Mixed-Use Apartment
For Sale
$4,850,000
1414-24 W Devon, Chicago, IL 60660
24-unit mixed-use property with modernized kitchens and strong proximity to Loyola University and transit.
Property Size23,406 SF
Days on Market82
Property Features for 1414-24 W Devon
General Information
Standard status
Active
Size
23,406 SF
Property subtype
Multifamily
Additional Details
Multifamily Units
24
Building Details
Building Size
23,406 SF
Year Built
1921
Tenancy
Multi
Listing Agency:
Kiser Group
(773) 293-5045
Listed By:
Jacob Price · License #IL #475.201874
Source:
Kisergroup
Added: Jun 2
Changed: Aug 11
Last Checked: Aug 22 at 3:56AM
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 Kiser Group
Investment Insights
Based on property information with market context.
This 1920s-constructed mixed-use apartment building offers 24 units with two- and three-bedroom layouts. Apartments feature modernized kitchens with stainless steel appliances, granite countertops, and hardwood flooring. The property also presents approximately 11% upside in current rents, providing a clear path for operators focused on value creation.
The building is well-situated in Chicago’s Rogers Park neighborhood, with convenient access to major destinations. It is approximately 0.4 miles to the Loyola University campus, about 0.5 miles to the Loyola Red Line CTA station, and roughly 0.6 miles to Lake Michigan.
With its unit mix, interior updates, and commuter-friendly location near Loyola, this property is well-suited for investors seeking a stable residential income asset with room to improve through rent optimization. The mixed-use nature can also appeal to ownership groups looking for flexibility in their operating strategy while maintaining a strong tenant demand base tied to the university and transit access.
The building is well-situated in Chicago’s Rogers Park neighborhood, with convenient access to major destinations. It is approximately 0.4 miles to the Loyola University campus, about 0.5 miles to the Loyola Red Line CTA station, and roughly 0.6 miles to Lake Michigan.
With its unit mix, interior updates, and commuter-friendly location near Loyola, this property is well-suited for investors seeking a stable residential income asset with room to improve through rent optimization. The mixed-use nature can also appeal to ownership groups looking for flexibility in their operating strategy while maintaining a strong tenant demand base tied to the university and transit access.
Key Highlights
- 24‑unit mixed‑use property built in 1921 in Chicago’s Rogers Park neighborhood
- Within 0.4 miles of Loyola University campus
- 0.5 miles to the Loyola Red Line CTA station
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
$358,794
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
7.40%
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%
$7,175,880
$7.2M
Cap Rate 7%
$5,125,629
$5.1M
Cap Rate 9%
$3,986,600
$4.0M
Market Conditions
NOI Build-Up for 23,406 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
$688.1K $29.40/SF
− Vacancy
−$35.8K −$1.53/SF
EGI
$652.4K $27.87/SF
− OpEx
−$293.6K −$12.54/SF
NOI
$358.8K $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%
$7,175,880
Cap Rate 7%
$5,125,629
Cap Rate 9%
$3,986,600
Alternative Uses
Best Use
Apartment 5plus
$5.13M
$4.48M – $5.98M
NOI $358,794 @ 7.0% cap · market cap 7.40%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$11.04M
$9.66M – $12.88M
NOI $772,510 @ 7.0% cap · market cap 15.93%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
24
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
2,794
Businesses Nearby
Explore this area
Business Placement
Demographics for 60660, IL
42,534
Population
23,508
Households
1.8
Avg Household Size
38
Median Age
57%
College-Educated
93%
High-School Grad
1.3 sq mi
ZIP Area
32,718
Density / Sq Mi
$66,206
Median Household Income
$46,871
Median Earnings
$1,286
Median Rent
$287,500
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 - 24-unit mixed-use property with modernized kitchens and strong proximity to Loyola University and transit.
Where is this apartment building located?
The property is located at 1414-24 W Devon Chicago, IL.
What is the asking price?
The asking price for this property is $4,850,000.
What are key features of this property?
This property features: 24‑unit mixed‑use property built in 1921 in Chicago’s Rogers Park neighborhood; Within 0.4 miles of Loyola University campus; 0.5 miles to the Loyola Red Line CTA station
