Renovated Brick
For Sale
$1,050,000
Pending
2434 North Albany Avenue, Chicago, IL 60647
Three residences combine updated interiors, smart-home systems, separate utilities, and shared outdoor amenities.
Property Size3,200 SF
Days on Market84
Property Features for 2434 North Albany Avenue
General Information
Standard status
Pending
Size
3,200 SF
Total Parking Spaces
2
Property subtype
Two to Four Units / 3 Flat
Zoning
MULTI
Net Operating Income
$55,606
Taxes and HOA fees
Annual Taxes
$15,320
Building Details
Year Built
1910
Listing Agency:
Baird & Warner
(773) 680-1831
Listed By:
Christine Sullivan · License #475170045
(773) 680-1831
Source:
Compass
Added: Jun 10
Changed: Aug 30
Last Checked: Aug 31 at 9:44PM
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 Baird & Warner
Investment Insights
Based on property information with market context.
This 3,200-square-foot brick triplex, built in 1910, includes a three-bedroom, one-bath upper residence, a two-bedroom, one-bath first-floor residence, and a two-bedroom, one-bath non-conforming garden unit. The main residences offer separate living and dining areas, rear sunrooms, renovated kitchens and baths, granite countertops, newer appliances, hardwood floors, and original wood detailing. The garden unit adds bamboo flooring, an updated bath, a granite-counter kitchen, two bedrooms, and flexible additional space.
Building systems include central A/C, separate gas furnaces, newer electrical panels, a new copper water service line, Nest thermostats, and keyless smart-lock entry. Separate metering places utility responsibility with the tenants. Common amenities include commercial-grade laundry, landscaped fenced yards, a raised garden bed, covered patio, shared rear deck, and a 2.5-car exterior parking pad. The property is near the Logan Square and California Blue Line stations, Milwaukee Avenue dining and nightlife, and the Logan Square Farmers Market.
Building systems include central A/C, separate gas furnaces, newer electrical panels, a new copper water service line, Nest thermostats, and keyless smart-lock entry. Separate metering places utility responsibility with the tenants. Common amenities include commercial-grade laundry, landscaped fenced yards, a raised garden bed, covered patio, shared rear deck, and a 2.5-car exterior parking pad. The property is near the Logan Square and California Blue Line stations, Milwaukee Avenue dining and nightlife, and the Logan Square Farmers Market.
Key Highlights
- 3,200‑square‑foot brick triplex built in 1910
- Unit mix includes 3 bed/1 bath, 2 bed/1 bath, and a 2 bed/1 bath non‑conforming garden unit
- Central A/C, separate gas furnaces, newer electrical panels, and copper water service line
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
$53,343
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
5.08%
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%
$1,066,860
$1.1M
Cap Rate 7%
$762,043
$762.0K
Cap Rate 9%
$592,700
$592.7K
Market Conditions
NOI Build-Up for 3,200 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
$80.6K $25.20/SF
− Vacancy
−$4.4K −$1.39/SF
EGI
$76.2K $23.81/SF
− OpEx
−$22.9K −$7.14/SF
NOI
$53.3K $16.67/SF
Area
Chicago, IL
Vacancy
5.50%
Lease Rate
$25.20 /SF/Yr
Expense Ratio
30.00%
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%
$1,066,860
Cap Rate 7%
$762,043
Cap Rate 9%
$592,700
Alternative Uses
Best Use
Multifamily LT 5
$762.0K
$666.8K – $889.1K
NOI $53,343 @ 7.0% cap · market cap 5.08%
Second Best
Apartment 5plus
$700.8K
$613.2K – $817.6K
NOI $49,053 @ 7.0% cap · market cap 4.67%
Theoretical Best
Office A
$1.51M
$1.32M – $1.76M
NOI $105,615 @ 7.0% cap · market cap 10.06%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
3,044
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?
Triplex - Three residences combine updated interiors, smart-home systems, separate utilities, and shared outdoor amenities.
Where is this triplex located?
The property is located at 2434 North Albany Avenue Chicago, IL.
What is the asking price?
The asking price for this property is $1,050,000.
What are key features of this property?
This property features: 3,200‑square‑foot brick triplex built in 1910; Unit mix includes 3 bed/1 bath, 2 bed/1 bath, and a 2 bed/1 bath non‑conforming garden unit; Central A/C, separate gas furnaces, newer electrical panels, and copper water service line
