Two-Building Multifamily
For Sale
$450,000
3047 S Broad Street, Chicago, IL 60608
A separate rear coach house provides additional living space alongside the main residence.
Property Size1,450 SF
Price / SF$310.34
Days on Market8
Property Features for 3047 S Broad Street
General Information
Standard status
Active
Size
1,450 SF
Property subtype
MULTI_FAMILY
Property Condition
Severity
Repairs Needed
Evidence
needs updating
Site & Location
Highway Access
Yes
Road Access
Yes
Public Transit
Yes
Units
Unit Mix
1 x 3BR/1BA, 1 x 2BR/1BA
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$3,155
Building Details
Year Built
1919
Buildings
2
Listing Agency:
Eight Corners Realty Inc
Listed By:
James Luk
(312) 842-2800
Source:
Dawnmckennagroup
Added: Sep 25
Changed: Sep 28
Last Checked: Oct 1 at 4:16PM
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 Eight Corners Realty Inc
Investment Insights
Based on property information with market context.
This multifamily property comprises a three-bedroom, one-bathroom primary residence and a separate rear coach house with two bedrooms and one bathroom. The main home includes a finished basement with an additional half bath and requires updating; the coach house has been updated. Together, the residences contain approximately 1,450 square feet of living area. The property was built in 1919. The coach house has a new condenser, while the primary residence has a condenser installed one year ago. The sale is as-is, and personal belongings will be cleared from the basement before closing.
Nearby transportation and retail options include the Orange Line to Midway Airport, the Archer Avenue 62 bus, Mariano’s, and I-55. The property is on a wide residential street with ample parking.
Nearby transportation and retail options include the Orange Line to Midway Airport, the Archer Avenue 62 bus, Mariano’s, and I-55. The property is on a wide residential street with ample parking.
Key Highlights
- Two separate residential buildings: a 3‑bedroom, 1‑bath main home and a 2‑bedroom, 1‑bath coach house
- Approximately 1,450 square feet of combined living space
- Finished basement in the primary residence with an additional half bath
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
$22,227
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
4.94%
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%
$444,540
$444.5K
Cap Rate 7%
$317,529
$317.5K
Cap Rate 9%
$246,967
$247.0K
Market Conditions
NOI Build-Up for 1,450 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
$42.6K $29.40/SF
− Vacancy
−$2.2K −$1.53/SF
EGI
$40.4K $27.87/SF
− OpEx
−$18.2K −$12.54/SF
NOI
$22.2K $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 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%
$444,540
Cap Rate 7%
$317,529
Cap Rate 9%
$246,967
Alternative Uses
Best Use
Apartment 5plus
$317.5K
$277.8K – $370.5K
NOI $22,227 @ 7.0% cap · market cap 4.94%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$683.7K
$598.2K – $797.6K
NOI $47,857 @ 7.0% cap · market cap 10.63%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
1,055
Businesses Nearby
Explore this area
Business Placement
Demographics for 60608, IL
75,770
Population
32,617
Households
2.3
Avg Household Size
34
Median Age
34%
College-Educated
77%
High-School Grad
6.2 sq mi
ZIP Area
12,221
Density / Sq Mi
$70,704
Median Household Income
$42,211
Median Earnings
$1,208
Median Rent
$341,500
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?
Multifamily property - A separate rear coach house provides additional living space alongside the main residence.
Where is this multifamily property located?
The property is located at 3047 S Broad Street Chicago, IL.
What is the asking price?
The asking price for this property is $450,000.
What are key features of this property?
This property features: Two separate residential buildings: a 3‑bedroom, 1‑bath main home and a 2‑bedroom, 1‑bath coach house; Approximately 1,450 square feet of combined living space; Finished basement in the primary residence with an additional half bath
