Masonry Multifamily Corner
For Sale
$1,250,000
3851 N Laramie Avenue, Chicago, IL 60641
Seven two-bedroom units in a corner masonry building with coin laundry, radiator heat, and updated building systems.
Property Size7,050 SF
Days on Market36
Property Features for 3851 N Laramie Avenue
General Information
Standard status
Active
Size
7,050 SF
Property subtype
Commercial
Additional Details
Multifamily Units
7
Taxes and HOA fees
Annual Taxes
$17,731
Building Details
Building Size
7,050 SF
Year Built
1923
Stories
3
Units
7
Listing Agency:
Triton Realty Group LLC
(312) 788-9379
Listed By:
Harrison Cohen · License #475177887
(312) 788-9379
Source:
Birdrealtysells
Added: Jul 8
Changed: Aug 8
Last Checked: Aug 11 at 1:14PM
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 Triton Realty Group LLC
Investment Insights
Based on property information with market context.
Offered for the first time in nearly four decades, 3851–53 N Laramie / 5155 W Byron is a pride-of-ownership, 7-unit corner masonry building in Portage Park. The property includes seven two-bedroom, one-bath apartments, comprising one duplex and one garden unit. Apartments feature updated finishes, and select units include stainless steel appliances. The building is equipped with radiator heat and offers coin-operated common laundry.
Major systems have been addressed over time, including a radiant steam boiler replacement in 2018, a hot water tank replacement in 2023, and copper plumbing with the exception of cold water risers. Building-wide window replacements have also been completed, and a new garage was constructed in 2020. Residents benefit from convenient access to retail, restaurants, and public transit along Irving Park and Milwaukee.
Utilities are investor friendly with separately metered electric and cooking gas paid by tenants, while the owner covers heat and common area utilities. The building also includes a stable, in-place rental setup with historically low vacancy, as described in the offering remarks.
Major systems have been addressed over time, including a radiant steam boiler replacement in 2018, a hot water tank replacement in 2023, and copper plumbing with the exception of cold water risers. Building-wide window replacements have also been completed, and a new garage was constructed in 2020. Residents benefit from convenient access to retail, restaurants, and public transit along Irving Park and Milwaukee.
Utilities are investor friendly with separately metered electric and cooking gas paid by tenants, while the owner covers heat and common area utilities. The building also includes a stable, in-place rental setup with historically low vacancy, as described in the offering remarks.
Key Highlights
- 1923 corner masonry building with 7 two‑bedroom, 1‑bath apartments in Portage Park
- Unit mix includes 1 duplex and 1 garden unit; remaining apartments are 2‑bedroom units
- Investor‑friendly utilities: separately metered electric and cooking gas paid by tenants; owner covers heat and common area utilities
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
$108,071
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
8.65%
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%
$2,161,420
$2.2M
Cap Rate 7%
$1,543,871
$1.5M
Cap Rate 9%
$1,200,789
$1.2M
Market Conditions
NOI Build-Up for 7,050 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
$207.3K $29.40/SF
− Vacancy
−$10.8K −$1.53/SF
EGI
$196.5K $27.87/SF
− OpEx
−$88.4K −$12.54/SF
NOI
$108.1K $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%
$2,161,420
Cap Rate 7%
$1,543,871
Cap Rate 9%
$1,200,789
Alternative Uses
Best Use
Apartment 5plus
$1.54M
$1.35M – $1.80M
NOI $108,071 @ 7.0% cap · market cap 8.65%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.32M
$2.91M – $3.88M
NOI $232,684 @ 7.0% cap · market cap 18.61%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
7
Residential units
Location Intelligence
Trade Area within ½ mile
1,991
Businesses Nearby
Explore this area
Business Placement
Demographics for 60641, IL
69,354
Population
27,377
Households
2.5
Avg Household Size
37
Median Age
36%
College-Educated
85%
High-School Grad
4.0 sq mi
ZIP Area
17,339
Density / Sq Mi
$81,649
Median Household Income
$46,376
Median Earnings
$1,249
Median Rent
$373,200
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?
Apartment building - Seven two-bedroom units in a corner masonry building with coin laundry, radiator heat, and updated building systems.
Where is this apartment building located?
The property is located at 3851 N Laramie Avenue Chicago, IL.
What is the asking price?
The asking price for this property is $1,250,000.
What are key features of this property?
This property features: 1923 corner masonry building with 7 two‑bedroom, 1‑bath apartments in Portage Park; Unit mix includes 1 duplex and 1 garden unit; remaining apartments are 2‑bedroom units; Investor‑friendly utilities: separately metered electric and cooking gas paid by tenants; owner covers heat and common area utilities
