Four-Unit Multifamily
For Sale
$2,200,000
1501 N Cleveland Ave, Chicago, IL 60610
Four residential units feature separate heating equipment, water heaters, and in-unit laundry.
Property Size6,537 SF
Days on Market54
Property Features for 1501 N Cleveland Ave
General Information
Standard status
Active
Size
6,537 SF
Net Rentable
7,000 SF
Total Parking Spaces
5
Property subtype
Multifamily
Additional Details
Public Transit
Yes
Multifamily Units
4
Amenities
in-unit washer and dryer
private rooftop terraces
Building Details
Building Size
6,537 SF
Year Built
1883
Buildings
1
Listing Agency:
(773) 815-3007
Listed By:
Viktor Radzieta · License #IL #475.215540
(773) 815-3007
Source:
Kisergroup
Added: Jul 10
Changed: Aug 30
Last Checked: Aug 31 at 2:41PM
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 Viktor Radzieta
Investment Insights
Based on property information with market context.
This four-unit multifamily building contains approximately 7,000 square feet of rentable space. The layout places one residence on the ground level, another on the second floor, and two duplex units across the third and fourth floors. Each unit has its own furnace and water heater, as well as an in-unit washer and dryer. Three of the four residences include private outdoor terraces.
Located at 1501 N Cleveland Ave in Chicago’s Old Town neighborhood, the property is near the Wells Street corridor and the Sedgwick Brown Line. A five-space garage is included. Current zoning allows up to seven units. Tenants pay all utilities except water and trash.
Located at 1501 N Cleveland Ave in Chicago’s Old Town neighborhood, the property is near the Wells Street corridor and the Sedgwick Brown Line. A five-space garage is included. Current zoning allows up to seven units. Tenants pay all utilities except water and trash.
Key Highlights
- 4‑unit multifamily property with approximately 7,000 square feet of rentable space
- Three of four units include private outdoor terraces
- Each unit has a separate furnace and water heater
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
$108,970
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
4.95%
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%
$2,179,400
$2.2M
Cap Rate 7%
$1,556,714
$1.6M
Cap Rate 9%
$1,210,778
$1.2M
Market Conditions
NOI Build-Up for 6,537 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
$164.7K $25.20/SF
− Vacancy
−$9.1K −$1.39/SF
EGI
$155.7K $23.81/SF
− OpEx
−$46.7K −$7.14/SF
NOI
$109.0K $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%
$2,179,400
Cap Rate 7%
$1,556,714
Cap Rate 9%
$1,210,778
Alternative Uses
Best Use
Multifamily LT 5
$1.56M
$1.36M – $1.82M
NOI $108,970 @ 7.0% cap · market cap 4.95%
Second Best
Apartment 5plus
$1.43M
$1.25M – $1.67M
NOI $100,207 @ 7.0% cap · market cap 4.55%
Theoretical Best
Office A
$3.08M
$2.70M – $3.60M
NOI $215,752 @ 7.0% cap · market cap 9.81%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
5,148
Businesses Nearby
Explore this area
Business Placement
Demographics for 60610, IL
43,794
Population
30,091
Households
1.5
Avg Household Size
34
Median Age
79%
College-Educated
97%
High-School Grad
1.1 sq mi
ZIP Area
39,813
Density / Sq Mi
$105,649
Median Household Income
$82,934
Median Earnings
$2,029
Median Rent
$543,000
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?
Quadplex - Four residential units feature separate heating equipment, water heaters, and in-unit laundry.
Where is this quadplex located?
The property is located at 1501 N Cleveland Ave Chicago, IL.
What is the asking price?
The asking price for this property is $2,200,000.
What are key features of this property?
This property features: 4‑unit multifamily property with approximately 7,000 square feet of rentable space; Three of four units include private outdoor terraces; Each unit has a separate furnace and water heater
