Turnkey Six-Unit
For Sale
$1,289,900
1542 Victoria Avenue, North Chicago, IL 60064
Fully renovated six-unit multifamily property with new building systems, smart access, and on-site parking.
Property Size9,495 SF
Price / SF$135.85
Days on Market633
Property Features for 1542 Victoria Avenue
General Information
Standard status
Active
Size
9,495 SF
Total Parking Spaces
10
Property subtype
Multi Family 5+ / Multi Family 5+-Other
Additional Details
Cap Rate
9%
Multifamily Units
6
Amenities
laundry facilities
smart lock system
Building Details
Year Built
1910
Tenancy
Multi
Listing Agency:
RE/MAX At Home
(847) 255-1970
Listed By:
Basel Tarabein · License #471008459
(847) 255-1970
Source:
Compass
Added: Nov 6, 2024
Changed: Jul 23
Last Checked: Jul 24 at 2:20PM
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 RE/MAX At Home
Investment Insights
Based on property information with market context.
This turnkey six-unit multifamily building has been fully renovated, described as professionally rebuilt from the studs up with work completed under architectural and structural engineering plans. The updates include new plumbing with drain and copper water lines and two 50-gallon water heaters, new electrical with conduit, wiring, individual metering, and updated service panels and circuit breakers for each unit. The property also features new HVAC components, including six new gas furnaces, A/C units, ductwork, and thermostats, along with seven new gas meters. Interior renovations include updated kitchens with stainless steel appliances, granite countertops, modern cabinetry, and LVP flooring, as well as updated bathrooms with new tubs, vanities, toilets, and custom tilework. Common areas and lighting have also been updated, and the building includes smart lock access with remote control and a new commercial-grade stacked card-reader washer/dryer.
The exterior updates include a new roof, gutters, fascia, soffits, and energy-efficient windows, along with a new sewer main cleanout. Parking is provided with 10 spaces, including 8 in the rear and 2 accessed via a private driveway for Unit 1, plus street parking.
Private showings are available by appointment, and the listing broker has an ownership interest in the property.
The exterior updates include a new roof, gutters, fascia, soffits, and energy-efficient windows, along with a new sewer main cleanout. Parking is provided with 10 spaces, including 8 in the rear and 2 accessed via a private driveway for Unit 1, plus street parking.
Private showings are available by appointment, and the listing broker has an ownership interest in the property.
Key Highlights
- Fully renovated 6‑unit multifamily property professionally rebuilt from the studs up
- All‑new plumbing with new drain and copper water lines plus two 50‑gallon water heaters (2024)
- New electrical throughout, including conduit, wiring, individual metering, and updated service panels/circuit breakers in each unit
Financial Insights For Apartment 5plus
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $227.9k | $24.00 |
| − Vacancy | −$14.8k | −$1.56 |
| EGI | $213.1k | $22.44 |
| − OpEx | −$95.9k | −$10.10 |
| NOI | $117.2k | $12.34 |
9,495 SF · lease $24.00/SF/yr · vacancy 6.50% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$1.67M
$1.46M – $1.95M
NOI $117,187 @ 7.0% cap · market cap 9.08%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.28M
$2.87M – $3.82M
NOI $229,473 @ 7.0% cap · market cap 17.79%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
6
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
361
Businesses Nearby
Explore this area
Business Placement
Demographics for 60064, IL
15,206
Population
5,801
Households
2.6
Avg Household Size
31
Median Age
15%
College-Educated
72%
High-School Grad
5.3 sq mi
ZIP Area
2,869
Density / Sq Mi
$49,256
Median Household Income
$28,868
Median Earnings
$1,069
Median Rent
$139,900
Median Home Value
Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Apartment building - Fully renovated six-unit multifamily property with new building systems, smart access, and on-site parking.
Where is this apartment building located?
The property is located at 1542 Victoria Avenue North Chicago, IL.
What is the asking price?
The asking price for this property is $1,289,900.
What are key features of this property?
This property features: Fully renovated 6‑unit multifamily property professionally rebuilt from the studs up; All‑new plumbing with new drain and copper water lines plus two 50‑gallon water heaters (2024); New electrical throughout, including conduit, wiring, individual metering, and updated service panels/circuit breakers in each unit
