Gut-Renovated Five-Flat Apartment
For Sale
$1,299,000
2122 North Springfield Avenue, Chicago, IL 60647
Five apartments feature central HVAC, in-unit laundry, updated kitchens, private storage, and access to a fenced yard.
Property Size5,375 SF
Price / SF$241.67
Days on Market158
Property Features for 2122 North Springfield Avenue
General Information
Standard status
Active
Size
5,375 SF
Total Parking Spaces
5
Property subtype
Multi Family 5+ / Flats
Zoning
MULTI
Net Operating Income
$82,263
Additional Details
Multifamily Units
5
Taxes and HOA fees
Annual Taxes
$23,787
Amenities
hardwood floors
exposed brick
in-unit washer and dryers
quartz countertops
42-inch cabinetry
tile backsplash
stainless steel appliances
central heat and air
individually controlled HVAC
bike storage room
additional storage
fully fenced yard
Building Details
Year Built
1930
Year Renovated
2019
Buildings
1
Stories
2
Listing Agency:
Jameson Sotheby's Intl Realty
(641) 781-9151
Listed By:
Chris Gomes · License #475174045
(641) 781-9151
Source:
Compass
Added: Mar 26
Changed: Aug 29
Last Checked: Aug 29 at 2:34PM
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 Jameson Sotheby's Intl Realty
Investment Insights
Based on property information with market context.
Built in 1930, this 5,375-square-foot five-flat apartment building received a comprehensive gut renovation in 2019. Building improvements include new windows, gutters, downspouts, rear steel porch, wrought iron fencing, underground plumbing, water service, water heaters, electrical service, and wiring. Each apartment has individually controlled central heat and air, hardwood flooring, exposed brick, natural light, and an in-unit washer and dryer. Kitchens are finished with quartz countertops, 42-inch cabinets, tile backsplashes, dishwashers, micro-hoods, and stainless steel appliances.
The basement provides a dedicated bike room and additional storage. A fully fenced yard and five rear parking spaces add to the property's physical amenities. Located at 2122 North Springfield Avenue in Chicago's Logan Square area, the building is near Mozart Park and a three-minute bike ride from the 606 Trail. Zoning is MULTI.
The basement provides a dedicated bike room and additional storage. A fully fenced yard and five rear parking spaces add to the property's physical amenities. Located at 2122 North Springfield Avenue in Chicago's Logan Square area, the building is near Mozart Park and a three-minute bike ride from the 606 Trail. Zoning is MULTI.
Key Highlights
- 5,375‑square‑foot five‑flat apartment building
- Comprehensive gut renovation completed in 2019
- Five rear parking spaces plus a fully fenced yard
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
$82,394
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
6.34%
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%
$1,647,880
$1.6M
Cap Rate 7%
$1,177,057
$1.2M
Cap Rate 9%
$915,489
$915.5K
Market Conditions
NOI Build-Up for 5,375 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
$158.0K $29.40/SF
− Vacancy
−$8.2K −$1.53/SF
EGI
$149.8K $27.87/SF
− OpEx
−$67.4K −$12.54/SF
NOI
$82.4K $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%
$1,647,880
Cap Rate 7%
$1,177,057
Cap Rate 9%
$915,489
Alternative Uses
Best Use
Apartment 5plus
$1.18M
$1.03M – $1.37M
NOI $82,394 @ 7.0% cap · market cap 6.34%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.53M
$2.22M – $2.96M
NOI $177,401 @ 7.0% cap · market cap 13.66%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
5
Residential units
Location Intelligence
Trade Area within ½ mile
1,527
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?
Apartment building - Five apartments feature central HVAC, in-unit laundry, updated kitchens, private storage, and access to a fenced yard.
Where is this apartment building located?
The property is located at 2122 North Springfield Avenue Chicago, IL.
What is the asking price?
The asking price for this property is $1,299,000.
What are key features of this property?
This property features: 5,375‑square‑foot five‑flat apartment building; Comprehensive gut renovation completed in 2019; Five rear parking spaces plus a fully fenced yard
