Classic Multifamily
For Sale
$575,000
1922 N Central Park Avenue, Chicago, IL 60647
Historic construction supports rental use or owner occupancy in Chicago’s Logan Square neighborhood.
Property Size2,398 SF
Lot Size0.07 Acres
Price / SF$239.78
Days on Market30
Property Features for 1922 N Central Park Avenue
General Information
Standard status
Active
Size
2,398 SF
Total Parking Spaces
2
Lot size
0.07 Acres
Property subtype
Residential Income
Additional Details
Public Transit
Yes
Taxes and HOA fees
Annual Taxes
$9,676
Building Details
Year Built
1893
Buildings
1
Listing Agency:
Core Realty & Investments Inc.
(224) 235-4336
Listed By:
Rick Ortiz
(224) 235-4336
Source:
Cavanaghrealty
Added: Jul 22
Changed: Aug 14
Last Checked: Aug 19 at 2:00PM
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 Core Realty & Investments Inc.
Investment Insights
Based on property information with market context.
Built in 1893, this multifamily property contains approximately 2,398 square feet of living space on a 25' x 125' lot. The building retains classic Chicago character and is being sold AS IS, with a configuration suited to rental income or owner occupancy.
The property is located on a tree-lined street in Logan Square, near neighborhood restaurants, shopping, parks, schools, and public transportation. Its Chicago location and multifamily format provide a practical foundation for an investor or owner-occupant seeking residential income potential.
The property is located on a tree-lined street in Logan Square, near neighborhood restaurants, shopping, parks, schools, and public transportation. Its Chicago location and multifamily format provide a practical foundation for an investor or owner-occupant seeking residential income potential.
Key Highlights
- Approximately 2,398 square feet of living space
- 25' x 125' lot
- Built in 1893
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
$36,759
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
6.39%
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%
$735,180
$735.2K
Cap Rate 7%
$525,129
$525.1K
Cap Rate 9%
$408,433
$408.4K
Market Conditions
NOI Build-Up for 2,398 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
$70.5K $29.40/SF
− Vacancy
−$3.7K −$1.53/SF
EGI
$66.8K $27.87/SF
− OpEx
−$30.1K −$12.54/SF
NOI
$36.8K $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%
$735,180
Cap Rate 7%
$525,129
Cap Rate 9%
$408,433
Alternative Uses
Best Use
Apartment 5plus
$525.1K
$459.5K – $612.7K
NOI $36,759 @ 7.0% cap · market cap 6.39%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.13M
$989.3K – $1.32M
NOI $79,146 @ 7.0% cap · market cap 13.76%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,366
Businesses Nearby
Explore this area
Business Placement
Demographics for 60647, IL
85,631
Population
41,975
Households
2
Avg Household Size
33
Median Age
61%
College-Educated
92%
High-School Grad
4.0 sq mi
ZIP Area
21,408
Density / Sq Mi
$102,851
Median Household Income
$65,776
Median Earnings
$1,714
Median Rent
$557,300
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?
Multifamily property - Historic construction supports rental use or owner occupancy in Chicago’s Logan Square neighborhood.
Where is this multifamily property located?
The property is located at 1922 N Central Park Avenue Chicago, IL.
What is the asking price?
The asking price for this property is $575,000.
What are key features of this property?
This property features: Approximately 2,398 square feet of living space; 25' x 125' lot; Built in 1893
