Brick Apartment Building with Updated
For Sale
Contact for pricing
Pending
1344 W 19th St, Chicago, IL 60608
Well-maintained 7-unit brick building with an updated, diversified unit mix and on-site laundry amenities.
Property Size6,204 SF
Days on Market155
Property Features for 1344 W 19th St
General Information
Standard status
Pending
Size
6,204 SF
Property subtype
Multifamily
Zoning
RT-4
Additional Details
Multifamily Units
7
Building Details
Year Built
1888
Year Renovated
2022
Buildings
1
Stories
4
Units
7
Listing Agency:
SVN | Chicago Commercial
Listed By:
Angelo Labriola · License #IL 475130926
(312) 676-1866
Source:
Crexi
Added: Apr 7
Changed: Sep 4
Last Checked: Jul 25 at 12:52PM
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 SVN | Chicago Commercial
Investment Insights
Based on property information with market context.
This well-maintained 7-unit brick apartment building offers a diversified rental unit mix and updated interiors. The configuration includes one 3 bed/2 bath unit, two 2 bed/1 bath units, and four 1 bed/1 bath units. Updates described in the offering include contemporary flooring, neutral paint palettes, and refreshed kitchens and baths, supporting strong rental appeal while minimizing immediate capital expenditure needs.
The building sits on an alley lot and is described as benefiting from abundant natural light and enhanced privacy. A full basement with high ceilings adds flexibility for future use, subject to zoning and City approval. Tenants also have access to an on-site washer and dryer amenity.
With solid masonry construction and clean, modern interiors, the property is positioned for both stable in-place income and potential additional space in the basement, pending applicable approvals.
The building sits on an alley lot and is described as benefiting from abundant natural light and enhanced privacy. A full basement with high ceilings adds flexibility for future use, subject to zoning and City approval. Tenants also have access to an on-site washer and dryer amenity.
With solid masonry construction and clean, modern interiors, the property is positioned for both stable in-place income and potential additional space in the basement, pending applicable approvals.
Key Highlights
- Well‑maintained 7‑unit brick apartment building built in 1888
- Unit mix: one 3 bed/2 bath, two 2 bed/1 bath, and four 1 bed/1 bath units
- Updated interiors with contemporary flooring, neutral paint palettes, refreshed 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
$95,102
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
6.14%
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%
$1,902,040
$1.9M
Cap Rate 7%
$1,358,600
$1.4M
Cap Rate 9%
$1,056,689
$1.1M
Market Conditions
NOI Build-Up for 6,204 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
$182.4K $29.40/SF
− Vacancy
−$9.5K −$1.53/SF
EGI
$172.9K $27.87/SF
− OpEx
−$77.8K −$12.54/SF
NOI
$95.1K $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%
$1,902,040
Cap Rate 7%
$1,358,600
Cap Rate 9%
$1,056,689
Alternative Uses
Best Use
Apartment 5plus
$1.36M
$1.19M – $1.59M
NOI $95,102 @ 7.0% cap · market cap 6.14%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.93M
$2.56M – $3.41M
NOI $204,762 @ 7.0% cap · market cap 13.21%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
7
Residential units
Location Intelligence
Trade Area within ½ mile
2,441
Businesses Nearby
Explore this area
Business Placement
Demographics for 60608, IL
75,770
Population
32,617
Households
2.3
Avg Household Size
34
Median Age
34%
College-Educated
77%
High-School Grad
6.2 sq mi
ZIP Area
12,221
Density / Sq Mi
$70,704
Median Household Income
$42,211
Median Earnings
$1,208
Median Rent
$341,500
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 - Well-maintained 7-unit brick building with an updated, diversified unit mix and on-site laundry amenities.
Where is this apartment building located?
The property is located at 1344 W 19th St Chicago, IL.
What is the asking price?
The asking price for this property is $1,550,000.
What are key features of this property?
This property features: Well‑maintained 7‑unit brick apartment building built in 1888; Unit mix: one 3 bed/2 bath, two 2 bed/1 bath, and four 1 bed/1 bath units; Updated interiors with contemporary flooring, neutral paint palettes, refreshed kitchens and baths
