Logan Square Multi-Unit
For Sale
$774,000
2328 North Lawndale Avenue, Chicago, IL 60647
Spacious units near transportation, retail, and dining.
Property Size1,700 SF
Price / SF$455.29
Days on Market102
Property Features for 2328 North Lawndale Avenue
General Information
Standard status
Active
Size
1,700 SF
Total Parking Spaces
2
Property subtype
Two to Four Units / 3 Flat
Zoning
MULTI
Taxes and HOA fees
Annual Taxes
$9,239
Building Details
Year Built
1963
Listing Agency:
Pearson Realty Group
(773) 905-8000
Listed By:
Eduardo Padro · License #475141511
(773) 905-8000
Source:
Compass
Added: May 14
Changed: Aug 23
Last Checked: Aug 22 at 10:57AM
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 Pearson Realty Group
Investment Insights
Based on property information with market context.
This Logan Square multi-unit brick building features 1,700 square foot units on the first and second floor levels. The large, spacious units include a living room, kitchen, dining room, and two bedrooms. A rear heated sunroom offers the potential to be converted into a third bedroom to maximize use and rental income. The fully renovated basement unit includes a living room, kitchen, one bedroom, plus an additional room at the rear of the building with laundry room potential. All utilities are separate, with 3 boilers for base-board heating, 3 water heaters, and 3 electrical panels. The property includes a good-sized rear yard and a 2-car garage. It is within walking distance to a supermarket, restaurants, shops, and retail. The Healy Metra Train Station is a short distance away, and the Blue Line Train Station is 1.2 miles away.
Key Highlights
- Spacious 1,700 Sq Ft units on the 1st & 2nd floors feature large rooms.
- Fully renovated basement unit offers additional living space.
- Potential to convert rear heated Sunroom into a 3rd Bedroom.
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
$26,060
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
3.37%
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%
$521,200
$521.2K
Cap Rate 7%
$372,286
$372.3K
Cap Rate 9%
$289,556
$289.6K
Market Conditions
NOI Build-Up for 1,700 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
$50.0K $29.40/SF
− Vacancy
−$2.6K −$1.53/SF
EGI
$47.4K $27.87/SF
− OpEx
−$21.3K −$12.54/SF
NOI
$26.1K $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%
$521,200
Cap Rate 7%
$372,286
Cap Rate 9%
$289,556
Alternative Uses
Best Use
Apartment 5plus
$372.3K
$325.8K – $434.3K
NOI $26,060 @ 7.0% cap · market cap 3.37%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$801.5K
$701.4K – $935.1K
NOI $56,108 @ 7.0% cap · market cap 7.25%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,062
Businesses Nearby
Explore this area
Business Placement
Demographics for 60647, IL
85,631
Population
41,975
Households
2
Avg Household Size
33
Median Age
61%
College-Educated
92%
High-School Grad
4.0 sq mi
ZIP Area
21,408
Density / Sq Mi
$102,851
Median Household Income
$65,776
Median Earnings
$1,714
Median Rent
$557,300
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?
Multifamily property - Spacious units near transportation, retail, and dining.
Where is this multifamily property located?
The property is located at 2328 North Lawndale Avenue Chicago, IL.
What is the asking price?
The asking price for this property is $774,000.
What are key features of this property?
This property features: Spacious 1,700 Sq Ft units on the 1st & 2nd floors feature large rooms.; Fully renovated basement unit offers additional living space.; Potential to convert rear heated Sunroom into a 3rd Bedroom.
