Multifamily Building with Commercial
For Sale
Contact for pricing
2537 W 63rd Street, Chicago, IL 60629
15-unit multifamily building with commercial spaces in Opportunity Zone.
Property Size3,000 SF
Price / SF$400
Days on Market94
Property Features for 2537 W 63rd Street
General Information
Standard status
Active
Size
3,000 SF
Property subtype
Mixed Use, Multifamily, Retail
Zoning
B1-1
Occupancy
67%
Investment Type
Value Add
Net Operating Income
$68,004
Building Details
Units
15
Tenancy
Multi
Listing Agency:
Real People Realty
(708) 634-0103
Listed By:
Chelsea James · License #475190629
Source:
Crexi
Added: May 11
Changed: Aug 12
Last Checked: Aug 11 at 7:15PM
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 Real People Realty
Investment Insights
Based on property information with market context.
This 15-unit multifamily building includes thirteen 2-bedroom units and two 1,500 square foot commercial spaces. Located in an Opportunity Zone, the 3,000 square foot property offers immediate cash flow. The building has the potential to add on-site laundry and tenant storage. It is suitable for investors looking for short or long term equity.
Key Highlights
- High pro‑forma cap rate offering immediate cash flow.
- Located in an Opportunity Zone.
- Seller financing available.
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
$50,625
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
4.22%
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%
$1,012,500
$1.0M
Cap Rate 7%
$723,214
$723.2K
Cap Rate 9%
$562,500
$562.5K
Market Conditions
NOI Build-Up for 3,000 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
$90.0K $30.00/SF
− Vacancy
−$9.0K −$3.00/SF
EGI
$81.0K $27.00/SF
− OpEx
−$30.4K −$10.13/SF
NOI
$50.6K $16.88/SF
Area
ZIP 60629
Vacancy
10.00%
Lease Rate
$30.00 /SF/Yr
Expense Ratio
37.50%
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%
$1,012,500
Cap Rate 7%
$723,214
Cap Rate 9%
$562,500
Alternative Uses
Best Use
Mixed Use
$723.2K
$632.8K – $843.8K
NOI $50,625 @ 7.0% cap · market cap 4.22%
Second Best
Apartment 5plus
$630.0K
$551.2K – $735.0K
NOI $44,099 @ 7.0% cap · market cap 3.67%
Theoretical Best
Warehouse
$2.69M
$2.35M – $3.14M
NOI $188,385 @ 7.0% cap · market cap 15.70%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
853
Businesses Nearby
Explore this area
Business Placement
Demographics for 60629, IL
114,453
Population
36,283
Households
3.2
Avg Household Size
33
Median Age
14%
College-Educated
74%
High-School Grad
7.0 sq mi
ZIP Area
16,350
Density / Sq Mi
$58,813
Median Household Income
$34,635
Median Earnings
$1,106
Median Rent
$236,300
Median Home Value
Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Mixed-use property - 15-unit multifamily building with commercial spaces in Opportunity Zone.
Where is this mixed-use property located?
The property is located at 2537 W 63rd Street Chicago, IL.
What is the asking price?
The asking price for this property is $1,200,000.
What are key features of this property?
This property features: High pro‑forma cap rate offering immediate cash flow.; Located in an Opportunity Zone.; Seller financing available.
