Apartment Building with Updated
For Sale
$3,250,000
3500 S Artesian Ave, Chicago, IL 60632
Twenty-one two-bedroom residences offer modern kitchens and baths in Chicago’s McKinley Park neighborhood.
Property Size20,127 SF
Days on Market8
Property Features for 3500 S Artesian Ave
General Information
Standard status
Active
Size
20,127 SF
Property subtype
Multifamily
Units
Unit Mix
21 x 2BR/1BA
Multifamily Units
21
Additional Details
Public Transit
Yes
Building Details
Building Size
20,127 SF
Year Built
1909
Listing Agency:
(773) 293-5086
Listed By:
Jack Petrando · License #IL #475.185949
Source:
Kisergroup
Added: Aug 16
Changed: Aug 21
Last Checked: Aug 23 at 2:50AM
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 Jack Petrando
Investment Insights
Based on property information with market context.
Built in 1909, this 21-unit apartment property comprises exclusively 2Bd/1Ba residences. The units are described as spacious and include modern kitchens and bathrooms, creating a consistent residential configuration throughout the building.
Property improvements include new windows, an updated roof, and 100% copper plumbing. The building is positioned in Chicago’s McKinley Park neighborhood, with access to public transportation, major thoroughfares, neighborhood retail, restaurants, everyday amenities, and McKinley Park.
Property improvements include new windows, an updated roof, and 100% copper plumbing. The building is positioned in Chicago’s McKinley Park neighborhood, with access to public transportation, major thoroughfares, neighborhood retail, restaurants, everyday amenities, and McKinley Park.
Key Highlights
- 21‑unit apartment property
- 21 2Bd/1Ba units
- New windows
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
$262,781
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
8.09%
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%
$5,255,620
$5.3M
Cap Rate 7%
$3,754,014
$3.8M
Cap Rate 9%
$2,919,789
$2.9M
Market Conditions
NOI Build-Up for 20,127 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
$507.2K $25.20/SF
− Vacancy
−$29.4K −$1.46/SF
EGI
$477.8K $23.74/SF
− OpEx
−$215.0K −$10.68/SF
NOI
$262.8K $13.06/SF
Area
ZIP 60632
Vacancy
5.80%
Lease Rate
$25.20 /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%
$5,255,620
Cap Rate 7%
$3,754,014
Cap Rate 9%
$2,919,789
Alternative Uses
Best Use
Apartment 5plus
$3.75M
$3.28M – $4.38M
NOI $262,781 @ 7.0% cap · market cap 8.09%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$8.86M
$7.75M – $10.33M
NOI $620,002 @ 7.0% cap · market cap 19.08%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
21
Residential units
Location Intelligence
Trade Area within ½ mile
786
Businesses Nearby
Explore this area
Business Placement
Demographics for 60632, IL
92,237
Population
28,860
Households
3.2
Avg Household Size
33
Median Age
13%
College-Educated
69%
High-School Grad
7.4 sq mi
ZIP Area
12,464
Density / Sq Mi
$60,576
Median Household Income
$35,203
Median Earnings
$1,057
Median Rent
$240,600
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 - Twenty-one two-bedroom residences offer modern kitchens and baths in Chicago’s McKinley Park neighborhood.
Where is this apartment building located?
The property is located at 3500 S Artesian Ave Chicago, IL.
What is the asking price?
The asking price for this property is $3,250,000.
What are key features of this property?
This property features: 21‑unit apartment property; 21 2Bd/1Ba units; New windows
