Turnkey Renovated Six-Unit
1607-1609 W Foster Ave Chicago, IL 60640
1607-1609 W Foster Ave, Chicago, IL, 60640
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For Sale
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Turnkey six-unit brick multifamily with fully renovated interiors, in-unit laundry, and individual HVAC for each unit.
Property Size7,800 SF
Price / SF$256.41
Days on Market80
Property Features for 1607-1609 W Foster Ave
General Information
- Standard status
- Active
- Size
- 7,800 SF
- Property subtype
- Multifamily
Listing agency
33 Realty LLC
(773) 327-4975
Listed by
Sean Connelly · License #IL 481011345
Source
Crexi
Added: May 5 Updated: Jul 22 at 10:19PM Checked: Jul 22 at 10:19PM
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 33 Realty LLC
Investment Insights
Based on property information with market context.
This turnkey six-unit brick apartment building was comprehensively renovated in 2018 and is presented in fully renovated condition. The unit interiors feature updated kitchens and baths, in-unit laundry, and contemporary finishes. The building includes copper plumbing and individual HVAC systems and hot water tanks, supporting independent heating and hot water service for each unit.
The unit mix consists of four 2-bedroom / 2-bathroom apartments and two 3-bedroom / 2.5-bathroom apartments, offering both standard and larger floorplan options within the same property.
The property’s renovation scope and existing in-unit amenities make it well suited for an owner seeking a stabilized residential income asset.
The unit mix consists of four 2-bedroom / 2-bathroom apartments and two 3-bedroom / 2.5-bathroom apartments, offering both standard and larger floorplan options within the same property.
The property’s renovation scope and existing in-unit amenities make it well suited for an owner seeking a stabilized residential income asset.
Key Highlights
- 1607‑1609 W Foster Ave is a six‑unit brick apartment building with fully renovated interiors
- Renovated in 2018 with updated building systems and modern unit interiors
- Unit mix includes four 2BD/2BA units and two 3BD/2.5BA units
Local 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 | $229.3k | $29.40 |
| − Vacancy | −$11.9k | −$1.53 |
| EGI | $217.4k | $27.87 |
| − OpEx | −$97.8k | −$12.54 |
| NOI | $119.6k | $15.33 |
7,800 SF · lease $29.40/SF/yr · vacancy 5.20% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$1.71M
$1.49M – $1.99M
NOI $119,567 @ 7.0% cap · market cap 5.98%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.68M
$3.22M – $4.29M
NOI $257,437 @ 7.0% cap · market cap 12.87%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
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FAQs
What type of property is this?
Apartment building - Turnkey six-unit brick multifamily with fully renovated interiors, in-unit laundry, and individual HVAC for each unit.
Where is this apartment building located?
The property is located at 1607-1609 W Foster Ave Chicago, IL.
What is the asking price?
The asking price for this property is $2,000,000.
What are key features of this property?
This property features: 1607‑1609 W Foster Ave is a six‑unit brick apartment building with fully renovated interiors; Renovated in 2018 with updated building systems and modern unit interiors; Unit mix includes four 2BD/2BA units and two 3BD/2.5BA units
