Bronzeville New Construction Triplex
For Sale
Contact for pricing
4153 S Prairie Ave, Chicago, IL 60653
Three fully leased, new construction triplexes in Bronzeville.
Property Size4,500 SF
Price / SF$216.67
Days on Market175
Property Features for 4153 S Prairie Ave
General Information
Standard status
Active
Size
4,500 SF
Class
A
Property subtype
Multifamily
Occupancy
100%
Investment Type
Stabilized
Net Operating Income
$196,454
Building Details
Year Built
2024
Buildings
3
Stories
3
Units
3
Listing Agency:
KWILL RE LLC
Listed By:
John Coleman · License #471006619
Source:
Crexi
Added: Feb 27
Changed: Aug 14
Last Checked: Aug 19 at 9:41PM
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 KWILL RE LLC
Investment Insights
Based on property information with market context.
Three newly constructed triplexes are located at 4153, 4155, and 4157 S Prairie Avenue, offering a stabilized investment opportunity in Bronzeville. Each building, constructed between 2023 and 2024, features three modern 3-bedroom, 2-bathroom units. Units include in-unit laundry, enclosed parking, and contemporary finishes. The properties are fully leased and performing, providing immediate cash flow. In-place rents are at or below comparable properties. Bronzeville is a rapidly appreciating neighborhood ten minutes south of Downtown, situated along Chicago’s Lakefront and blocks away from Washington Park, cultural landmarks, and public transportation. It is bordered by Kenwood and Hyde Park, home to the University of Chicago. The property size is 4500 square feet.
Key Highlights
- Immediate cash flow from 100% occupied units.
- New construction (2023‑2024) minimizes capital requirements.
- In‑place rents are below market, offering immediate rent growth potential.
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
$75,014
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
7.69%
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%
$1,500,280
$1.5M
Cap Rate 7%
$1,071,629
$1.1M
Cap Rate 9%
$833,489
$833.5K
Market Conditions
NOI Build-Up for 4,500 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
$113.4K $25.20/SF
− Vacancy
−$6.2K −$1.39/SF
EGI
$107.2K $23.81/SF
− OpEx
−$32.1K −$7.14/SF
NOI
$75.0K $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%
$1,500,280
Cap Rate 7%
$1,071,629
Cap Rate 9%
$833,489
Alternative Uses
Best Use
Multifamily LT 5
$1.07M
$937.7K – $1.25M
NOI $75,014 @ 7.0% cap · market cap 7.69%
Second Best
Apartment 5plus
$985.4K
$862.3K – $1.15M
NOI $68,981 @ 7.0% cap · market cap 7.07%
Theoretical Best
Office A
$2.12M
$1.86M – $2.48M
NOI $148,522 @ 7.0% cap · market cap 15.23%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
972
Businesses Nearby
Explore this area
Business Placement
Demographics for 60653, IL
33,146
Population
18,279
Households
1.8
Avg Household Size
37
Median Age
38%
College-Educated
90%
High-School Grad
2.4 sq mi
ZIP Area
13,811
Density / Sq Mi
$39,565
Median Household Income
$49,335
Median Earnings
$856
Median Rent
$347,800
Median Home Value
Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Triplex - Three fully leased, new construction triplexes in Bronzeville.
Where is this triplex located?
The property is located at 4153 S Prairie Ave Chicago, IL.
What is the asking price?
The asking price for this property is $975,000.
What are key features of this property?
This property features: Immediate cash flow from 100% occupied units.; New construction (2023‑2024) minimizes capital requirements.; In‑place rents are below market, offering immediate rent growth potential.
