Renovated Greystone
For Sale
$715,948
1621 South Lawndale Avenue, Chicago, IL 60623
Fully renovated six-unit greystone featuring three 3-bedroom units and three 2-bedroom units with modernized interiors.
Property Size3,000 SF
Price / SF$238.65
Days on Market95
Property Features for 1621 South Lawndale Avenue
General Information
Standard status
Active
Size
3,000 SF
Property subtype
Multi Family 5+ / Condo/Townhouse
Zoning
MULTI
Additional Details
Multifamily Units
6
Taxes and HOA fees
Annual Taxes
$4,087
Building Details
Year Built
1905
Stories
3
Tenancy
Multi
Listing Agency:
Keller Williams ONEChicago
(312) 804-0693
Listed By:
Christopher Anthony · License #475151235
(312) 804-0693
Source:
Compass
Added: May 8
Changed: Aug 8
Last Checked: Aug 9 at 12:26PM
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 Keller Williams ONEChicago
Investment Insights
Based on property information with market context.
This fully renovated greystone multifamily property features six units total, with three spacious 3-bedroom, 1-bath apartments and three 2-bedroom, 1-bath apartments. The interiors have been completely transformed, with open-concept layouts and modern systems described as part of the redesign. The classic greystone exterior has been preserved.
The property is located at 1621 South Lawndale Avenue in Chicago, Illinois, and is presented as a turnkey investment with minimal maintenance required. It is positioned in a rapidly developing area, according to the provided remarks.
If you are looking for a renovated, income-producing six-unit building with a mix of 2- and 3-bedroom floorplans, this property’s current configuration offers straightforward unit diversity within one greystone structure.
The property is located at 1621 South Lawndale Avenue in Chicago, Illinois, and is presented as a turnkey investment with minimal maintenance required. It is positioned in a rapidly developing area, according to the provided remarks.
If you are looking for a renovated, income-producing six-unit building with a mix of 2- and 3-bedroom floorplans, this property’s current configuration offers straightforward unit diversity within one greystone structure.
Key Highlights
- Fully renovated six‑unit greystone with modernized interiors
- Built in 1905; classic greystone exterior preserved
- Unit mix: three 3‑bedroom, 1‑bath units and three 2‑bedroom, 1‑bath 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
$45,987
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
6.42%
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%
$919,740
$919.7K
Cap Rate 7%
$656,957
$657.0K
Cap Rate 9%
$510,967
$511.0K
Market Conditions
NOI Build-Up for 3,000 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
$88.2K $29.40/SF
− Vacancy
−$4.6K −$1.53/SF
EGI
$83.6K $27.87/SF
− OpEx
−$37.6K −$12.54/SF
NOI
$46.0K $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%
$919,740
Cap Rate 7%
$656,957
Cap Rate 9%
$510,967
Alternative Uses
Best Use
Apartment 5plus
$657.0K
$574.8K – $766.5K
NOI $45,987 @ 7.0% cap · market cap 6.42%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.41M
$1.24M – $1.65M
NOI $99,014 @ 7.0% cap · market cap 13.83%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
6
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,190
Businesses Nearby
Explore this area
Business Placement
Demographics for 60623, IL
87,649
Population
31,300
Households
2.8
Avg Household Size
32
Median Age
14%
College-Educated
69%
High-School Grad
5.4 sq mi
ZIP Area
16,231
Density / Sq Mi
$44,040
Median Household Income
$32,642
Median Earnings
$1,054
Median Rent
$221,400
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 - Fully renovated six-unit greystone featuring three 3-bedroom units and three 2-bedroom units with modernized interiors.
Where is this apartment building located?
The property is located at 1621 South Lawndale Avenue Chicago, IL.
What is the asking price?
The asking price for this property is $715,948.
What are key features of this property?
This property features: Fully renovated six‑unit greystone with modernized interiors; Built in 1905; classic greystone exterior preserved; Unit mix: three 3‑bedroom, 1‑bath units and three 2‑bedroom, 1‑bath units
