All-Brick 4-Unit with Coach
For Sale
$950,000
2953 Emerald Avenue, Chicago, IL 60616
All-brick four-unit property with a coach house, separate furnaces, and a full unfinished basement with laundry.
Property Size2,400 SF
Price / SF$395.83
Days on Market164
Property Features for 2953 Emerald Avenue
General Information
Standard status
Active
Size
2,400 SF
Property subtype
General Commercial
Occupancy
100%
Additional Details
Multifamily Units
4
Taxes and HOA fees
Annual Taxes
$14,673
Amenities
laundry
back and front porches
3
Building Details
Year Built
1900
Tenancy
Multi
Listing Agency:
Kale Realty
(312) 515-4617
Listed By:
QianKun Chen · License #475171061
(312) 515-4617
Source:
Xome
Added: Mar 10
Changed: Aug 12
Last Checked: Aug 20 at 5:35AM
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 Kale Realty
Investment Insights
Based on property information with market context.
This all-brick four-unit residential income property includes a coach house in back. The home is described as well maintained, with updates that include newer electric, copper piping, and front and back porches. Each unit has a separate furnace, supporting independent heat service. The property also features a full unfinished basement with laundry.
Located in the Healy School District, the building is currently fully occupied with all units rented to tenants. The public remarks note that tenants pay utilities.
As presented, the configuration offers multiple income-generating units plus an additional coach house, with separate heating and utility responsibility noted for each tenant.
Located in the Healy School District, the building is currently fully occupied with all units rented to tenants. The public remarks note that tenants pay utilities.
As presented, the configuration offers multiple income-generating units plus an additional coach house, with separate heating and utility responsibility noted for each tenant.
Key Highlights
- All‑brick 4‑unit property with a coach house in back
- Updates include newer electric and copper piping
- Each unit has its own separate furnace
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
$40,008
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
4.21%
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%
$800,160
$800.2K
Cap Rate 7%
$571,543
$571.5K
Cap Rate 9%
$444,533
$444.5K
Market Conditions
NOI Build-Up for 2,400 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
$60.5K $25.20/SF
− Vacancy
−$3.3K −$1.39/SF
EGI
$57.2K $23.81/SF
− OpEx
−$17.1K −$7.14/SF
NOI
$40.0K $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 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%
$800,160
Cap Rate 7%
$571,543
Cap Rate 9%
$444,533
Alternative Uses
Best Use
Multifamily LT 5
$571.5K
$500.1K – $666.8K
NOI $40,008 @ 7.0% cap · market cap 4.21%
Second Best
Apartment 5plus
$525.6K
$459.9K – $613.2K
NOI $36,790 @ 7.0% cap · market cap 3.87%
Theoretical Best
Office A
$1.13M
$990.2K – $1.32M
NOI $79,212 @ 7.0% cap · market cap 8.34%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,217
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
Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Quadplex - All-brick four-unit property with a coach house, separate furnaces, and a full unfinished basement with laundry.
Where is this quadplex located?
The property is located at 2953 Emerald Avenue Chicago, IL.
What is the asking price?
The asking price for this property is $950,000.
What are key features of this property?
This property features: All‑brick 4‑unit property with a coach house in back; Updates include newer electric and copper piping; Each unit has its own separate furnace
