Renovated 3-Unit
For Sale
$1,150,000
2215 W Arthur Avenue, Chicago, IL 60645
Each apartment has separate utilities, in-unit laundry, and its own heating and cooling equipment.
Property Size5,200 SF
Price / SF$221.15
Days on Market9
Property Features for 2215 W Arthur Avenue
General Information
Standard status
Active
Size
5,200 SF
Total Parking Spaces
3
Property subtype
Two to Four Units
Zoning
MULTI
Site & Location
Neighborhood
West Rogers Park
Road Access
Yes
Units
Unit Mix
1 x 2BR/2BA duplex-down, 2 x 2BR/1BA
Multifamily Units
3
Additional Details
Tenant in Place
Yes
Taxes and HOA fees
Annual Taxes
$13,235
Amenities
rear decks
heated floors
central air conditioning
in-unit washer and dryer
Finished,Full
4
6
3
Landscaped
Lake Michigan,Public
33 X 125
No
Garage Door Opener,Yes,Garage Owned,Detached,Garage
Building Details
Year Built
1925
Buildings
1
Tenancy
Multi
Listing Agency:
(708) 787-2808
Listed By:
Robi Neupane
Source:
Kawashgroup
Added: Oct 21
Changed: Oct 28
Last Checked: Oct 28 at 3:09PM
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 Robi Neupane
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Investment Insights
Based on property information with market context.
This 5,200-square-foot triplex, built in 1925, contains three apartments: a first-floor duplex with two bedrooms and two full bathrooms, plus two two-bedroom, one-bath units. Improvements include replacement windows, rear decks and stairs, updated plumbing and electrical systems, HVAC equipment, a water heater, and tuckpointing. Each apartment has a high-efficiency furnace, central air conditioning, a private washer and dryer, and separate utilities.
A detached three-car garage provides parking. One apartment is vacant; the other two are occupied by long-term tenants. The property is zoned MULTI and is located on W Arthur Avenue in Chicago, near Warren Park.
A detached three-car garage provides parking. One apartment is vacant; the other two are occupied by long-term tenants. The property is zoned MULTI and is located on W Arthur Avenue in Chicago, near Warren Park.
Key Highlights
- Three apartments: one two‑bedroom, two‑bath duplex and two two‑bedroom, one‑bath units
- 5,200‑square‑foot property built in 1925
- Detached three‑car garage
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$86,683
Cap Rate
7.54%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,733,660
$1.7M
Cap Rate 7%
$1,238,329
$1.2M
Cap Rate 9%
$963,144
$963.1K
Market Conditions
NOI Build-Up for 5,200 SF
Gross rent
$131.0K $25.20/SF
− Vacancy
−$7.2K −$1.39/SF
EGI
$123.8K $23.81/SF
− OpEx
−$37.1K −$7.14/SF
NOI
$86.7K $16.67/SF
Area
Chicago, IL
Vacancy
5.50%
Lease Rate
$25.20 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,733,660
Cap Rate 7%
$1,238,329
Cap Rate 9%
$963,144
Alternative Uses
Best Use
Multifamily LT 5
$1.24M
$1.08M – $1.44M
NOI $86,683 @ 7.0% cap · market cap 7.54%
Second Best
Apartment 5plus
$1.14M
$996.4K – $1.33M
NOI $79,712 @ 7.0% cap · market cap 6.93%
Theoretical Best
Office A
$2.45M
$2.15M – $2.86M
NOI $171,625 @ 7.0% cap · market cap 14.92%
Zoning and permitted uses should be independently verified with authorities.
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Lease Details
3
Residential units
Multi-tenant
Tenancy
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
1,838
Businesses Nearby
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Business Placement
Demographics for 60645, IL
48,356
Population
18,143
Households
2.7
Avg Household Size
36
Median Age
45%
College-Educated
86%
High-School Grad
2.2 sq mi
ZIP Area
21,980
Density / Sq Mi
$77,126
Median Household Income
$40,666
Median Earnings
$1,424
Median Rent
$308,200
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
Frequently Asked Questions
What type of property is this?
Triplex - Each apartment has separate utilities, in-unit laundry, and its own heating and cooling equipment.
Where is this triplex located?
The property is located at 2215 W Arthur Avenue Chicago, IL.
What is the asking price?
The asking price for this property is $1,150,000.
What are key features of this property?
This property features: Three apartments: one two‑bedroom, two‑bath duplex and two two‑bedroom, one‑bath units; 5,200‑square‑foot property built in 1925; Detached three‑car garage
