Turnkey Renovated Six-Unit
1607-1609 W Foster Ave, Chicago, IL 60640
For Sale
Contact for pricing
Pending
Turnkey six-unit brick multifamily with fully renovated interiors, in-unit laundry, and individual HVAC for each unit.
Property Size7,800 SF
Days on Market187
Property Features for 1607-1609 W Foster Ave
General Information
Standard status
Size
Property subtype
Occupancy
Investment Type
Site & Location
Neighborhood
Additional Details
Multifamily Units
Building Details
Year Renovated
Buildings
Units
Tenancy
Construction
Listing Agency:
BAUVISTA
Listed By:
Sean Connelly · License #IL 481011345
(773) 245-0587
Source:
Crexi
Added: May 5
Changed: Oct 25
Last Checked: Nov 6 at 6:53AM
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 BAUVISTA
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Review the available facts, identify missing information and prepare questions for the agent.
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 / Yr
$119,567
Cap Rate
5.98%
Suggested Prices Based on Cap Rates
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
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 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.
How Realmo checks its estimates
Property Analytics
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
Properties on Market for Apartment buildings in Chicago
Vacancy Rate% for Multifamily in Midwest region
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
