Condo-Style Multifamily
1609 S Sawyer Avenue Chicago, IL 60623
For Sale
Under Contract
$344,000
MULTI_FAMILY - Chicago, IL
Property Size1,500 SF
Price / SF$229.33
Days on Market103
Property Features for 1609 S Sawyer Avenue
General Information
- Property type
- Residential Multi Family
- Property subtype
- Other
- Zoning
- MULTI
- Bedrooms
- 9
- Bathrooms
- 3
- Rooms
- Bedroom 4, Bedroom 2, Bedroom 3, Bedroom 6, Kitchen, Bedroom 5, Bathroom 2, Bathroom 3, Basement, Bathroom 1, Bedroom 7, Bedroom 9, Bedroom 1, Bedroom 8
- Basement
- Full, Finished
- Standard status
- Active Under Contract
- APN
- 16234070030000
Taxes and HOA fees
- Tax Year
- 2023
- Tax Annual Amount
- 1905
Utilities
- Sewer type
- Public Sewer
- Heating system
- Forced Air, Natural Gas
- Water source
- Public
Building Details
- Building materials
- Brick
- Roof type
- Rubber
Listing Agency:
Hometown Real Estate Group
(773) 625-1121
Listed By:
Barbara Kieca · License #475153778
(773) 625-1121
Added: Apr 12
Changed: Jul 13
Last Checked: Jul 23 at 7:06PM
MLS# 12617120
Copyright © 2026 Midwest Real Estate Data, LLC. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This offering consists of a Greystone-style multifamily building at 1609 S Sawyer Avenue. The seller notes that 1607 and 1609 Sawyer together total (18) bedrooms and (6) baths, with over 1,500+ square feet of living space or storage. The property is fully tenant-occupied, and the seller states that each unit includes its own dedicated HVAC, water heater, and electrical panels in a condo-style configuration. Please note the listing price applies only to 1609.
The seller is also offering 1607 and 1609 Sawyer and indicates the buildings are being considered for sale individually, though a package deal is preferred. The seller further states that the new owner of 1607 has an option to purchase an adjusted double lot on 16th Street at fair market value, confirmed with the City of Chicago. The remarks also indicate rents are currently below market value, with the potential to be adjusted following light cosmetic rehab at the buyer’s discretion, and that any purchase would be subject to the existing tenants.
The seller is also offering 1607 and 1609 Sawyer and indicates the buildings are being considered for sale individually, though a package deal is preferred. The seller further states that the new owner of 1607 has an option to purchase an adjusted double lot on 16th Street at fair market value, confirmed with the City of Chicago. The remarks also indicate rents are currently below market value, with the potential to be adjusted following light cosmetic rehab at the buyer’s discretion, and that any purchase would be subject to the existing tenants.
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 | $44.1k | $29.40 |
| − Vacancy | −$2.3k | −$1.53 |
| EGI | $41.8k | $27.87 |
| − OpEx | −$18.8k | −$12.54 |
| NOI | $23.0k | $15.33 |
1,500 SF · lease $29.40/SF/yr · vacancy 5.20% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$328.5K
$287.4K – $383.2K
NOI $22,994 @ 7.0% cap · market cap 6.68%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$707.2K
$618.8K – $825.1K
NOI $49,507 @ 7.0% cap · market cap 14.39%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
Multifamily properties
FAQs
What type of property is this?
Multifamily property - Fully tenant-occupied multifamily property; each unit has dedicated HVAC, water heater, and electrical panels.
Where is this multifamily property located?
The property is located at 1609 S Sawyer Avenue Chicago, IL.
What is the asking price?
The asking price for this property is $344,000.
