Four-Unit Multifamily
For Sale
$849,000
Pending
2527 W Argyle Street Chicago, Chicago, IL 60625
Two-building residential income property with occupied and vacant units, plus a full basement and substantial rehabilitation needs.
Property Size2,980 SF
Days on Market52
Property Features for 2527 W Argyle Street Chicago
General Information
Standard status
Pending
Size
2,980 SF
Property subtype
Two to Four Units
Taxes and HOA fees
Annual Taxes
$25,741
Amenities
Unfinished,Full
4
10
Lake Michigan
30X155
No
Building Details
Year Built
1924
Listing Agency:
(847) 558-6808
Listed By:
Claudia Guerrero
(847) 558-6808
Source:
Remaxadream
Added: Jul 10
Changed: Aug 29
Last Checked: Aug 29 at 7:33PM
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 Claudia Guerrero
Investment Insights
Based on property information with market context.
This four-unit multifamily property comprises two buildings on a 30-by-155-foot lot. The primary building contains two occupied residences, each configured with three bedrooms and one bathroom, along with a full basement. The second building includes two additional units totaling 2,360 square feet and is currently vacant. Its condition has not been determined, and major rehabilitation is needed.
Built in 1924, the property is located at 2527 W Argyle Street in Chicago, Illinois. The existing configuration provides four residential units across the two structures, with occupancy in the front building and vacant space in the rear building.
Built in 1924, the property is located at 2527 W Argyle Street in Chicago, Illinois. The existing configuration provides four residential units across the two structures, with occupancy in the front building and vacant space in the rear building.
Key Highlights
- Four total residential units across two buildings
- Main building includes two occupied 3‑bedroom, 1‑bath units
- Rear building contains two vacant units totaling 2,360 square feet
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
$49,676
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
5.85%
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%
$993,520
$993.5K
Cap Rate 7%
$709,657
$709.7K
Cap Rate 9%
$551,956
$552.0K
Market Conditions
NOI Build-Up for 2,980 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
$75.1K $25.20/SF
− Vacancy
−$4.1K −$1.39/SF
EGI
$71.0K $23.81/SF
− OpEx
−$21.3K −$7.14/SF
NOI
$49.7K $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%
$993,520
Cap Rate 7%
$709,657
Cap Rate 9%
$551,956
Alternative Uses
Best Use
Multifamily LT 5
$709.7K
$621.0K – $827.9K
NOI $49,676 @ 7.0% cap · market cap 5.85%
Second Best
Apartment 5plus
$652.6K
$571.0K – $761.4K
NOI $45,681 @ 7.0% cap · market cap 5.38%
Theoretical Best
Office A
$1.41M
$1.23M – $1.64M
NOI $98,354 @ 7.0% cap · market cap 11.58%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
3,264
Businesses Nearby
Explore this area
Business Placement
Demographics for 60625, IL
76,525
Population
33,932
Households
2.3
Avg Household Size
36
Median Age
54%
College-Educated
87%
High-School Grad
3.8 sq mi
ZIP Area
20,138
Density / Sq Mi
$85,299
Median Household Income
$48,314
Median Earnings
$1,455
Median Rent
$396,700
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?
Multifamily property - Two-building residential income property with occupied and vacant units, plus a full basement and substantial rehabilitation needs.
Where is this multifamily property located?
The property is located at 2527 W Argyle Street Chicago Chicago, IL.
What is the asking price?
The asking price for this property is $849,000.
What are key features of this property?
This property features: Four total residential units across two buildings; Main building includes two occupied 3‑bedroom, 1‑bath units; Rear building contains two vacant units totaling 2,360 square feet
