Turnkey Renovated Six-Unit
For Sale
Contact for pricing
Pending
1607-1609 W Foster Ave, Chicago, IL 60640
Turnkey six-unit brick multifamily with fully renovated interiors, in-unit laundry, and individual HVAC for each unit.
Property Size7,800 SF
Days on Market127
Property Features for 1607-1609 W Foster Ave
General Information
Standard status
Pending
Size
7,800 SF
Property subtype
Multifamily
Occupancy
100%
Investment Type
Stabilized
Additional Details
Multifamily Units
6
Building Details
Year Renovated
2018
Buildings
1
Units
6
Tenancy
Multi
Construction
brick
Listing Agency:
33 Realty LLC
Listed By:
Sean Connelly · License #IL 481011345
(773) 245-0587
Source:
Crexi
Added: May 5
Changed: Aug 8
Last Checked: Jul 24 at 4:21PM
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
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
$119,567
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
5.98%
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%
$2,391,340
$2.4M
Cap Rate 7%
$1,708,100
$1.7M
Cap Rate 9%
$1,328,522
$1.3M
Market Conditions
NOI Build-Up for 7,800 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
$229.3K $29.40/SF
− Vacancy
−$11.9K −$1.53/SF
EGI
$217.4K $27.87/SF
− OpEx
−$97.8K −$12.54/SF
NOI
$119.6K $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%
$2,391,340
Cap Rate 7%
$1,708,100
Cap Rate 9%
$1,328,522
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 authorities.
Property Analytics
Current Use
Lease Details
6
Residential units
Location Intelligence
Trade Area within ½ mile
4,147
Businesses Nearby
Explore this area
Business Placement
Demographics for 60640, IL
65,941
Population
40,850
Households
1.6
Avg Household Size
38
Median Age
63%
College-Educated
92%
High-School Grad
2.4 sq mi
ZIP Area
27,475
Density / Sq Mi
$71,030
Median Household Income
$59,264
Median Earnings
$1,374
Median Rent
$363,300
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 - 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
