Six-Unit Apartment
New
For Sale
$1,600,000
1620 N Marshfield Ave, Chicago, IL 60622
Bucktown multifamily property with studios, one-bedroom apartments, and two-bedroom residences near several transit options.
Property Size5,980 SF
Price / SF$267.56
Days on Market3
Property Features for 1620 N Marshfield Ave
General Information
Standard status
Active
Size
5,980 SF
Net Rentable
5,200 SF
Property subtype
Multifamily
Units
Unit Mix
2 x studio, 2 x 1BR/1BA, 2 x 2BR/1BA
Multifamily Units
6
Additional Details
Cap Rate
5.89%
Public Transit
Yes
Amenities
Prime Bucktown Location
Value-Add Potential through Rental Increases and Management Efficiency
Durable Rental Demand and Limited New Supply
Building Details
Building Size
5,980 SF
Units
6
Listing Agency:
Marcus & Millichap - Chicago Downtown
(312) 327-5455
Listed By:
Kyle Stengle · License #License(s): IL: 475.138461
(312) 327-5455
Source:
Marcusmillichap
Added: Aug 28
Changed: Aug 30
Last Checked: Aug 30 at 5:45AM
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 Marcus & Millichap - Chicago Downtown
Investment Insights
Based on property information with market context.
This six-unit apartment property in Chicago’s Bucktown neighborhood contains approximately 5,200 rentable square feet within 5,980 gross building area. The residential layout includes two studios, two one-bedroom/one-bathroom units, and two two-bedroom/one-bathroom units, creating a balanced mix of smaller and larger floor plans.
The property is positioned near the Milwaukee, North, and Damen commercial hub, with the Blue Line, 606 Trail, and Clybourn Metra stop within walking distance. Its Bucktown setting also places residents near shopping, dining, retail corridors, and Wicker Park. The address is 1620 N Marshfield Ave, Chicago, IL 60622.
The property is positioned near the Milwaukee, North, and Damen commercial hub, with the Blue Line, 606 Trail, and Clybourn Metra stop within walking distance. Its Bucktown setting also places residents near shopping, dining, retail corridors, and Wicker Park. The address is 1620 N Marshfield Ave, Chicago, IL 60622.
Key Highlights
- Six multifamily units totaling approximately 5,200 rentable square feet
- 5,980 gross building area
- Unit mix includes two studios, two one‑bedroom/one‑bathroom units, and two two‑bedroom/one‑bathroom 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
$91,668
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
5.73%
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%
$1,833,360
$1.8M
Cap Rate 7%
$1,309,543
$1.3M
Cap Rate 9%
$1,018,533
$1.0M
Market Conditions
NOI Build-Up for 5,980 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
$175.8K $29.40/SF
− Vacancy
−$9.1K −$1.53/SF
EGI
$166.7K $27.87/SF
− OpEx
−$75.0K −$12.54/SF
NOI
$91.7K $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%
$1,833,360
Cap Rate 7%
$1,309,543
Cap Rate 9%
$1,018,533
Alternative Uses
Best Use
Apartment 5plus
$1.31M
$1.15M – $1.53M
NOI $91,668 @ 7.0% cap · market cap 5.73%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.82M
$2.47M – $3.29M
NOI $197,369 @ 7.0% cap · market cap 12.34%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
6
Residential units
Location Intelligence
Trade Area within ½ mile
3,965
Businesses Nearby
Explore this area
Business Placement
Demographics for 60622, IL
55,075
Population
27,630
Households
2
Avg Household Size
33
Median Age
73%
College-Educated
94%
High-School Grad
2.5 sq mi
ZIP Area
22,030
Density / Sq Mi
$124,852
Median Household Income
$76,180
Median Earnings
$1,932
Median Rent
$622,900
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 - Bucktown multifamily property with studios, one-bedroom apartments, and two-bedroom residences near several transit options.
Where is this apartment building located?
The property is located at 1620 N Marshfield Ave Chicago, IL.
What is the asking price?
The asking price for this property is $1,600,000.
What are key features of this property?
This property features: Six multifamily units totaling approximately 5,200 rentable square feet; 5,980 gross building area; Unit mix includes two studios, two one‑bedroom/one‑bathroom units, and two two‑bedroom/one‑bathroom units
