Three-Unit Walk-Up Apartment
For Sale
$1,250,000
1326 W Ohio St, Chicago, IL 60642
Walk-up multifamily property near Chicago Avenue and Grand Avenue dining, retail, nightlife, and public transportation.
Property Size3,700 SF
Days on Market93
Property Features for 1326 W Ohio St
General Information
Standard status
Active
Size
3,700 SF
Property subtype
Multifamily
Units
Unit Mix
1 x 4BR/2.5BA, 1 x 2BR/1.5BA, 1 x 2BR/1BA
Multifamily Units
3
Additional Details
Gross Income
$90,549
Public Transit
Yes
Building Details
Building Size
3,700 SF
Year Built
1894
Buildings
1
Listed By:
Noah Birk · License #IL #475125864
(630) 209-3622
Source:
Kisergroup
Added: Jun 2
Changed: Aug 31
Last Checked: Sep 1 at 6:04PM
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 Noah Birk
Investment Insights
Based on property information with market context.
This three-unit walk-up building, constructed in 1894, offers a varied residential configuration with one 4Bd/2.5Ba duplex-up unit, one 2Bd/1.5Ba unit, and one 2Bd/1Ba unit. The duplex-up unit is currently being held for an owner occupant or short-term rental use.
The property is located in Chicago’s West Town neighborhood near the dining, retail, and nightlife corridors along Chicago Avenue and Grand Avenue. Public transportation provides access to downtown Chicago and surrounding neighborhoods, while nearby commercial amenities support a walkable residential setting.
The property is located in Chicago’s West Town neighborhood near the dining, retail, and nightlife corridors along Chicago Avenue and Grand Avenue. Public transportation provides access to downtown Chicago and surrounding neighborhoods, while nearby commercial amenities support a walkable residential setting.
Key Highlights
- Three‑unit walk‑up building in Chicago’s West Town neighborhood
- Unit mix includes one 4Bd/2.5Ba duplex‑up, one 2Bd/1.5Ba, and one 2Bd/1Ba unit
- 4Bd/2.5Ba duplex‑up unit currently held for an owner occupant or short‑term rental
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
$61,678
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
4.93%
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%
$1,233,560
$1.2M
Cap Rate 7%
$881,114
$881.1K
Cap Rate 9%
$685,311
$685.3K
Market Conditions
NOI Build-Up for 3,700 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
$93.2K $25.20/SF
− Vacancy
−$5.1K −$1.39/SF
EGI
$88.1K $23.81/SF
− OpEx
−$26.4K −$7.14/SF
NOI
$61.7K $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 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%
$1,233,560
Cap Rate 7%
$881,114
Cap Rate 9%
$685,311
Alternative Uses
Best Use
Multifamily LT 5
$881.1K
$771.0K – $1.03M
NOI $61,678 @ 7.0% cap · market cap 4.93%
Second Best
Apartment 5plus
$810.3K
$709.0K – $945.3K
NOI $56,718 @ 7.0% cap · market cap 4.54%
Theoretical Best
Office A
$1.74M
$1.53M – $2.04M
NOI $122,118 @ 7.0% cap · market cap 9.77%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
5,467
Businesses Nearby
Explore this area
Business Placement
Demographics for 60642, IL
21,687
Population
12,144
Households
1.8
Avg Household Size
33
Median Age
78%
College-Educated
97%
High-School Grad
1.7 sq mi
ZIP Area
12,757
Density / Sq Mi
$141,179
Median Household Income
$90,885
Median Earnings
$2,216
Median Rent
$604,200
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 - Walk-up multifamily property near Chicago Avenue and Grand Avenue dining, retail, nightlife, and public transportation.
Where is this triplex located?
The property is located at 1326 W Ohio St Chicago, IL.
What is the asking price?
The asking price for this property is $1,250,000.
What are key features of this property?
This property features: Three‑unit walk‑up building in Chicago’s West Town neighborhood; Unit mix includes one 4Bd/2.5Ba duplex‑up, one 2Bd/1.5Ba, and one 2Bd/1Ba unit; 4Bd/2.5Ba duplex‑up unit currently held for an owner occupant or short‑term rental
