10-Unit Apartment
New
For Sale
$2,225,000
1629-1631 W Estes Avenue, Chicago, IL 60626
A front apartment building and separate coach house offer a mix of studios, one-bedroom, and two-bedroom layouts.
Property Size7,908 SF
Price / SF$281.36
Days on Market2
Property Features for 1629-1631 W Estes Avenue
General Information
Standard status
Active
Size
7,908 SF
Total Parking Spaces
5
Property subtype
MULTI_FAMILY
Occupancy
90%
Site & Location
Neighborhood
Rogers Park
Public Transit
Yes
Units
Unit Mix
4 x 2BR/1BA, 4 x 1BR/1BA, 2 x studio/1BA
Multifamily Units
10
Additional Details
Tenant in Place
Yes
Taxes and HOA fees
Annual Taxes
$14,826
Amenities
deck
backyard
laundry
gated parking
central air
Building Details
Building Size
7,908 SF
Year Built
1917
Buildings
2
Listing Agency:
Charles Rutenberg Realty
Listed By:
Jeffrey Cobb
(708) 203-0800
Source:
Dawnmckennagroup
Added: Oct 26
Last Checked: Oct 26 at 3:24PM
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 Charles Rutenberg Realty
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Investment Insights
Based on property information with market context.
The 7,908-square-foot property dates to 1917 and comprises a front 8-flat and a rear two-unit coach house. Its ten apartments include four two-bedroom/one-bath units, four one-bedroom/one-bath units, and two studios with one bath each. Nine kitchens have updated cabinetry, stainless-steel appliances, and granite countertops. Eight apartments have central air, and tenants pay for their own gas heat and electricity. Other features include replacement windows, decks, a backyard, basement coin laundry with three washers and three dryers, and gated parking for five cars.
Nine apartments are occupied on month-to-month arrangements; the renovated two-bedroom unit is vacant. The property is approximately three blocks from Lake Michigan, with public transportation, shopping, dining, and neighborhood amenities nearby.
Nine apartments are occupied on month-to-month arrangements; the renovated two-bedroom unit is vacant. The property is approximately three blocks from Lake Michigan, with public transportation, shopping, dining, and neighborhood amenities nearby.
Key Highlights
- 10 apartments across a front 8‑flat and a rear two‑unit coach house
- Apartment mix: four 2‑bedroom/1‑bath units, four 1‑bedroom/1‑bath units, and two studio/1‑bath units
- 7,908 square feet; built in 1917
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$121,223
Cap Rate
5.45%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$2,424,460
$2.4M
Cap Rate 7%
$1,731,757
$1.7M
Cap Rate 9%
$1,346,922
$1.3M
Market Conditions
NOI Build-Up for 7,908 SF
Gross rent
$232.5K $29.40/SF
− Vacancy
−$12.1K −$1.53/SF
EGI
$220.4K $27.87/SF
− OpEx
−$99.2K −$12.54/SF
NOI
$121.2K $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%
$2,424,460
Cap Rate 7%
$1,731,757
Cap Rate 9%
$1,346,922
Alternative Uses
Best Use
Apartment 5plus
$1.73M
$1.52M – $2.02M
NOI $121,223 @ 7.0% cap · market cap 5.45%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.73M
$3.26M – $4.35M
NOI $261,002 @ 7.0% cap · market cap 11.73%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Lease Details
10
Residential units
90%
Occupancy
Location Intelligence
Trade Area within ½ mile
2,547
Businesses Nearby
Explore this area
Business Placement
Demographics for 60626, IL
50,548
Population
26,812
Households
1.9
Avg Household Size
36
Median Age
53%
College-Educated
91%
High-School Grad
1.7 sq mi
ZIP Area
29,734
Density / Sq Mi
$57,452
Median Household Income
$39,527
Median Earnings
$1,265
Median Rent
$269,000
Median Home Value
Market
Vacancy Rate% for Multifamily in Midwest region
Frequently Asked Questions
What type of property is this?
Apartment building - A front apartment building and separate coach house offer a mix of studios, one-bedroom, and two-bedroom layouts.
Where is this apartment building located?
The property is located at 1629-1631 W Estes Avenue Chicago, IL.
What is the asking price?
The asking price for this property is $2,225,000.
What are key features of this property?
This property features: 10 apartments across a front 8‑flat and a rear two‑unit coach house; Apartment mix: four 2‑bedroom/1‑bath units, four 1‑bedroom/1‑bath units, and two studio/1‑bath units; 7,908 square feet; built in 1917
