Four-Unit Vintage Apartment
For Sale
$625,000
Pending
2643 N California Avenue, Chicago, IL 60647
Two one-bedroom homes and two two-bedroom-plus-den residences are complemented by rear decks and a fenced yard.
Property Size3,475 SF
Lot Size0.07 Acres
Days on Market14
Property Features for 2643 N California Avenue
General Information
Standard status
Pending
Size
3,475 SF
Total Parking Spaces
2
Lot size
0.07 Acres
Property subtype
Two to Four Units
Property Condition
Severity
Repairs Needed
Evidence
deferred maintenance
Site & Location
Neighborhood
Logan Square
Public Transit
Yes
Units
Unit Mix
2 x 1BR, 2 x 2BR+den
Multifamily Units
4
Additional Details
Gross Income
$54,000
Tenant in Place
Yes
Taxes and HOA fees
Annual Taxes
$12,121
Amenities
private rear decks
private backyard
Unfinished,Full
Den,Foyer,Workshop
4
6
Lake Michigan
2
25x125
No
Yes,Garage Owned,Detached,Garage
Building Details
Year Built
1897
Buildings
1
Listing Agency:
Compass
(708) 787-2808
Listed By:
Fares Suleiman
Source:
Kawashgroup
Added: Oct 20
Changed: Oct 31
Last Checked: Oct 31 at 3:14AM
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
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Investment Insights
Based on property information with market context.
Built in 1897, this four-unit apartment property contains approximately 3,475 square feet above grade on a 3,150-square-foot lot. The unit mix consists of two one-bedroom residences and two two-bedroom-plus-den apartments. Original stained wood doors and period hardware remain, while private rear decks provide outdoor space. A full unfinished basement offers storage, and a detached two-car garage and fenced backyard are also part of the property.
The building is at 2643 N. California Avenue, one block from Logan Boulevard in Chicago’s Logan Square. The property lies within the boundaries of the 606 Ordinance. It is being sold as-is, with deferred maintenance, repairs, and modernization anticipated.
The building is at 2643 N. California Avenue, one block from Logan Boulevard in Chicago’s Logan Square. The property lies within the boundaries of the 606 Ordinance. It is being sold as-is, with deferred maintenance, repairs, and modernization anticipated.
Key Highlights
- Four residences: two one‑bedroom units and two two‑bedroom‑plus‑den apartments
- Approximately 3,475 square feet above grade on a 3,150‑square‑foot lot
- Full unfinished basement and detached two‑car garage
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$53,269
Cap Rate
8.52%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,065,380
$1.1M
Cap Rate 7%
$760,986
$761.0K
Cap Rate 9%
$591,878
$591.9K
Market Conditions
NOI Build-Up for 3,475 SF
Gross rent
$102.2K $29.40/SF
− Vacancy
−$5.3K −$1.53/SF
EGI
$96.9K $27.87/SF
− OpEx
−$43.6K −$12.54/SF
NOI
$53.3K $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 Rate 5%
$1,065,380
Cap Rate 7%
$760,986
Cap Rate 9%
$591,878
Alternative Uses
Best Use
Multifamily LT 5
$827.5K
$724.1K – $965.5K
NOI $57,928 @ 7.0% cap · market cap 9.27%
Second Best
Apartment 5plus
$761.0K
$665.9K – $887.8K
NOI $53,269 @ 7.0% cap · market cap 8.52%
Theoretical Best
Office A
$1.64M
$1.43M – $1.91M
NOI $114,692 @ 7.0% cap · market cap 18.35%
Zoning and permitted uses should be independently verified with authorities.
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Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
2,597
Businesses Nearby
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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
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Market
Vacancy Rate% for Multifamily in Midwest region
Frequently Asked Questions
What type of property is this?
Quadplex - Two one-bedroom homes and two two-bedroom-plus-den residences are complemented by rear decks and a fenced yard.
Where is this quadplex located?
The property is located at 2643 N California Avenue Chicago, IL.
What is the asking price?
The asking price for this property is $625,000.
What are key features of this property?
This property features: Four residences: two one‑bedroom units and two two‑bedroom‑plus‑den apartments; Approximately 3,475 square feet above grade on a 3,150‑square‑foot lot; Full unfinished basement and detached two‑car garage
