4-Unit Residential Income
For Sale
$799,900
Pending
3707 West McLean Avenue, Chicago, IL 60647
Legal 4-flat on a double lot with updated interiors, separate electric panels, and central AC in one unit.
Property Size2,250 SF
Days on Market59
Property Features for 3707 West McLean Avenue
General Information
Standard status
Pending
Size
2,250 SF
Total Parking Spaces
2
Property subtype
Two to Four Units / 4 Flat
Additional Details
Multifamily Units
4
Taxes and HOA fees
Annual Taxes
$8,399
Building Details
Year Built
1902
Listing Agency:
ProCasa Realty, Ltd.
Listed By:
Loyda Paredes · License #471006928
(312) 402-7052
Source:
Compass
Added: Jul 13
Changed: Aug 8
Last Checked: Jul 24 at 3:13PM
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 ProCasa Realty, Ltd.
Investment Insights
Based on property information with market context.
This legal 4-flat is situated on a double lot, with the adjacent lot included. The property features updated kitchens and baths in three of the units, along with hardwood or bamboo floors throughout. Each unit has newer separate electric panels, and one unit includes central air conditioning.
The asset is located at 3707 West McLean Avenue in Chicago’s Logan Square area. The seller notes low property taxes.
Internally, the building presents as a four-unit residential income property with a mix of updates across the units and modernized electrical service at the unit level, supporting straightforward operations for an investor or owner-operator.
The asset is located at 3707 West McLean Avenue in Chicago’s Logan Square area. The seller notes low property taxes.
Internally, the building presents as a four-unit residential income property with a mix of updates across the units and modernized electrical service at the unit level, supporting straightforward operations for an investor or owner-operator.
Key Highlights
- Legal 4‑flat built in 1902 on a double lot in Logan Square, with the lot next door included
- Three units feature updated kitchens and baths
- Hardwood or bamboo floors throughout the building
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
$37,507
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
4.69%
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%
$750,140
$750.1K
Cap Rate 7%
$535,814
$535.8K
Cap Rate 9%
$416,744
$416.7K
Market Conditions
NOI Build-Up for 2,250 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
$56.7K $25.20/SF
− Vacancy
−$3.1K −$1.39/SF
EGI
$53.6K $23.81/SF
− OpEx
−$16.1K −$7.14/SF
NOI
$37.5K $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%
$750,140
Cap Rate 7%
$535,814
Cap Rate 9%
$416,744
Alternative Uses
Best Use
Multifamily LT 5
$535.8K
$468.8K – $625.1K
NOI $37,507 @ 7.0% cap · market cap 4.69%
Second Best
Apartment 5plus
$492.7K
$431.1K – $574.9K
NOI $34,491 @ 7.0% cap · market cap 4.31%
Theoretical Best
Office A
$1.06M
$928.3K – $1.24M
NOI $74,261 @ 7.0% cap · market cap 9.28%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
2,110
Businesses Nearby
Explore this area
Business Placement
Demographics for 60647, IL
85,631
Population
41,975
Households
2
Avg Household Size
33
Median Age
61%
College-Educated
92%
High-School Grad
4.0 sq mi
ZIP Area
21,408
Density / Sq Mi
$102,851
Median Household Income
$65,776
Median Earnings
$1,714
Median Rent
$557,300
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?
Quadplex - Legal 4-flat on a double lot with updated interiors, separate electric panels, and central AC in one unit.
Where is this quadplex located?
The property is located at 3707 West McLean Avenue Chicago, IL.
What is the asking price?
The asking price for this property is $799,900.
What are key features of this property?
This property features: Legal 4‑flat built in 1902 on a double lot in Logan Square, with the lot next door included; Three units feature updated kitchens and baths; Hardwood or bamboo floors throughout the building
