Six-Unit Apartment
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 Size4,945 SF
Price / SF$267.56
Days on Market48
Property Features for 1620 N Marshfield Ave
General Information
Standard status
Active
Size
4,945 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
4,945 SF
Units
6
Listing Agency:
Marcus & Millichap | Chicago Downtown
Listed By:
Kyle Stengle · License #License(s): IL: 475.138461
(312) 327-5455
Source:
Marcusmillichap
Added: Aug 28
Changed: Oct 3
Last Checked: Oct 12 at 4:48PM
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 / Yr
$91,668
Cap Rate
5.73%
Suggested Prices Based on Cap Rates
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
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 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.
How Realmo checks its estimates
Property Analytics
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Open Analytics
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Midwest region
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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
