New Construction Triplex with
For Sale
$899,900
Pending
3316 West Adams Street, Chicago, IL 60624
Proposed three-unit building with 3 bedrooms and 3 full baths per unit, including private primary-bedroom balconies.
Property Size4,500 SF
Days on Market71
Property Features for 3316 West Adams Street
General Information
Standard status
Pending
Size
4,500 SF
Total Parking Spaces
3
Property subtype
Two to Four Units / 3 Flat
Site & Location
Highway Access
Yes
Road Access
Yes
Additional Details
Multifamily Units
3
Taxes and HOA fees
Annual Taxes
$2,196
Building Details
Year Built
2026
Tenancy
Multi
Listing Agency:
ExaRealty LLC
Listed By:
Eva Diaz · License #471021069
(312) 525-0910
Source:
Compass
Added: Jun 27
Changed: Aug 8
Last Checked: Jul 24 at 12:16PM
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 ExaRealty LLC
Investment Insights
Based on property information with market context.
Proposed new construction triplex featuring three units designed with three bedrooms and three full bathrooms each. The layout includes two private master suites per unit, along with soaring ceilings, massive windows, and private balconies off the primary bedrooms. Interiors call out rich hardwood flooring and designer kitchens with sleek cabinetry and herringbone tile backsplash, with modern finishes carried through the homes’ bathrooms. The owner’s residence is highlighted by a spa-inspired walk-in shower, premium designer tile, and upscale fixtures. Each unit also includes access to a three-car parking pad.
The property is positioned on a prominent corner lot in West Chicago, near the expanding Illinois Medical District. It is described as located just off I-290, with convenient access to downtown and nearby medical employers such as Rush University Medical Center, Stroger Hospital, and the VA Hospital. Proposed completion is expected in June 2026.
The property is positioned on a prominent corner lot in West Chicago, near the expanding Illinois Medical District. It is described as located just off I-290, with convenient access to downtown and nearby medical employers such as Rush University Medical Center, Stroger Hospital, and the VA Hospital. Proposed completion is expected in June 2026.
Key Highlights
- Proposed 3‑unit luxury building on a corner lot; year built 2026
- Expected completion June 2026
- Each unit features 3 bedrooms and 3 full bathrooms, including two private master suites per unit
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
$75,014
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
8.34%
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%
$1,500,280
$1.5M
Cap Rate 7%
$1,071,629
$1.1M
Cap Rate 9%
$833,489
$833.5K
Market Conditions
NOI Build-Up for 4,500 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
$113.4K $25.20/SF
− Vacancy
−$6.2K −$1.39/SF
EGI
$107.2K $23.81/SF
− OpEx
−$32.1K −$7.14/SF
NOI
$75.0K $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%
$1,500,280
Cap Rate 7%
$1,071,629
Cap Rate 9%
$833,489
Alternative Uses
Best Use
Multifamily LT 5
$1.07M
$937.7K – $1.25M
NOI $75,014 @ 7.0% cap · market cap 8.34%
Second Best
Apartment 5plus
$985.4K
$862.3K – $1.15M
NOI $68,981 @ 7.0% cap · market cap 7.67%
Theoretical Best
Office A
$2.12M
$1.86M – $2.48M
NOI $148,522 @ 7.0% cap · market cap 16.50%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Multi-tenant
Tenancy
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
885
Businesses Nearby
Explore this area
Business Placement
Demographics for 60624, IL
37,547
Population
16,250
Households
2.3
Avg Household Size
34
Median Age
13%
College-Educated
77%
High-School Grad
3.5 sq mi
ZIP Area
10,728
Density / Sq Mi
$32,607
Median Household Income
$30,924
Median Earnings
$1,152
Median Rent
$223,200
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 - Proposed three-unit building with 3 bedrooms and 3 full baths per unit, including private primary-bedroom balconies.
Where is this triplex located?
The property is located at 3316 West Adams Street Chicago, IL.
What is the asking price?
The asking price for this property is $899,900.
What are key features of this property?
This property features: Proposed 3‑unit luxury building on a corner lot; year built 2026; Expected completion June 2026; Each unit features 3 bedrooms and 3 full bathrooms, including two private master suites per unit
