Renovated Mixed-Use Income
For Sale
Contact for pricing
3743 West Armitage Avenue, Chicago, IL 60647
Renovated multi-unit property with central heat and air, updated kitchens, and basement coin laundry.
Property Size5,025 SF
Price / SF$213.93
Days on Market71
Property Features for 3743 West Armitage Avenue
General Information
Standard status
Active
Size
5,025 SF
Property subtype
Mixed Use, Multifamily
Occupancy
100%
Investment Type
Stabilized
Net Operating Income
$70,697
Building Details
Year Built
1909
Year Renovated
2016
Buildings
2
Stories
3
Units
6
Tenancy
Multi
Listing Agency:
Building Equity
Listed By:
Peter Lynn · License #IL 471.014611
Source:
Crexi
Added: Jun 15
Changed: Aug 22
Last Checked: Aug 23 at 10:00AM
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 Building Equity
Investment Insights
Based on property information with market context.
This mixed-use income property features a brick three-story front building and a frame three-story coach house in the rear. The property was completely renovated in 2016. Residential units include central heat and air, newer kitchens and baths with quartz counters, 42-inch kitchen cabinets, and stainless appliances, including dishwashers. Hardwood floors are also described as newer throughout. Building amenities include a shared common patio area and coin laundry located in the basement.
The asset is located in Logan Square, Chicago, with a combined street-facing front building and rear coach house configuration that supports a straightforward two-structure layout.
For investors seeking a maintained, renovated residential income asset, the property’s in-unit systems and modernized kitchen and bath finishes are positioned to support day-to-day tenant functionality. With coin laundry on site and a shared outdoor patio area, the building also offers common-space features that can enhance resident convenience. The public remarks indicate the property is being offered as fully rented.
The asset is located in Logan Square, Chicago, with a combined street-facing front building and rear coach house configuration that supports a straightforward two-structure layout.
For investors seeking a maintained, renovated residential income asset, the property’s in-unit systems and modernized kitchen and bath finishes are positioned to support day-to-day tenant functionality. With coin laundry on site and a shared outdoor patio area, the building also offers common-space features that can enhance resident convenience. The public remarks indicate the property is being offered as fully rented.
Key Highlights
- Renovated mixed‑use 2‑building property: brick 3‑story front building plus frame 3‑story rear coach house (built 1909)
- Completely renovated in 2016
- Units feature central heat and air
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
$77,029
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
7.17%
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%
$1,540,580
$1.5M
Cap Rate 7%
$1,100,414
$1.1M
Cap Rate 9%
$855,878
$855.9K
Market Conditions
NOI Build-Up for 5,025 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
$147.7K $29.40/SF
− Vacancy
−$7.7K −$1.53/SF
EGI
$140.1K $27.87/SF
− OpEx
−$63.0K −$12.54/SF
NOI
$77.0K $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%
$1,540,580
Cap Rate 7%
$1,100,414
Cap Rate 9%
$855,878
Alternative Uses
Best Use
Apartment 5plus
$1.10M
$962.9K – $1.28M
NOI $77,029 @ 7.0% cap · market cap 7.17%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.37M
$2.07M – $2.76M
NOI $165,849 @ 7.0% cap · market cap 15.43%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
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
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Residential income property - Renovated multi-unit property with central heat and air, updated kitchens, and basement coin laundry.
Where is this residential income property located?
The property is located at 3743 West Armitage Avenue Chicago, IL.
What is the asking price?
The asking price for this property is $1,075,000.
What are key features of this property?
This property features: Renovated mixed‑use 2‑building property: brick 3‑story front building plus frame 3‑story rear coach house (built 1909); Completely renovated in 2016; Units feature central heat and air
