Triplex With Spacious
For Sale
Contact for pricing
3047 N Clifton Ave, Chicago, IL 60657
Historic multifamily property with varied unit sizes and access to CTA rail, retail corridors, healthcare, and Wrigley Field.
Property Size3,200 SF
Price / SF$310.94
Days on Market18
Property Features for 3047 N Clifton Ave
General Information
Standard status
Active
Size
3,200 SF
Property subtype
Multifamily
Occupancy
100%
Investment Type
Value Add
Net Operating Income
$23,037
Additional Details
Public Transit
Yes
Multifamily Units
3
Building Details
Year Built
1868
Buildings
1
Units
3
Tenancy
Multi
Listing Agency:
Northmarq Capital, LLC
(949) 451-1217
Listed By:
Ronnie Givargis · License #CA 01363135
Source:
Crexi
Added: Aug 3
Changed: Aug 15
Last Checked: Aug 20 at 2:25PM
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 Northmarq Capital, LLC
Investment Insights
Based on property information with market context.
This 1868-built triplex contains three residential units totaling 3,200 SF, with an average unit size of 1,067 SF. The layout includes a 1,600 SF two-bedroom, two-bathroom residence alongside two additional spacious units, creating a varied multifamily configuration within a single property.
The property is located at 3047 N Clifton Ave in Chicago’s Lakeview neighborhood. Belmont CTA Red, Brown, and Purple Line service, Wrigley Field, and the Halsted, Clark, and Southport retail corridors are within walking distance. Illinois Masonic Medical Center is also nearby, adding a healthcare-oriented employment presence to the surrounding rental environment.
The property is located at 3047 N Clifton Ave in Chicago’s Lakeview neighborhood. Belmont CTA Red, Brown, and Purple Line service, Wrigley Field, and the Halsted, Clark, and Southport retail corridors are within walking distance. Illinois Masonic Medical Center is also nearby, adding a healthcare-oriented employment presence to the surrounding rental environment.
Key Highlights
- Three‑unit multifamily property totaling 3,200 SF
- 1,600 SF two‑bedroom, two‑bathroom unit
- Average unit size of 1,067 SF
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
$53,343
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
5.36%
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%
$1,066,860
$1.1M
Cap Rate 7%
$762,043
$762.0K
Cap Rate 9%
$592,700
$592.7K
Market Conditions
NOI Build-Up for 3,200 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
$80.6K $25.20/SF
− Vacancy
−$4.4K −$1.39/SF
EGI
$76.2K $23.81/SF
− OpEx
−$22.9K −$7.14/SF
NOI
$53.3K $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%
$1,066,860
Cap Rate 7%
$762,043
Cap Rate 9%
$592,700
Alternative Uses
Best Use
Multifamily LT 5
$762.0K
$666.8K – $889.1K
NOI $53,343 @ 7.0% cap · market cap 5.36%
Second Best
Apartment 5plus
$700.8K
$613.2K – $817.6K
NOI $49,053 @ 7.0% cap · market cap 4.93%
Theoretical Best
Office A
$1.51M
$1.32M – $1.76M
NOI $105,615 @ 7.0% cap · market cap 10.61%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
6,951
Businesses Nearby
Explore this area
Business Placement
Demographics for 60657, IL
72,316
Population
42,246
Households
1.7
Avg Household Size
32
Median Age
87%
College-Educated
99%
High-School Grad
2.2 sq mi
ZIP Area
32,871
Density / Sq Mi
$109,025
Median Household Income
$77,731
Median Earnings
$1,839
Median Rent
$534,500
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?
Triplex - Historic multifamily property with varied unit sizes and access to CTA rail, retail corridors, healthcare, and Wrigley Field.
Where is this triplex located?
The property is located at 3047 N Clifton Ave Chicago, IL.
What is the asking price?
The asking price for this property is $995,000.
What are key features of this property?
This property features: Three‑unit multifamily property totaling 3,200 SF; 1,600 SF two‑bedroom, two‑bathroom unit; Average unit size of 1,067 SF
