6-Unit Apartment
New
For Sale
$2,400,000
1723 W Foster Ave, Chicago, IL 60640
Six occupied residences include four standard apartments and two duplexes, with laundry facilities and a four-car garage.
Property Size12,440 SF
Price / SF$192.93
Days on Market3
Property Features for 1723 W Foster Ave
General Information
Standard status
Active
Size
12,440 SF
Property subtype
Multi-Family
Building Details
Year Built
1923
Listing Agency:
Baird & Warner
Listed By:
Peter Fotopoulos · License #471010854
(312) 265-8000
Source:
Saladinosells
Added: Sep 30
Last Checked: Oct 1 at 3:57PM
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 Baird & Warner
Investment Insights
Based on property information with market context.
This 1923 apartment building contains four two-bedroom, one-bath units and two three-bedroom, two-bath duplexes. Interiors include hardwood floors, decorative fireplaces, separate dining rooms, and updated kitchens with granite countertops and stainless steel appliances. Central HVAC serves all six apartments. The duplexes have in-unit laundry and lower-level family rooms; coin-operated laundry serves the other four units. A four-car brick garage is also part of the property.
The building sits between Andersonville and Ravenswood/Lincoln Square, within walking distance of the Foster/Clark corridor. Public transportation and Lake Michigan are also accessible from the property.
Building improvements include a tear-off roof installed approximately 2 years ago, rebuilt parapet walls, 400-amp electrical service, and copper plumbing. A 160-gallon high-efficiency water heater was installed in 2014, and the furnaces were replaced approximately 5 years ago. The garage has rebuilt trusses and a newer rubber roof. All six units are rented.
The building sits between Andersonville and Ravenswood/Lincoln Square, within walking distance of the Foster/Clark corridor. Public transportation and Lake Michigan are also accessible from the property.
Building improvements include a tear-off roof installed approximately 2 years ago, rebuilt parapet walls, 400-amp electrical service, and copper plumbing. A 160-gallon high-efficiency water heater was installed in 2014, and the furnaces were replaced approximately 5 years ago. The garage has rebuilt trusses and a newer rubber roof. All six units are rented.
Key Highlights
- Six apartments: four 2‑bedroom, 1‑bath units and two 3‑bedroom, 2‑bath duplexes
- All six units are rented; central HVAC serves each apartment
- 4‑car brick garage with rebuilt trusses and a newer rubber roof
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
$190,695
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
7.95%
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%
$3,813,900
$3.8M
Cap Rate 7%
$2,724,214
$2.7M
Cap Rate 9%
$2,118,833
$2.1M
Market Conditions
NOI Build-Up for 12,440 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
$365.7K $29.40/SF
− Vacancy
−$19.0K −$1.53/SF
EGI
$346.7K $27.87/SF
− OpEx
−$156.0K −$12.54/SF
NOI
$190.7K $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%
$3,813,900
Cap Rate 7%
$2,724,214
Cap Rate 9%
$2,118,833
Alternative Uses
Best Use
Apartment 5plus
$2.72M
$2.38M – $3.18M
NOI $190,695 @ 7.0% cap · market cap 7.95%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$5.87M
$5.13M – $6.84M
NOI $410,580 @ 7.0% cap · market cap 17.11%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
3,210
Businesses Nearby
Explore this area
Business Placement
Demographics for 60640, IL
65,941
Population
40,850
Households
1.6
Avg Household Size
38
Median Age
63%
College-Educated
92%
High-School Grad
2.4 sq mi
ZIP Area
27,475
Density / Sq Mi
$71,030
Median Household Income
$59,264
Median Earnings
$1,374
Median Rent
$363,300
Median Home Value
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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 - Six occupied residences include four standard apartments and two duplexes, with laundry facilities and a four-car garage.
Where is this apartment building located?
The property is located at 1723 W Foster Ave Chicago, IL.
What is the asking price?
The asking price for this property is $2,400,000.
What are key features of this property?
This property features: Six apartments: four 2‑bedroom, 1‑bath units and two 3‑bedroom, 2‑bath duplexes; All six units are rented; central HVAC serves each apartment; 4‑car brick garage with rebuilt trusses and a newer rubber roof
