4-Unit Residential Income
3707 West McLean Avenue Chicago, IL 60647
3707 West McLean Avenue, Chicago, IL, 60647
$799,900
For Sale
$799,900
Legal 4-flat on a double lot with updated interiors, separate electric panels, and central AC in one unit.
Property Size2,250 SF
Price / SF$355.51
Days on Market10
Property Features for 3707 West McLean Avenue
General Information
- Standard status
- Active
- Size
- 2,250 SF
- Property subtype
- Two to Four Units / 4 Flat
Building Details
- Year Built
- 1902
Listing agency
ProCasa Realty, Ltd.
(312) 402-7052
Listed by
Loyda Paredes · License #471006928
(312) 402-7052
Source
Compass
Added: Jul 13 Updated: Jul 21 at 11:14AM Checked: Jul 22 at 7:35AM
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
Local Financial Insights For Multifamily LT 5
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $56.7k | $25.20 |
| − Vacancy | −$3.1k | −$1.39 |
| EGI | $53.6k | $23.81 |
| − OpEx | −$16.1k | −$7.14 |
| NOI | $37.5k | $16.67 |
2,250 SF · lease $25.20/SF/yr · vacancy 5.50% · expense 30.00%
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 local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Quadplexes
Similar For Sale Nearby
FAQs
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
