Renovated 9-Unit Apartment
For Sale
$1,550,000
2258 S Sacramento Avenue, Chicago, IL 60623
Modernized 9-unit apartment building at 23rd and Sacramento, Chicago.
Property Size8,930 SF
Lot Size0.07 Acres
Price / SF$173.57
Days on Market164
Property Features for 2258 S Sacramento Avenue
General Information
Standard status
Active
Size
8,930 SF
Lot size
0.07 Acres
Property subtype
Commercial
Taxes and HOA fees
Annual Taxes
$13,963
Amenities
Central air
Central Air Cooling
Central Individual Cooling
Composition Roof
Building Details
Year Built
1911
Listing Agency:
SPERRY VAN NESS
(312) 676-1866
Listed By:
ANGELO LABRIOLA · License #475130926
Source:
Corcoran
Added: Feb 26
Changed: Aug 8
Last Checked: Aug 8 at 6:12AM
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 SPERRY VAN NESS
Investment Insights
Based on property information with market context.
Located at the corner of 23rd Street and Sacramento Avenue, this 9-unit brick apartment building is undergoing renovations, with completion expected in spring 2026. The property encompasses approximately 8,930 square feet and includes a full basement. Its corner location provides natural light throughout the building. The unit mix includes one 1-bedroom/1-bath unit, one 3-bedroom/2-bath unit, five 2-bedroom/1-bath units, two 3-bedroom/1-bath units, and one 4-bedroom/2-bath unit. Each apartment features updated kitchens and baths, in-unit laundry, and individual HVAC systems will be installed (or credit) upon sale. Recent capital improvements include updated electrical systems and a new roof (complete tear off in 2025).
Key Highlights
- Newer renovated 9‑unit brick apartment building, completion Spring 2026.
- Diversified unit mix including 1, 2, 3, and 4‑bedroom apartments.
- Modern kitchens and baths in each unit, plus in‑unit laundry.
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
$136,889
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
8.83%
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%
$2,737,780
$2.7M
Cap Rate 7%
$1,955,557
$2.0M
Cap Rate 9%
$1,520,989
$1.5M
Market Conditions
NOI Build-Up for 8,930 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
$262.5K $29.40/SF
− Vacancy
−$13.7K −$1.53/SF
EGI
$248.9K $27.87/SF
− OpEx
−$112.0K −$12.54/SF
NOI
$136.9K $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%
$2,737,780
Cap Rate 7%
$1,955,557
Cap Rate 9%
$1,520,989
Alternative Uses
Best Use
Apartment 5plus
$1.96M
$1.71M – $2.28M
NOI $136,889 @ 7.0% cap · market cap 8.83%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$4.21M
$3.68M – $4.91M
NOI $294,733 @ 7.0% cap · market cap 19.02%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,813
Businesses Nearby
Explore this area
Business Placement
Demographics for 60623, IL
87,649
Population
31,300
Households
2.8
Avg Household Size
32
Median Age
14%
College-Educated
69%
High-School Grad
5.4 sq mi
ZIP Area
16,231
Density / Sq Mi
$44,040
Median Household Income
$32,642
Median Earnings
$1,054
Median Rent
$221,400
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 - Modernized 9-unit apartment building at 23rd and Sacramento, Chicago.
Where is this apartment building located?
The property is located at 2258 S Sacramento Avenue 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: Newer renovated 9‑unit brick apartment building, completion Spring 2026.; Diversified unit mix including 1, 2, 3, and 4‑bedroom apartments.; Modern kitchens and baths in each unit, plus in‑unit laundry.
