4-Unit Multifamily
3501 W Walnut Street, Chicago, IL 60624
For Sale
New
$530,000
Pending
Each apartment has private laundry, individual heating and cooling equipment, and separately metered gas and electric service.
Property Size1,900 SF
Days on Market3
Property Features for 3501 W Walnut Street
General Information
Standard status
Size
Property subtype
Zoning
Site & Location
Neighborhood
Highway Access
Public Transit
Utilities to Site
Units
Unit Mix
Multifamily Units
Individually Metered Utilities
Taxes and HOA fees
Annual Taxes
Amenities
in-unit laundry
individual HVAC/furnaces
Building Details
Building Size
Year Built
Buildings
Listing Agency:
Redfin Corporation
Listed By:
Miguel Lopez · License IL #475176198
(312) 316-0169
Source:
Kalelrealty
Added: Nov 11
Changed: Nov 13
Last Checked: Nov 13 at 7:02PM
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 Redfin Corporation
Ask AI about this property
Review the available facts, identify missing information and prepare questions for the agent.
Investment Insights
Based on property information with market context.
This 1891 corner property contains four apartments, each configured with two bedrooms and one bathroom. Every unit has its own HVAC/furnace equipment and in-unit laundry, along with separate gas and electric metering. A full basement provides additional storage space, and the property is zoned MULTI.
The building is within walking distance of the Kedzie Green Line station and Kedzie Metra stop. I-290 is accessible nearby, and street parking is available.
The building is within walking distance of the Kedzie Green Line station and Kedzie Metra stop. I-290 is accessible nearby, and street parking is available.
Key Highlights
- Four apartments, each with 2 bedrooms and 1 bathroom
- Individual HVAC/furnaces and in‑unit laundry in all four units
- Separate gas and electric meters for each apartment
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$31,673
Cap Rate
5.98%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$633,460
$633.5K
Cap Rate 7%
$452,471
$452.5K
Cap Rate 9%
$351,922
$351.9K
Market Conditions
NOI Build-Up for 1,900 SF
Gross rent
$47.9K $25.20/SF
− Vacancy
−$2.6K −$1.39/SF
EGI
$45.2K $23.81/SF
− OpEx
−$13.6K −$7.14/SF
NOI
$31.7K $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 Rate 5%
$633,460
Cap Rate 7%
$452,471
Cap Rate 9%
$351,922
Alternative Uses
Best Use
Multifamily LT 5
$452.5K
$395.9K – $527.9K
NOI $31,673 @ 7.0% cap · market cap 5.98%
Second Best
Apartment 5plus
$416.1K
$364.1K – $485.4K
NOI $29,125 @ 7.0% cap · market cap 5.50%
Theoretical Best
Office A
$895.8K
$783.9K – $1.05M
NOI $62,709 @ 7.0% cap · market cap 11.83%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Who owns this building?
See the owner, sales and loan history
Open Analytics
Lease Details
4
Residential units
Yes
Highway access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
978
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Properties on Market for Quadplexes in Chicago
Vacancy Rate% for Multifamily in Midwest region
Frequently Asked Questions
What type of property is this?
Quadplex - Each apartment has private laundry, individual heating and cooling equipment, and separately metered gas and electric service.
Where is this quadplex located?
The property is located at 3501 W Walnut Street Chicago, IL.
What is the asking price?
The asking price for this property is $530,000.
What are key features of this property?
This property features: Four apartments, each with 2 bedrooms and 1 bathroom; Individual HVAC/furnaces and in‑unit laundry in all four units; Separate gas and electric meters for each apartment
