New Construction 6-Unit Apartment
For Sale
Contact for pricing
226 E 48th St, Chicago, IL 60615
Masonry asset offers mixed simplex and duplex layouts with private storage and off-street parking.
Property Size10,000 SF
Price / SF$210
Days on Market1252
Property Features for 226 E 48th St
General Information
Standard status
Active
Size
10,000 SF
Class
A
Property subtype
Multifamily
Net Operating Income
$165,000
Building Details
Year Built
2023
Buildings
1
Stories
4
Units
6
Listing Agency:
Fulton Grace
Listed By:
Lawrence Dunning · License #IL 475164126
(312) 286-0427
Source:
Crexi
Added: May 20, 2023
Changed: Oct 7
Last Checked: Oct 20 at 9:34PM
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 Fulton Grace
Ask AI about this property
Review the available facts, identify missing information and prepare questions for the agent.
Investment Insights
Based on property information with market context.
This 2023 apartment building contains six units in a full-masonry structure, including four simplex residences and two duplex residences. Each unit includes private storage and off-street parking, along with separate living and dining areas, designer cabinetry, a large kitchen peninsula, quartz countertops, stainless steel appliances, and hardwood flooring.
The property is located at 226 E 48th St in Chicago, Illinois. Its combination of varied unit layouts, dedicated storage, parking, and contemporary interior finishes provides a detailed physical profile for multifamily ownership and evaluation.
The property is located at 226 E 48th St in Chicago, Illinois. Its combination of varied unit layouts, dedicated storage, parking, and contemporary interior finishes provides a detailed physical profile for multifamily ownership and evaluation.
Key Highlights
- Six‑unit apartment building completed in 2023
- Full‑masonry construction at 226 E 48th St, Chicago, IL 60615
- Unit mix includes 4 simplex residences and 2 duplex residences
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$153,292
Cap Rate
7.30%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$3,065,840
$3.1M
Cap Rate 7%
$2,189,886
$2.2M
Cap Rate 9%
$1,703,244
$1.7M
Market Conditions
NOI Build-Up for 10,000 SF
Gross rent
$294.0K $29.40/SF
− Vacancy
−$15.3K −$1.53/SF
EGI
$278.7K $27.87/SF
− OpEx
−$125.4K −$12.54/SF
NOI
$153.3K $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 Rate 5%
$3,065,840
Cap Rate 7%
$2,189,886
Cap Rate 9%
$1,703,244
Alternative Uses
Best Use
Apartment 5plus
$2.19M
$1.92M – $2.55M
NOI $153,292 @ 7.0% cap · market cap 7.30%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$4.71M
$4.13M – $5.50M
NOI $330,048 @ 7.0% cap · market cap 15.72%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Location Intelligence
Trade Area within ½ mile
1,339
Businesses Nearby
Explore this area
Business Placement
Demographics for 60615, IL
43,502
Population
24,997
Households
1.7
Avg Household Size
35
Median Age
61%
College-Educated
93%
High-School Grad
2.2 sq mi
ZIP Area
19,774
Density / Sq Mi
$62,105
Median Household Income
$47,186
Median Earnings
$1,444
Median Rent
$305,200
Median Home Value
Market
Vacancy Rate% for Multifamily in Midwest region
Frequently Asked Questions
What type of property is this?
Apartment building - Masonry asset offers mixed simplex and duplex layouts with private storage and off-street parking.
Where is this apartment building located?
The property is located at 226 E 48th St Chicago, IL.
What is the asking price?
The asking price for this property is $2,100,000.
What are key features of this property?
This property features: Six‑unit apartment building completed in 2023; Full‑masonry construction at 226 E 48th St, Chicago, IL 60615; Unit mix includes 4 simplex residences and 2 duplex residences
