45-Unit Corridor-Style Apartment
New
For Sale
$7,300,000
1414 West Pratt, Chicago, IL 60626
The unit mix is weighted toward one-bedroom apartments, with studio and two-bedroom residences also included.
Property Size20,894 SF
Days on Market2
Property Features for 1414 West Pratt
General Information
Standard status
Active
Size
20,894 SF
Property subtype
Multifamily
Units
Unit Mix
1 x studio, 39 x 1BR, 5 x 2BR
Multifamily Units
45
Additional Details
Public Transit
Yes
Building Details
Building Size
20,894 SF
Year Built
1930
Construction
corridor-style
Listed By:
Jake Parker · License #IL #475.172661
(585) 319-1421
Source:
Kisergroup
Added: Oct 11
Last Checked: Oct 11 at 2:29PM
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 Jake Parker
Investment Insights
Based on property information with market context.
This 45-unit apartment building has a corridor-style layout and was built in 1930. Its mix includes 39 one-bedroom apartments, five two-bedroom apartments, and one studio. Capital improvements have been completed, and the property is approved for the AHSAP tax program.
The building at 1414 West Pratt is 0.2 miles from the Morse CTA Red Line station and 0.5 miles from Loyola University, placing both transit and the university within close reach.
The building at 1414 West Pratt is 0.2 miles from the Morse CTA Red Line station and 0.5 miles from Loyola University, placing both transit and the university within close reach.
Key Highlights
- 45 apartments in a corridor‑style building
- 39 one‑bedroom units, five two‑bedroom units, and one studio
- Built in 1930
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$320,287
Cap Rate
4.39%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$6,405,740
$6.4M
Cap Rate 7%
$4,575,529
$4.6M
Cap Rate 9%
$3,558,744
$3.6M
Market Conditions
NOI Build-Up for 20,894 SF
Gross rent
$614.3K $29.40/SF
− Vacancy
−$31.9K −$1.53/SF
EGI
$582.3K $27.87/SF
− OpEx
−$262.1K −$12.54/SF
NOI
$320.3K $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 Rate 5%
$6,405,740
Cap Rate 7%
$4,575,529
Cap Rate 9%
$3,558,744
Alternative Uses
Best Use
Apartment 5plus
$4.58M
$4.00M – $5.34M
NOI $320,287 @ 7.0% cap · market cap 4.39%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$9.85M
$8.62M – $11.49M
NOI $689,602 @ 7.0% cap · market cap 9.45%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
45
Residential units
Location Intelligence
Trade Area within ½ mile
1,515
Businesses Nearby
Explore this area
Business Placement
Demographics for 60626, IL
50,548
Population
26,812
Households
1.9
Avg Household Size
36
Median Age
53%
College-Educated
91%
High-School Grad
1.7 sq mi
ZIP Area
29,734
Density / Sq Mi
$57,452
Median Household Income
$39,527
Median Earnings
$1,265
Median Rent
$269,000
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 - The unit mix is weighted toward one-bedroom apartments, with studio and two-bedroom residences also included.
Where is this apartment building located?
The property is located at 1414 West Pratt Chicago, IL.
What is the asking price?
The asking price for this property is $7,300,000.
What are key features of this property?
This property features: 45 apartments in a corridor‑style building; 39 one‑bedroom units, five two‑bedroom units, and one studio; Built in 1930
