Brick 4-Unit Apartment
For Sale
$950,000
2953 S Emerald Ave, Chicago, IL 60616
Fully leased multifamily property with a rear coach house, separate furnaces, and an unfinished basement with laundry.
Property Size2,400 SF
Price / SF$395.83
Days on Market231
Property Features for 2953 S Emerald Ave
General Information
Standard status
Active
Size
2,400 SF
Property subtype
Multi-Family
Site & Location
Neighborhood
Bridgeport
Building Details
Year Built
1900
Listing Agency:
Kale Realty
Listed By:
QianKun Chen · License #475171061
(312) 515-4617
Source:
Saladinosells
Added: Mar 21
Changed: Oct 25
Last Checked: Nov 4 at 3:57PM
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
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Investment Insights
Based on property information with market context.
This 4-unit apartment building is an all-brick property with a rear coach house and 3,150 square feet of building area. The property includes front and rear porches, separate furnaces, copper piping, and a full unfinished basement with laundry facilities. Built in 1900, it has received updates to the electrical system and is described as well maintained.
All units are currently rented, with tenants paying their own utilities. The property is located in the Healy School District and includes a mix of apartment spaces within the main building and rear coach house.
All units are currently rented, with tenants paying their own utilities. The property is located in the Healy School District and includes a mix of apartment spaces within the main building and rear coach house.
Key Highlights
- 4‑unit all‑brick apartment building with a rear coach house
- 3,150 square feet of building area
- All units rented; tenants pay utilities
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$36,790
Cap Rate
3.87%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$735,800
$735.8K
Cap Rate 7%
$525,571
$525.6K
Cap Rate 9%
$408,778
$408.8K
Market Conditions
NOI Build-Up for 2,400 SF
Gross rent
$70.6K $29.40/SF
− Vacancy
−$3.7K −$1.53/SF
EGI
$66.9K $27.87/SF
− OpEx
−$30.1K −$12.54/SF
NOI
$36.8K $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%
$735,800
Cap Rate 7%
$525,571
Cap Rate 9%
$408,778
Alternative Uses
Best Use
Apartment 5plus
$525.6K
$459.9K – $613.2K
NOI $36,790 @ 7.0% cap · market cap 3.87%
Second Best
—
—
no second resolved use
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.
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Property Analytics
Who owns this building?
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Open Analytics
Location Intelligence
Trade Area within ½ mile
1,217
Businesses Nearby
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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
Properties on Market for Apartment buildings in Chicago
Vacancy Rate% for Multifamily in Midwest region
Frequently Asked Questions
What type of property is this?
Apartment building - Fully leased multifamily property with a rear coach house, separate furnaces, and an unfinished basement with laundry.
Where is this apartment building located?
The property is located at 2953 S Emerald Ave 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: 4‑unit all‑brick apartment building with a rear coach house; 3,150 square feet of building area; All units rented; tenants pay utilities
