Apartment Building with Full
For Sale
$824,000
1908 West 48th Street, Chicago, IL 60609
Fully rented multifamily property with separate utility systems, a two-car garage, and a fenced outdoor area.
Property Size3,050 SF
Price / SF$270.16
Days on Market318
Property Features for 1908 West 48th Street
General Information
Standard status
Active
Size
3,050 SF
Total Parking Spaces
2
Property subtype
Multi Family 5+ / Multi Family 5+-Other
Zoning
MULTI
Occupancy
100%
Net Operating Income
$94,860
Taxes and HOA fees
Annual Taxes
$3,182
Amenities
fenced-in yard
full basement
Building Details
Year Built
1914
Stories
4
Listing Agency:
Compass
(630) 697-4540
Listed By:
Eli Masud · License #475163294
(630) 697-4540
Source:
Compass
Added: Oct 18, 2025
Changed: Aug 30
Last Checked: Aug 30 at 3:21PM
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 Compass
Investment Insights
Based on property information with market context.
Located at 1908 West 48th Street in Chicago, this apartment building contains 15 bedrooms and 7 bathrooms within 3,050 square feet. The property was built in 1914 and is zoned MULTI. A full basement provides additional interior space, while the fenced yard adds usable outdoor area. The building also includes a two-car garage.
Separate furnaces, hot water tanks, and electric meters serve the individual units. Heating is provided by gas-fired forced air. Recent improvements include a new roof and back porch. The property is fully rented, offering an existing tenant base for an investor evaluating a multifamily acquisition.
Separate furnaces, hot water tanks, and electric meters serve the individual units. Heating is provided by gas-fired forced air. Recent improvements include a new roof and back porch. The property is fully rented, offering an existing tenant base for an investor evaluating a multifamily acquisition.
Key Highlights
- 15 bedrooms and 7 bathrooms within 3,050 square feet
- Built in 1914 and zoned MULTI
- Separate furnaces, hot water tanks, and electric meters for each unit
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
$46,754
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
5.67%
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%
$935,080
$935.1K
Cap Rate 7%
$667,914
$667.9K
Cap Rate 9%
$519,489
$519.5K
Market Conditions
NOI Build-Up for 3,050 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
$89.7K $29.40/SF
− Vacancy
−$4.7K −$1.53/SF
EGI
$85.0K $27.87/SF
− OpEx
−$38.3K −$12.54/SF
NOI
$46.8K $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%
$935,080
Cap Rate 7%
$667,914
Cap Rate 9%
$519,489
Alternative Uses
Best Use
Apartment 5plus
$667.9K
$584.4K – $779.2K
NOI $46,754 @ 7.0% cap · market cap 5.67%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.44M
$1.26M – $1.68M
NOI $100,665 @ 7.0% cap · market cap 12.22%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
1,129
Businesses Nearby
Explore this area
Business Placement
Demographics for 60609, IL
65,770
Population
26,122
Households
2.5
Avg Household Size
34
Median Age
20%
College-Educated
76%
High-School Grad
7.7 sq mi
ZIP Area
8,542
Density / Sq Mi
$54,142
Median Household Income
$37,694
Median Earnings
$1,070
Median Rent
$251,600
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 - Fully rented multifamily property with separate utility systems, a two-car garage, and a fenced outdoor area.
Where is this apartment building located?
The property is located at 1908 West 48th Street Chicago, IL.
What is the asking price?
The asking price for this property is $824,000.
What are key features of this property?
This property features: 15 bedrooms and 7 bathrooms within 3,050 square feet; Built in 1914 and zoned MULTI; Separate furnaces, hot water tanks, and electric meters for each unit
