Eight-Unit Apartment
New
For Sale
Contact for pricing
2838 N Albany Ave, Chicago, IL 60618
Brick multifamily property offering a balanced mix of one- and two-bedroom apartments.
Property Size6,400 SF
Lot Size0.12 Acres
Price / SF$320.31
Days on Market7
Property Features for 2838 N Albany Ave
General Information
Standard status
Active
Size
6,400 SF
Lot size
0.12 Acres
Property subtype
Multifamily
Site & Location
Highway Access
Yes
Road Access
Yes
Units
Unit Mix
4 x 2BR/1BA, 4 x 1BR/1BA
Multifamily Units
8
Building Details
Buildings
1
Construction
brick
Listing Agency:
Horvath & Tremblay
Listed By:
John Przybyla · License #471010441
(312) 361-1643
Source:
Crexi
Added: Sep 8
Changed: Sep 11
Last Checked: Sep 13 at 4:00AM
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 Horvath & Tremblay
Investment Insights
Based on property information with market context.
This multi-story brick apartment property contains eight units across 6,400 square feet of gross area. The configuration includes four 2-bedroom/1-bathroom apartments and four 1-bedroom/1-bathroom apartments, creating a balanced unit mix within a compact residential building. The property occupies a 0.12-acre parcel and provides on-street parking.
Located at 2838 N Albany Ave in Chicago’s Logan Square neighborhood, the property is near Milwaukee Avenue, Diversey Avenue, and Fullerton Avenue. Interstate 90/94, also known as the Kennedy Expressway, provides access across Chicago, to O’Hare International Airport, and throughout the greater Chicagoland area. Nearby retail corridors, established residential areas, and employment centers add to the surrounding context.
Located at 2838 N Albany Ave in Chicago’s Logan Square neighborhood, the property is near Milwaukee Avenue, Diversey Avenue, and Fullerton Avenue. Interstate 90/94, also known as the Kennedy Expressway, provides access across Chicago, to O’Hare International Airport, and throughout the greater Chicagoland area. Nearby retail corridors, established residential areas, and employment centers add to the surrounding context.
Key Highlights
- Eight apartment units with four 2‑bedroom/1‑bathroom and four 1‑bedroom/1‑bathroom layouts
- 6,400 square feet of gross area
- Multi‑story brick apartment building
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
$92,711
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
4.52%
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%
$1,854,220
$1.9M
Cap Rate 7%
$1,324,443
$1.3M
Cap Rate 9%
$1,030,122
$1.0M
Market Conditions
NOI Build-Up for 6,400 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
$178.9K $27.96/SF
− Vacancy
−$10.4K −$1.62/SF
EGI
$168.6K $26.34/SF
− OpEx
−$75.9K −$11.85/SF
NOI
$92.7K $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%
$1,854,220
Cap Rate 7%
$1,324,443
Cap Rate 9%
$1,030,122
Alternative Uses
Best Use
Apartment 5plus
$1.32M
$1.16M – $1.55M
NOI $92,711 @ 7.0% cap · market cap 4.52%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.80M
$2.45M – $3.26M
NOI $195,740 @ 7.0% cap · market cap 9.55%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
8
Residential units
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
2,333
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
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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?
Apartment building - Brick multifamily property offering a balanced mix of one- and two-bedroom apartments.
Where is this apartment building located?
The property is located at 2838 N Albany Ave Chicago, IL.
What is the asking price?
The asking price for this property is $2,050,000.
What are key features of this property?
This property features: Eight apartment units with four 2‑bedroom/1‑bathroom and four 1‑bedroom/1‑bathroom layouts; 6,400 square feet of gross area; Multi‑story brick apartment building
