Four-Unit Residential Income
1625 N Halsted Street Chicago, IL 60614
For Sale
$2,100,000
Four-unit property with an on-site car garage and ground-floor former restaurant space opportunity.
Property Size8,174 SF
Price / SF$256.91
Days on Market443
Property Features for 1625 N Halsted Street
General Information
- Standard status
- Active
- Size
- 8,174 SF
- Property subtype
- Multi Family
Building Details
- Year Built
- 2004
Listing Agency:
Millennium Properties RE, Inc.
(312) 338-3003
Listed By:
Daniel Hyman · License #471013658
(312) 338-3003
Source:
Exitrealty
Added: May 7, 2025
Changed: Jul 23
Last Checked: Jul 23 at 11:09AM
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 Millennium Properties RE, Inc.
Investment Insights
Based on property information with market context.
This 4-unit, 8,174 SF property at 1625 N Halsted includes a ground-floor former restaurant space alongside residential units, offering flexibility for an owner-user or an investor seeking rental income. The property also includes a 4-car garage and select upgrades, including a black iron top stove.
The building is located in Chicago on North Halsted Street, with strong transit access described as one block north of the CTA Clybourn Station and directly served by the Halsted bus route. The area is positioned near the North and Clybourn intersection and is described as being within blocks of Steppenwolf Theatre, Whole Foods, Apple, Crate & Barrel, and several notable restaurants including Alinea and Boka, with DePaul University’s main campus less than a mile away.
Per the provided remarks, the property is fully leased and is projected to generate $250,000 in income with a projected NOI of $170,000. It can be purchased individually or as part of a portfolio with 1625 N Halsted, 1629 N Halsted, and 1631 N Halsted.
The building is located in Chicago on North Halsted Street, with strong transit access described as one block north of the CTA Clybourn Station and directly served by the Halsted bus route. The area is positioned near the North and Clybourn intersection and is described as being within blocks of Steppenwolf Theatre, Whole Foods, Apple, Crate & Barrel, and several notable restaurants including Alinea and Boka, with DePaul University’s main campus less than a mile away.
Per the provided remarks, the property is fully leased and is projected to generate $250,000 in income with a projected NOI of $170,000. It can be purchased individually or as part of a portfolio with 1625 N Halsted, 1629 N Halsted, and 1631 N Halsted.
Key Highlights
- 4‑unit property at 1625 N Halsted, built in 2004, offering 8,174 SF total building area.
- Ground‑floor former restaurant space provides flexibility for an owner‑user and ties to residential unit income.
- Fully leased income potential stated at $250k with projected NOI of $170,000.
Financial Insights For Multifamily LT 5
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 | $206.0k | $25.20 |
| − Vacancy | −$11.3k | −$1.39 |
| EGI | $194.7k | $23.81 |
| − OpEx | −$58.4k | −$7.14 |
| NOI | $136.3k | $16.67 |
8,174 SF · lease $25.20/SF/yr · vacancy 5.50% · expense 30.00%
Alternative Uses
Best Use
Multifamily LT 5
$1.95M
$1.70M – $2.27M
NOI $136,259 @ 7.0% cap · market cap 6.49%
Second Best
Apartment 5plus
$1.79M
$1.57M – $2.09M
NOI $125,301 @ 7.0% cap · market cap 5.97%
Theoretical Best
Office A
$3.85M
$3.37M – $4.50M
NOI $269,781 @ 7.0% cap · market cap 12.85%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Paper Plane Pizza
Restaurant
FAQs
What type of property is this?
Quadplex - Four-unit property with an on-site car garage and ground-floor former restaurant space opportunity.
Where is this quadplex located?
The property is located at 1625 N Halsted Street Chicago, IL.
What is the asking price?
The asking price for this property is $2,100,000.
What are key features of this property?
This property features: 4‑unit property at 1625 N Halsted, built in 2004, offering 8,174 SF total building area.; Ground‑floor former restaurant space provides flexibility for an owner‑user and ties to residential unit income.; Fully leased income potential stated at $250k with projected NOI of $170,000.
