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 Market1203
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
(773) 799-8042
Source:
Crexi
Added: May 20, 2023
Changed: Sep 1
Last Checked: Sep 1 at 9:20AM
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
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 = 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
$153,292
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
7.30%
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%
$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
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
$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 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%
$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.
Property Analytics
Current Use
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
Questions? Ask Rey
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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
