5-Unit Multifamily Investment
For Sale
$1,550,000
2236 W Augusta Blvd, Chicago, IL 60622
Well-maintained five-unit multifamily property with four two-bedroom units and one three-bedroom unit.
Property Size4,400 SF
Days on Market54
Property Features for 2236 W Augusta Blvd
General Information
Standard status
Active
Size
4,400 SF
Property subtype
Multifamily
Additional Details
Highway Access
Yes
Multifamily Units
5
Building Details
Building Size
4,400 SF
Year Built
1895
Listed By:
Carson McDaniel
(810) 844-6813
Source:
Kisergroup
Added: Jul 17
Changed: Aug 8
Last Checked: Sep 7 at 8:24AM
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 Carson McDaniel
Investment Insights
Based on property information with market context.
This well-maintained five-unit multifamily investment property includes four 2-bedroom, 1-bath units and one 3-bedroom, 1-bath unit. The units feature modern kitchens and baths, and the building has 100% copper plumbing. Electrical service is updated to 400 AMP.
Located at 2236 W. Augusta Blvd in the Ukrainian Village neighborhood of Chicago, the property offers convenient access to nearby dining, shopping, and entertainment districts in Wicker Park, West Town, and Noble Square. It is also close to CTA Blue Line service, multiple bus routes, and major thoroughfares including I-90/94.
The current unit mix provides a straightforward residential income configuration with all units served by the building’s updated plumbing and electrical systems.
Located at 2236 W. Augusta Blvd in the Ukrainian Village neighborhood of Chicago, the property offers convenient access to nearby dining, shopping, and entertainment districts in Wicker Park, West Town, and Noble Square. It is also close to CTA Blue Line service, multiple bus routes, and major thoroughfares including I-90/94.
The current unit mix provides a straightforward residential income configuration with all units served by the building’s updated plumbing and electrical systems.
Key Highlights
- Well‑maintained 5‑unit multifamily with four 2BD/1BA units and one 3BD/1BA unit
- Year built 1895
- 100% copper plumbing
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
$67,448
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
4.35%
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%
$1,348,960
$1.3M
Cap Rate 7%
$963,543
$963.5K
Cap Rate 9%
$749,422
$749.4K
Market Conditions
NOI Build-Up for 4,400 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
$129.4K $29.40/SF
− Vacancy
−$6.7K −$1.53/SF
EGI
$122.6K $27.87/SF
− OpEx
−$55.2K −$12.54/SF
NOI
$67.4K $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%
$1,348,960
Cap Rate 7%
$963,543
Cap Rate 9%
$749,422
Alternative Uses
Best Use
Apartment 5plus
$963.5K
$843.1K – $1.12M
NOI $67,448 @ 7.0% cap · market cap 4.35%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.07M
$1.82M – $2.42M
NOI $145,221 @ 7.0% cap · market cap 9.37%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
5
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
3,700
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
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 - Well-maintained five-unit multifamily property with four two-bedroom units and one three-bedroom unit.
Where is this apartment building located?
The property is located at 2236 W Augusta Blvd Chicago, IL.
What is the asking price?
The asking price for this property is $1,550,000.
What are key features of this property?
This property features: Well‑maintained 5‑unit multifamily with four 2BD/1BA units and one 3BD/1BA unit; Year built 1895; 100% copper plumbing
