Three-Unit Property with Enclosed
For Sale
$865,000
2722 S Wells Street, Chicago, IL 60616
Each residence has its own laundry room with a washer and dryer.
Property Size2,469 SF
Price / SF$350.34
Days on Market9
Property Features for 2722 S Wells Street
General Information
Standard status
Active
Size
2,469 SF
Property subtype
Two to Four Units
Site & Location
Neighborhood
Armour Square
Additional Details
Multifamily Units
3
Taxes and HOA fees
Annual Taxes
$12,921
Amenities
laundry rooms
stove
refrigerator
dishwasher
enclosed porch
Partially Finished,Full
Enclosed Porch
3
9
Lake Michigan
25x125
No
Building Details
Year Built
1888
Listing Agency:
(708) 787-2808
Listed By:
Nader Kawash
Source:
Kawashgroup
Added: Oct 21
Changed: Oct 28
Last Checked: Oct 28 at 3:02PM
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 Nader Kawash
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Investment Insights
Based on property information with market context.
This three-unit residential property at 2722 S Wells Street in Chicago totals 2,469 square feet and was built in 1888. A partially finished basement includes roughed-in space. Each residence has a laundry room equipped with a washer and dryer, as well as a stove and refrigerator. Units 1 and 2 also have dishwashers and enclosed porches. Two water heaters are noted as one year old. The property is offered in as-is condition.
Key Highlights
- Three units totaling 2,469 square feet
- Partially finished basement with roughed‑in space
- Laundry room with washer and dryer in each unit
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$41,158
Cap Rate
4.76%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$823,160
$823.2K
Cap Rate 7%
$587,971
$588.0K
Cap Rate 9%
$457,311
$457.3K
Market Conditions
NOI Build-Up for 2,469 SF
Gross rent
$62.2K $25.20/SF
− Vacancy
−$3.4K −$1.39/SF
EGI
$58.8K $23.81/SF
− OpEx
−$17.6K −$7.14/SF
NOI
$41.2K $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 Rate 5%
$823,160
Cap Rate 7%
$587,971
Cap Rate 9%
$457,311
Alternative Uses
Best Use
Multifamily LT 5
$588.0K
$514.5K – $686.0K
NOI $41,158 @ 7.0% cap · market cap 4.76%
Second Best
Apartment 5plus
$540.7K
$473.1K – $630.8K
NOI $37,848 @ 7.0% cap · market cap 4.38%
Theoretical Best
Office A
$1.16M
$1.02M – $1.36M
NOI $81,489 @ 7.0% cap · market cap 9.42%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
Who owns this building?
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Open Analytics
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
1,916
Businesses Nearby
Explore this area
Business Placement
Demographics for 60616, IL
54,013
Population
26,912
Households
2
Avg Household Size
38
Median Age
53%
College-Educated
86%
High-School Grad
3.8 sq mi
ZIP Area
14,214
Density / Sq Mi
$77,841
Median Household Income
$53,415
Median Earnings
$1,329
Median Rent
$387,300
Median Home Value
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Market
Vacancy Rate% for Multifamily in Midwest region
Frequently Asked Questions
What type of property is this?
Triplex - Each residence has its own laundry room with a washer and dryer.
Where is this triplex located?
The property is located at 2722 S Wells Street Chicago, IL.
What is the asking price?
The asking price for this property is $865,000.
What are key features of this property?
This property features: Three units totaling 2,469 square feet; Partially finished basement with roughed‑in space; Laundry room with washer and dryer in each unit
