4-Unit Brick Multifamily
2241 W Rice St, Chicago, IL 60622
For Sale
New
$1,595,000
Located in Chicago’s Ukrainian Village, the property has brick construction and a history of family ownership.
Property Size4,250 SF
Days on Market2
Property Features for 2241 W Rice St
General Information
Standard status
Size
Property subtype
Site & Location
Neighborhood
Additional Details
Multifamily Units
Amenities
Located in the Ukrainian Village Neighborhood
Family Owned For Over 40 Years
Significant Upside in Rents
Potential for Rear Off-Street Parking and Two Units in Garden Level
Near CTA Blue Line Station, Metra Station and CTA Bus Stops
Average Household Income within One Mile is $147,004
Building Details
Building Size
Units
Construction
Listing Agency:
Chicago Oak Brook Office
Listed By:
Ryan Engle · License #License(s): IL: 475.143971
(630) 570-2230
Source:
Marcusmillichap
Added: Nov 8
Last Checked: Nov 8 at 2:56PM
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 Chicago Oak Brook Office
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Review the available facts, identify missing information and prepare questions for the agent.
Investment Insights
Based on property information with market context.
This four-unit multifamily property is a brick building in Chicago’s Ukrainian Village neighborhood. It has been held by the same family for more than 40 years.
Key Highlights
- Four residential units
- Brick construction
- Family‑owned for over 40 years
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$70,847
Cap Rate
4.44%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,416,940
$1.4M
Cap Rate 7%
$1,012,100
$1.0M
Cap Rate 9%
$787,189
$787.2K
Market Conditions
NOI Build-Up for 4,250 SF
Gross rent
$107.1K $25.20/SF
− Vacancy
−$5.9K −$1.39/SF
EGI
$101.2K $23.81/SF
− OpEx
−$30.4K −$7.14/SF
NOI
$70.8K $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%
$1,416,940
Cap Rate 7%
$1,012,100
Cap Rate 9%
$787,189
Alternative Uses
Best Use
Multifamily LT 5
$1.01M
$885.6K – $1.18M
NOI $70,847 @ 7.0% cap · market cap 4.44%
Second Best
Apartment 5plus
$930.7K
$814.4K – $1.09M
NOI $65,149 @ 7.0% cap · market cap 4.08%
Theoretical Best
Office A
$2.00M
$1.75M – $2.34M
NOI $140,270 @ 7.0% cap · market cap 8.79%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Who owns this building?
See the owner, sales and loan history
Open Analytics
Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
3,691
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Properties on Market for Quadplexes in Chicago
Vacancy Rate% for Multifamily in Midwest region
Frequently Asked Questions
What type of property is this?
Quadplex - Located in Chicago’s Ukrainian Village, the property has brick construction and a history of family ownership.
Where is this quadplex located?
The property is located at 2241 W Rice St Chicago, IL.
What is the asking price?
The asking price for this property is $1,595,000.
What are key features of this property?
This property features: Four residential units; Brick construction; Family‑owned for over 40 years
