Vintage Six-Unit Apartment
For Sale
Contact for pricing
Pending
2330 West Thomas Street, Chicago, IL 60622
Brick six-flat on a 30 by 120 lot with balconies and separate utility meters for tenant-paid electric.
Property Size5,892 SF
Days on Market104
Property Features for 2330 West Thomas Street
General Information
Standard status
Pending
Size
5,892 SF
Property subtype
Retail, Multifamily
Zoning
R4
Occupancy
67%
Additional Details
Fenced Yard
Yes
Multifamily Units
6
Building Details
Year Built
1917
Buildings
1
Tenancy
Multi
Listing Agency:
Homesmart Connect LLC
Listed By:
Miroslaw Czerkas · License #475140528
Source:
Crexi
Added: May 27
Changed: Aug 8
Last Checked: Jul 24 at 8:33AM
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 Homesmart Connect LLC
Investment Insights
Based on property information with market context.
This vintage brick legal six-flat is set on a 30 by 120 lot and features five-room two-bedroom, one-bath units in the front and three-room one-bedroom, one-bath units in the rear. Hardwood floors run throughout the apartments, and each unit includes a balcony along with in-unit pantries. The building has an unfinished full basement and enclosed back porches and staircases. Recent exterior and systems work includes a tear-off roof in 2010, tuckpointing, parapet walls, and flashings in 2011, followed by lintels and parapet masonry work in 2023, along with updated electric, newer windows, and older plumbing. Heating is supported by newer furnaces in two first-floor units (2014 for one unit and 2025 for another), while the remaining four units use space heaters. There are six water heaters, with heating and water on separate meters, and tenant-paid electric in place except for one first-floor unit where electric is included in rent.
The property includes a fenced garden area at the rear with alley access. Two second-floor units in the front and rear are currently vacant, providing an easy showing opportunity.
For buyers seeking a residential income property with a clear front-to-rear unit mix and dedicated utilities, this building offers a workable configuration and strong in-place fundamentals, while also reflecting that income may benefit from updating and general TLC. The property is offered as-is.
The property includes a fenced garden area at the rear with alley access. Two second-floor units in the front and rear are currently vacant, providing an easy showing opportunity.
For buyers seeking a residential income property with a clear front-to-rear unit mix and dedicated utilities, this building offers a workable configuration and strong in-place fundamentals, while also reflecting that income may benefit from updating and general TLC. The property is offered as-is.
Key Highlights
- Vintage brick legal six‑flat on a 30x120 lot with balconies in all apartments
- Unit mix: front units are 5‑room 2BD/1BA; rear units are 3‑room 1BD/1BA
- Tear‑off roof completed in 2010; tuckpointing and flashings in 2011; parapet masonry/lintels work in 2023
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
$90,319
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
8.21%
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%
$1,806,380
$1.8M
Cap Rate 7%
$1,290,271
$1.3M
Cap Rate 9%
$1,003,544
$1.0M
Market Conditions
NOI Build-Up for 5,892 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
$173.2K $29.40/SF
− Vacancy
−$9.0K −$1.53/SF
EGI
$164.2K $27.87/SF
− OpEx
−$73.9K −$12.54/SF
NOI
$90.3K $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%
$1,806,380
Cap Rate 7%
$1,290,271
Cap Rate 9%
$1,003,544
Alternative Uses
Best Use
Apartment 5plus
$1.29M
$1.13M – $1.51M
NOI $90,319 @ 7.0% cap · market cap 8.21%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.78M
$2.43M – $3.24M
NOI $194,464 @ 7.0% cap · market cap 17.68%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
6
Residential units
Yes
Fenced yard
Location Intelligence
Trade Area within ½ mile
4,677
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
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 - Brick six-flat on a 30 by 120 lot with balconies and separate utility meters for tenant-paid electric.
Where is this apartment building located?
The property is located at 2330 West Thomas Street Chicago, IL.
What is the asking price?
The asking price for this property is $1,100,000.
What are key features of this property?
This property features: Vintage brick legal six‑flat on a 30x120 lot with balconies in all apartments; Unit mix: front units are 5‑room 2BD/1BA; rear units are 3‑room 1BD/1BA; Tear‑off roof completed in 2010; tuckpointing and flashings in 2011; parapet masonry/lintels work in 2023
