Six-Unit Apartment
New
For Sale
$1,625,000
1835 N Paulina St, Chicago, IL 60622
Residential property with one- and two-bedroom floor plans near neighborhood retail, rail service, and the Kennedy Expressway.
Property Size6,095 SF
Price / SF$266.61
Days on Market3
Property Features for 1835 N Paulina St
General Information
Standard status
Active
Size
6,095 SF
Net Rentable
5,300 SF
Property subtype
Multifamily
Site & Location
Highway Access
Yes
Road Access
Yes
Public Transit
Yes
Units
Unit Mix
4 x 1BR/1BA, 2 x 2BR/1BA
Multifamily Units
6
Amenities
Prime Bucktown Location
Value-Add Potential through Rental Increases and Management Efficiency
Durable Rental Demand and Limited New Supply
Building Details
Building Size
6,095 SF
Units
6
Listing Agency:
Marcus & Millichap - Chicago Downtown
(312) 327-5455
Listed By:
Kyle Stengle · License #License(s): IL: 475.138461
(312) 327-5455
Source:
Marcusmillichap
Added: Aug 28
Changed: Aug 29
Last Checked: Aug 29 at 10:06PM
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 Marcus & Millichap - Chicago Downtown
Investment Insights
Based on property information with market context.
This apartment building contains six units totaling approximately 5,300 rentable square feet within 6,095 gross building area. The configuration includes four one-bedroom, one-bathroom apartments and two two-bedroom, one-bathroom apartments, creating a mix of smaller and larger residential layouts. The property is situated on a residential block in Bucktown, just off Damen Avenue and its retail and dining corridor.
Transportation access includes the Damen Blue Line station, Clybourn Metra stop, and Kennedy Expressway. Residents are also near the 606 Trail, Holstein Park, and commercial activity along Damen, North, and Milwaukee Avenues. The asset is identified as an apartment building and carries a 5.88% cap rate.
Transportation access includes the Damen Blue Line station, Clybourn Metra stop, and Kennedy Expressway. Residents are also near the 606 Trail, Holstein Park, and commercial activity along Damen, North, and Milwaukee Avenues. The asset is identified as an apartment building and carries a 5.88% cap rate.
Key Highlights
- Six multifamily units totaling approximately 5,300 rentable SF
- 6,095 gross building area
- Unit mix includes four 1‑bedroom/1‑bathroom and two 2‑bedroom/1‑bathroom apartments
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
$93,431
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
5.75%
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%
$1,868,620
$1.9M
Cap Rate 7%
$1,334,729
$1.3M
Cap Rate 9%
$1,038,122
$1.0M
Market Conditions
NOI Build-Up for 6,095 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
$179.2K $29.40/SF
− Vacancy
−$9.3K −$1.53/SF
EGI
$169.9K $27.87/SF
− OpEx
−$76.4K −$12.54/SF
NOI
$93.4K $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%
$1,868,620
Cap Rate 7%
$1,334,729
Cap Rate 9%
$1,038,122
Alternative Uses
Best Use
Apartment 5plus
$1.33M
$1.17M – $1.56M
NOI $93,431 @ 7.0% cap · market cap 5.75%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.87M
$2.51M – $3.35M
NOI $201,164 @ 7.0% cap · market cap 12.38%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
6
Residential units
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
4,074
Businesses Nearby
Explore this area
Business Placement
Demographics for 60622, IL
55,075
Population
27,630
Households
2
Avg Household Size
33
Median Age
73%
College-Educated
94%
High-School Grad
2.5 sq mi
ZIP Area
22,030
Density / Sq Mi
$124,852
Median Household Income
$76,180
Median Earnings
$1,932
Median Rent
$622,900
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 - Residential property with one- and two-bedroom floor plans near neighborhood retail, rail service, and the Kennedy Expressway.
Where is this apartment building located?
The property is located at 1835 N Paulina St Chicago, IL.
What is the asking price?
The asking price for this property is $1,625,000.
What are key features of this property?
This property features: Six multifamily units totaling approximately 5,300 rentable SF; 6,095 gross building area; Unit mix includes four 1‑bedroom/1‑bathroom and two 2‑bedroom/1‑bathroom apartments
