Five-Unit Apartment
For Sale
$1,200,000
1841 N Hermitage Ave, Chicago, IL 60622
Uniform one-bedroom residences support straightforward multifamily operations near Bucktown shopping, dining, and transit connections.
Property Size4,543 SF
Price / SF$298.14
Days on Market49
Property Features for 1841 N Hermitage Ave
General Information
Standard status
Active
Size
4,543 SF
Net Rentable
3,500 SF
Property subtype
Multifamily
Site & Location
Highway Access
Yes
Road Access
Yes
Public Transit
Yes
Units
Unit Mix
5 x 1BR/1BA
Multifamily Units
5
Additional Details
Cap Rate
4.79%
Amenities
Prime Bucktown Location
Value-Add Potential through Rental Increases and Management Efficiency
Durable Rental Demand and Limited New Supply
Building Details
Building Size
4,543 SF
Buildings
1
Units
5
Listing Agency:
Marcus & Millichap | Chicago Downtown
Listed By:
Kyle Stengle · License #License(s): IL: 475.138461
(312) 327-5455
Source:
Marcusmillichap
Added: Aug 28
Changed: Oct 7
Last Checked: Oct 14 at 7:33PM
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 five residential units totaling approximately 3,500 rentable square feet within 4,025 gross building area. Each residence is configured as a one-bedroom, one-bathroom unit, creating a consistent layout across the property and a straightforward operating profile. The building sits on a quiet, tree-lined section of North Hermitage Avenue in Chicago’s Bucktown neighborhood.
Damen Avenue’s shopping and dining corridor is within walking distance, while the Clybourn Metra stop and Kennedy Expressway provide access to surrounding areas and downtown. The property is also near Holstein Park and the 606 Trail, with nearby retail, restaurants, and neighborhood amenities contributing to its urban residential setting.
Damen Avenue’s shopping and dining corridor is within walking distance, while the Clybourn Metra stop and Kennedy Expressway provide access to surrounding areas and downtown. The property is also near Holstein Park and the 606 Trail, with nearby retail, restaurants, and neighborhood amenities contributing to its urban residential setting.
Key Highlights
- Five‑unit multifamily building with approximately 3,500 rentable SF and 4,025 gross building area
- Uniform unit mix: five one‑bedroom / one‑bathroom apartments
- Located on a quiet, tree‑lined section of North Hermitage Avenue in Bucktown
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$61,700
Cap Rate
5.14%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,234,000
$1.2M
Cap Rate 7%
$881,429
$881.4K
Cap Rate 9%
$685,556
$685.6K
Market Conditions
NOI Build-Up for 4,025 SF
Gross rent
$118.3K $29.40/SF
− Vacancy
−$6.2K −$1.53/SF
EGI
$112.2K $27.87/SF
− OpEx
−$50.5K −$12.54/SF
NOI
$61.7K $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 Rate 5%
$1,234,000
Cap Rate 7%
$881,429
Cap Rate 9%
$685,556
Alternative Uses
Best Use
Apartment 5plus
$881.4K
$771.3K – $1.03M
NOI $61,700 @ 7.0% cap · market cap 5.14%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.90M
$1.66M – $2.21M
NOI $132,844 @ 7.0% cap · market cap 11.07%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
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Open Analytics
Current Use
Lease Details
5
Residential units
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
4,060
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
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Cap Rate, Value Estimation, Potential NOI and more
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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 - Uniform one-bedroom residences support straightforward multifamily operations near Bucktown shopping, dining, and transit connections.
Where is this apartment building located?
The property is located at 1841 N Hermitage Ave Chicago, IL.
What is the asking price?
The asking price for this property is $1,200,000.
What are key features of this property?
This property features: Five‑unit multifamily building with approximately 3,500 rentable SF and 4,025 gross building area; Uniform unit mix: five one‑bedroom / one‑bathroom apartments; Located on a quiet, tree‑lined section of North Hermitage Avenue in Bucktown
