Brick Multifamily
For Sale
$835,000
3849 N Marshfield Avenue, Chicago, IL 60613
Separate heating systems and utility meters accompany living and dining areas in each unit.
Property Size2,170 SF
Price / SF$384.79
Days on Market8
Property Features for 3849 N Marshfield Avenue
General Information
Standard status
Active
Size
2,170 SF
Property subtype
MULTI_FAMILY
Additional Details
Utilities to Site
Yes
Taxes and HOA fees
Annual Taxes
$12,963
Building Details
Buildings
1
Construction
brick
Listing Agency:
Prello Realty
Listed By:
Nayibe Garces · License #471022542
(773) 805-0700
Source:
Dawnmckennagroup
Added: Sep 25
Changed: Oct 2
Last Checked: Oct 1 at 6:43PM
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 Prello Realty
Investment Insights
Based on property information with market context.
This brick multifamily property contains approximately 2,170 square feet. Each unit has its own heating system and separately metered utilities, along with distinct living and dining areas.
The building is on N Marshfield Avenue in Chicago’s Lakeview neighborhood, near the Southport Corridor and Blaine School District. The street is lined with trees.
The building is on N Marshfield Avenue in Chicago’s Lakeview neighborhood, near the Southport Corridor and Blaine School District. The street is lined with trees.
Key Highlights
- Approximately 2,170 square feet
- Separate heating systems and utility meters for each unit
- Living and dining areas in each unit
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
$33,264
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
3.98%
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%
$665,280
$665.3K
Cap Rate 7%
$475,200
$475.2K
Cap Rate 9%
$369,600
$369.6K
Market Conditions
NOI Build-Up for 2,170 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
$63.8K $29.40/SF
− Vacancy
−$3.3K −$1.53/SF
EGI
$60.5K $27.87/SF
− OpEx
−$27.2K −$12.54/SF
NOI
$33.3K $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%
$665,280
Cap Rate 7%
$475,200
Cap Rate 9%
$369,600
Alternative Uses
Best Use
Apartment 5plus
$475.2K
$415.8K – $554.4K
NOI $33,264 @ 7.0% cap · market cap 3.98%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.02M
$895.3K – $1.19M
NOI $71,620 @ 7.0% cap · market cap 8.58%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
3,886
Businesses Nearby
Explore this area
Business Placement
Demographics for 60613, IL
53,048
Population
31,263
Households
1.7
Avg Household Size
34
Median Age
75%
College-Educated
97%
High-School Grad
2.3 sq mi
ZIP Area
23,064
Density / Sq Mi
$91,351
Median Household Income
$68,713
Median Earnings
$1,616
Median Rent
$397,800
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Midwest region
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Frequently Asked Questions
What type of property is this?
Multifamily property - Separate heating systems and utility meters accompany living and dining areas in each unit.
Where is this multifamily property located?
The property is located at 3849 N Marshfield Avenue Chicago, IL.
What is the asking price?
The asking price for this property is $835,000.
What are key features of this property?
This property features: Approximately 2,170 square feet; Separate heating systems and utility meters for each unit; Living and dining areas in each unit
