Six-Unit Apartment
New
For Sale
$1,290,000
3320 S Carpenter Street, Chicago, IL 60608
Brick multifamily property with shared laundry, tenant storage, and additional loft-style studio space.
Property Size4,008 SF
Price / SF$321.86
Days on Market4
Property Features for 3320 S Carpenter Street
General Information
Standard status
Active
Size
4,008 SF
Property subtype
MULTI_FAMILY
Units
Unit Mix
5 x 2BR/1BA, 1 x studio, 2 x loft-style studio
Multifamily Units
8
Taxes and HOA fees
Annual Taxes
$12,201
Amenities
shared laundry
tenant storage
Building Details
Building Size
4,008 SF
Year Built
1895
Buildings
2
Construction
brick
Listing Agency:
Sperry Van Ness
(312) 676-1866
Listed By:
Angelo Labriola · License #475130926
Source:
Dawnmckennagroup
Added: Aug 28
Changed: Aug 31
Last Checked: Aug 30 at 6:46PM
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 Sperry Van Ness
Investment Insights
Based on property information with market context.
Built in 1895, this 4,008-square-foot brick apartment property includes six legal dwelling units: five two-bedroom, one-bath apartments and one studio. Two additional large loft-style studio units are identified as non-conforming, creating possible avenues for reconfiguration or legalization subject to zoning and municipal approval.
The building includes a full basement with shared laundry facilities and tenant storage. A separate rear brick structure adds another component for evaluation, with potential conversion to a garage, adaptation as an additional ADU, or removal to expand the parking area, subject to applicable approvals. The property is located on S Carpenter Street in Chicago’s Bridgeport neighborhood.
The building includes a full basement with shared laundry facilities and tenant storage. A separate rear brick structure adds another component for evaluation, with potential conversion to a garage, adaptation as an additional ADU, or removal to expand the parking area, subject to applicable approvals. The property is located on S Carpenter Street in Chicago’s Bridgeport neighborhood.
Key Highlights
- Six legal apartment units: five two‑bedroom/one‑bath units and one studio
- Two large non‑conforming loft‑style studio units
- 4,008 square feet in a brick building constructed in 1895
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
$61,439
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
4.76%
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%
$1,228,780
$1.2M
Cap Rate 7%
$877,700
$877.7K
Cap Rate 9%
$682,656
$682.7K
Market Conditions
NOI Build-Up for 4,008 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
$117.8K $29.40/SF
− Vacancy
−$6.1K −$1.53/SF
EGI
$111.7K $27.87/SF
− OpEx
−$50.3K −$12.54/SF
NOI
$61.4K $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%
$1,228,780
Cap Rate 7%
$877,700
Cap Rate 9%
$682,656
Alternative Uses
Best Use
Apartment 5plus
$877.7K
$768.0K – $1.02M
NOI $61,439 @ 7.0% cap · market cap 4.76%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.89M
$1.65M – $2.20M
NOI $132,283 @ 7.0% cap · market cap 10.25%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
8
Residential units
Location Intelligence
Trade Area within ½ mile
1,687
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
Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - Brick multifamily property with shared laundry, tenant storage, and additional loft-style studio space.
Where is this apartment building located?
The property is located at 3320 S Carpenter Street Chicago, IL.
What is the asking price?
The asking price for this property is $1,290,000.
What are key features of this property?
This property features: Six legal apartment units: five two‑bedroom/one‑bath units and one studio; Two large non‑conforming loft‑style studio units; 4,008 square feet in a brick building constructed in 1895
