Four-Unit Apartment
For Sale
$499,900
4035-37 W Harrison St, Chicago, IL 60624
Four large apartments feature three bedrooms, one bath, separate utilities, and shared rear garage improvements.
Property Size1,200 SF
Lot Size0.14 Acres
Price / SF$416.58
Days on Market10
Property Features for 4035-37 W Harrison St
General Information
Standard status
Active
Size
1,200 SF
Lot size
0.14 Acres
Property subtype
Multi-Family
Occupancy
75%
Property Condition
Severity
Repairs Needed
Evidence
other units need more work
Units
Unit Mix
4 x 3BR/1BA
Multifamily Units
4
Building Details
Year Built
1910
Buildings
1
Listing Agency:
Mpower Residential Brokerage LLC
(217) 239-7113
Listed By:
Nate Evans Group · License #471003290
(217) 239-7113
Source:
Illinoishomesearch
Added: Aug 22
Changed: Aug 27
Last Checked: Aug 30 at 4:37PM
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 Mpower Residential Brokerage LLC
Investment Insights
Based on property information with market context.
Built in 1910, this center-entrance quadplex contains four three-bedroom, one-bath apartments measuring 1,200 square feet per unit. Each residence has 9-foot ceilings, original hardwood floors, and an independent forced-air heating system; air conditioning is not currently installed. Separate gas and electrical meters serve the apartments.
The property includes two basement areas with 7-foot ceilings, along with dedicated front and rear entrances. A substantial garage structure occupies the rear of the 50-by-125-foot lot. Three of the four apartments are leased under month-to-month arrangements, while the offering is being conveyed in its current as-is condition. The property is located at 4035-37 W Harrison St in Chicago, Illinois 60624.
The property includes two basement areas with 7-foot ceilings, along with dedicated front and rear entrances. A substantial garage structure occupies the rear of the 50-by-125-foot lot. Three of the four apartments are leased under month-to-month arrangements, while the offering is being conveyed in its current as-is condition. The property is located at 4035-37 W Harrison St in Chicago, Illinois 60624.
Key Highlights
- Four 3‑bedroom, 1‑bath apartments, each measuring 1,200 square feet
- Three of four units are leased under month‑to‑month tenancy
- Separate gas and electrical meters for the apartments
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
$20,004
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
4.00%
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%
$400,080
$400.1K
Cap Rate 7%
$285,771
$285.8K
Cap Rate 9%
$222,267
$222.3K
Market Conditions
NOI Build-Up for 1,200 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
$30.2K $25.20/SF
− Vacancy
−$1.7K −$1.39/SF
EGI
$28.6K $23.81/SF
− OpEx
−$8.6K −$7.14/SF
NOI
$20.0K $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%
$400,080
Cap Rate 7%
$285,771
Cap Rate 9%
$222,267
Alternative Uses
Best Use
Multifamily LT 5
$285.8K
$250.1K – $333.4K
NOI $20,004 @ 7.0% cap · market cap 4.00%
Second Best
Apartment 5plus
$262.8K
$229.9K – $306.6K
NOI $18,395 @ 7.0% cap · market cap 3.68%
Theoretical Best
Office A
$565.8K
$495.1K – $660.1K
NOI $39,606 @ 7.0% cap · market cap 7.92%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
75%
Occupancy
Location Intelligence
Trade Area within ½ mile
1,095
Businesses Nearby
Explore this area
Business Placement
Demographics for 60624, IL
37,547
Population
16,250
Households
2.3
Avg Household Size
34
Median Age
13%
College-Educated
77%
High-School Grad
3.5 sq mi
ZIP Area
10,728
Density / Sq Mi
$32,607
Median Household Income
$30,924
Median Earnings
$1,152
Median Rent
$223,200
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?
Quadplex - Four large apartments feature three bedrooms, one bath, separate utilities, and shared rear garage improvements.
Where is this quadplex located?
The property is located at 4035-37 W Harrison St Chicago, IL.
What is the asking price?
The asking price for this property is $499,900.
What are key features of this property?
This property features: Four 3‑bedroom, 1‑bath apartments, each measuring 1,200 square feet; Three of four units are leased under month‑to‑month tenancy; Separate gas and electrical meters for the apartments
