Three-Unit Apartment with
For Sale
$729,000
1742 W Wallen Avenue Chicago, Chicago, IL 60626
Well-maintained 3-unit apartment building offers separate utilities, central HVAC, and in-unit laundry for each unit.
Property Size4,300 SF
Price / SF$169.53
Days on Market51
Property Features for 1742 W Wallen Avenue Chicago
General Information
Standard status
Active
Size
4,300 SF
Total Parking Spaces
2
Property subtype
Two to Four Units
Additional Details
Multifamily Units
3
Taxes and HOA fees
Annual Taxes
$11,740
Amenities
Finished,Full
3
9
Lake Michigan
2
30x125
No
Garage Door Opener,Yes,Other,Detached,Garage
Building Details
Year Built
1916
Listing Agency:
(847) 558-6808
Listed By:
Luigui Corral · License #475185100
(847) 558-6808
Source:
Remaxadream
Added: Jun 30
Changed: Aug 8
Last Checked: Aug 19 at 5:02AM
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 Luigui Corral
Investment Insights
Based on property information with market context.
This three-unit apartment property includes a garden unit and a total of three three-bedroom, one-bath layouts. Each unit is served by separate utilities, and each unit includes washer and dryer installation. Central air conditioning and heating are available in every unit, supporting year-round comfort. Off-street parking is supported by a two-car garage plus two additional parking spaces, giving tenants convenient access without relying solely on street parking.
The property is located at 1742 W Wallen Avenue in Chicago, IL 60626. The configuration is specifically designed for an owner or operator seeking a compact multi-unit setup with individualized utility responsibility and consistent in-unit amenities across the building.
For prospective buyers, the unit mix of three-bedroom, one-bath apartments can appeal to tenants looking for more space while keeping the building’s amenities standardized. Separate utilities can also simplify billing and ongoing operations compared with arrangements that require shared utility payments. With central HVAC in each unit, as well as in-unit laundry, this property offers a practical package for daily tenant living and for owners managing a three-unit rental portfolio.
The property is located at 1742 W Wallen Avenue in Chicago, IL 60626. The configuration is specifically designed for an owner or operator seeking a compact multi-unit setup with individualized utility responsibility and consistent in-unit amenities across the building.
For prospective buyers, the unit mix of three-bedroom, one-bath apartments can appeal to tenants looking for more space while keeping the building’s amenities standardized. Separate utilities can also simplify billing and ongoing operations compared with arrangements that require shared utility payments. With central HVAC in each unit, as well as in-unit laundry, this property offers a practical package for daily tenant living and for owners managing a three-unit rental portfolio.
Key Highlights
- 3‑unit apartment building built in 1916 with 3 total full baths and 9 total bedrooms
- All utilities are separate for each unit
- Each unit has central A/C and heating
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
$65,915
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
9.04%
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%
$1,318,300
$1.3M
Cap Rate 7%
$941,643
$941.6K
Cap Rate 9%
$732,389
$732.4K
Market Conditions
NOI Build-Up for 4,300 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
$126.4K $29.40/SF
− Vacancy
−$6.6K −$1.53/SF
EGI
$119.8K $27.87/SF
− OpEx
−$53.9K −$12.54/SF
NOI
$65.9K $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%
$1,318,300
Cap Rate 7%
$941,643
Cap Rate 9%
$732,389
Alternative Uses
Best Use
Multifamily LT 5
$1.02M
$896.0K – $1.19M
NOI $71,680 @ 7.0% cap · market cap 9.83%
Second Best
Apartment 5plus
$941.6K
$823.9K – $1.10M
NOI $65,915 @ 7.0% cap · market cap 9.04%
Theoretical Best
Office A
$2.03M
$1.77M – $2.37M
NOI $141,921 @ 7.0% cap · market cap 19.47%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
2,277
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
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Triplex - Well-maintained 3-unit apartment building offers separate utilities, central HVAC, and in-unit laundry for each unit.
Where is this triplex located?
The property is located at 1742 W Wallen Avenue Chicago Chicago, IL.
What is the asking price?
The asking price for this property is $729,000.
What are key features of this property?
This property features: 3‑unit apartment building built in 1916 with 3 total full baths and 9 total bedrooms; All utilities are separate for each unit; Each unit has central A/C and heating
