The property is located at 2548 S Homan Ave Chicago, IL.
What is the asking price?
The asking price for this property is $3,400,000.
What are key features of this property?
This property features: 28 apartments: 16 one‑bedroom/one‑bath units and 12 studios; 34 parking spaces; Modern kitchens and baths
