West Lincoln Park Investment
For Sale
$1,150,000
2527 N Ashland Avenue, Chicago, IL 60614
Fully leased 3-flat near DePaul University and Wrightwood Park.
Property Size3,146 SF
Price / SF$365.54
Days on Market196
Property Features for 2527 N Ashland Avenue
General Information
Standard status
Active
Size
3,146 SF
Property subtype
Multi-Family
Amenities
Natural Gas
Forced Air
Sep Heating Systems - 2+
Patio, Asphalt
Building Details
Year Built
1908
Listing Agency:
Compass
Listed By:
Michael Mandile · License #475174712
(847) 322-8827
Source:
Kw
Added: Feb 19
Changed: Sep 3
Last Checked: Jul 16 at 7:54AM
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 Compass
Investment Insights
Based on property information with market context.
This is a fully leased three-unit building in West Lincoln Park. The property is located moments from DePaul University, Wrightwood Park, and other neighborhood amenities. The building has been meticulously maintained and offers long-term investment potential. Recent upgrades include updated heat, air, roof, hot water tanks, and windows. The property is fully fenced and features rear outdoor space with alley access and parking for each unit. The property size is 3146 square feet.
Key Highlights
- Prime West Lincoln Park location, near DePaul University and Wrightwood Park.
- Fully leased 3‑flat providing immediate income.
- Recent upgrades to heat, air, roof, hot water tanks, and windows.
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
$52,443
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
4.56%
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%
$1,048,860
$1.0M
Cap Rate 7%
$749,186
$749.2K
Cap Rate 9%
$582,700
$582.7K
Market Conditions
NOI Build-Up for 3,146 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
$79.3K $25.20/SF
− Vacancy
−$4.4K −$1.39/SF
EGI
$74.9K $23.81/SF
− OpEx
−$22.5K −$7.14/SF
NOI
$52.4K $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%
$1,048,860
Cap Rate 7%
$749,186
Cap Rate 9%
$582,700
Alternative Uses
Best Use
Multifamily LT 5
$749.2K
$655.5K – $874.1K
NOI $52,443 @ 7.0% cap · market cap 4.56%
Second Best
Apartment 5plus
$688.9K
$602.8K – $803.8K
NOI $48,226 @ 7.0% cap · market cap 4.19%
Theoretical Best
Office A
$1.48M
$1.30M – $1.73M
NOI $103,833 @ 7.0% cap · market cap 9.03%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,914
Businesses Nearby
Explore this area
Business Placement
Demographics for 60614, IL
73,173
Population
38,089
Households
1.9
Avg Household Size
31
Median Age
86%
College-Educated
98%
High-School Grad
3.2 sq mi
ZIP Area
22,867
Density / Sq Mi
$139,561
Median Household Income
$86,386
Median Earnings
$2,019
Median Rent
$730,700
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 - Fully leased 3-flat near DePaul University and Wrightwood Park.
Where is this triplex located?
The property is located at 2527 N Ashland Avenue Chicago, IL.
What is the asking price?
The asking price for this property is $1,150,000.
What are key features of this property?
This property features: Prime West Lincoln Park location, near DePaul University and Wrightwood Park.; Fully leased 3‑flat providing immediate income.; Recent upgrades to heat, air, roof, hot water tanks, and windows.
