Two-Building Multifamily
New
For Sale
$625,000
2814 W Fletcher Street, Chicago, IL 60618
Four existing units occupy two structures, and the rear building includes a finished basement.
Property Size3,144 SF
Price / SF$198.79
Days on Market5
Property Features for 2814 W Fletcher Street
General Information
Standard status
Active
Size
3,144 SF
Property subtype
Multi-Family
Property Condition
Severity
Major Repairs Needed
Evidence
ready for a full renovation
Site & Location
Highway Access
Yes
Public Transit
Yes
Additional Details
Multifamily Units
4
Amenities
Natural Gas
Forced Air
Patio, Asphalt
Building Details
Year Built
1895
Buildings
2
Listing Agency:
DEI Realty LLC
Listed By:
Oscar Darden
(708) 669-7344
Source:
Kw
Added: Sep 28
Last Checked: Oct 1 at 9:42AM
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 DEI Realty LLC
Investment Insights
Based on property information with market context.
This occupied multifamily property comprises two buildings on one lot, with two units in each structure. The rear building also has a finished basement that could accommodate a third garden unit, subject to verification. The property totals 3,144 square feet and dates to 1895. Interior features include natural gas and forced-air heating; exterior features include a patio and asphalt surfaces. A full renovation is needed.
Located at 2814 W Fletcher Street in Chicago, the property is a few blocks from the Belmont Blue Line station and CTA bus service, with access to I-90/94. Linne Elementary, Advocate Illinois Masonic Medical Center, and the Chicago Police 14th District station are also nearby.
Located at 2814 W Fletcher Street in Chicago, the property is a few blocks from the Belmont Blue Line station and CTA bus service, with access to I-90/94. Linne Elementary, Advocate Illinois Masonic Medical Center, and the Chicago Police 14th District station are also nearby.
Key Highlights
- Two buildings on one lot, each with two existing units
- 3,144 square feet; built in 1895
- Finished basement in the rear building, with potential for a third garden unit
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
$45,544
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
7.29%
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%
$910,880
$910.9K
Cap Rate 7%
$650,629
$650.6K
Cap Rate 9%
$506,044
$506.0K
Market Conditions
NOI Build-Up for 3,144 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
$87.9K $27.96/SF
− Vacancy
−$5.1K −$1.62/SF
EGI
$82.8K $26.34/SF
− OpEx
−$37.3K −$11.85/SF
NOI
$45.5K $14.49/SF
Area
ZIP 60618
Vacancy
5.80%
Lease Rate
$27.96 /SF/Yr
Expense Ratio
45.00%
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%
$910,880
Cap Rate 7%
$650,629
Cap Rate 9%
$506,044
Alternative Uses
Best Use
Apartment 5plus
$650.6K
$569.3K – $759.1K
NOI $45,544 @ 7.0% cap · market cap 7.29%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.37M
$1.20M – $1.60M
NOI $96,158 @ 7.0% cap · market cap 15.39%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
4
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
2,014
Businesses Nearby
Explore this area
Business Placement
Demographics for 60618, IL
90,316
Population
41,053
Households
2.2
Avg Household Size
35
Median Age
55%
College-Educated
89%
High-School Grad
5.0 sq mi
ZIP Area
18,063
Density / Sq Mi
$101,558
Median Household Income
$60,263
Median Earnings
$1,534
Median Rent
$538,300
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Midwest region
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Frequently Asked Questions
What type of property is this?
Multifamily property - Four existing units occupy two structures, and the rear building includes a finished basement.
Where is this multifamily property located?
The property is located at 2814 W Fletcher Street 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: Two buildings on one lot, each with two existing units; 3,144 square feet; built in 1895; Finished basement in the rear building, with potential for a third garden unit
