Updated 6-Unit Apartment
For Sale
$1,240,000
460 W 28th Place, Chicago, IL 60616
Brick construction combines with updated kitchens, baths, appliances, shared laundry, and bundled utilities.
Property Size3,960 SF
Days on Market126
Property Features for 460 W 28th Place
General Information
Standard status
Active
Size
3,960 SF
Total Parking Spaces
2
Property subtype
Commercial
Zoning
MULTI
Units
Unit Mix
2 x 2BR/2BA, 2 x 2BR/1BA, 2 x 1BR/1BA
Multifamily Units
6
Taxes and HOA fees
Annual Taxes
$12,657
Amenities
shared laundry facilities
Building Details
Building Size
3,960 SF
Year Built
1899
Buildings
1
Stories
3
Units
6
Construction
brick
Listing Agency:
Sperry Van Ness
(312) 676-1866
Listed By:
Angelo Labriola · License #475130926
(312) 676-1866
Source:
Exit2newbeginningz
Added: Apr 7
Changed: Aug 7
Last Checked: Aug 9 at 1:58PM
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 Sperry Van Ness
Investment Insights
Based on property information with market context.
This 6-unit brick apartment building, constructed in 1899, offers a varied residential configuration with two 2-bedroom/2-bath apartments, two 2-bedroom/1-bath apartments, and two 1-bedroom/1-bath apartments. Interior improvements include updated kitchens and bathrooms, stainless steel appliances, and contemporary range hoods.
Shared laundry is located in the rear lower level, while bundled water, sewer, trash, and Wi-Fi are provided for residents. The property also includes a two-car garage. Located at 460 W 28th Place in Chicago, the building is zoned MULTI.
Shared laundry is located in the rear lower level, while bundled water, sewer, trash, and Wi-Fi are provided for residents. The property also includes a two-car garage. Located at 460 W 28th Place in Chicago, the building is zoned MULTI.
Key Highlights
- 6‑unit brick apartment building constructed in 1899
- Unit mix includes two 2‑bedroom/2‑bath, two 2‑bedroom/1‑bath, and two 1‑bedroom/1‑bath apartments
- Updated kitchens and bathrooms with stainless steel appliances
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
$60,703
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
4.90%
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%
$1,214,060
$1.2M
Cap Rate 7%
$867,186
$867.2K
Cap Rate 9%
$674,478
$674.5K
Market Conditions
NOI Build-Up for 3,960 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
$116.4K $29.40/SF
− Vacancy
−$6.1K −$1.53/SF
EGI
$110.4K $27.87/SF
− OpEx
−$49.7K −$12.54/SF
NOI
$60.7K $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%
$1,214,060
Cap Rate 7%
$867,186
Cap Rate 9%
$674,478
Alternative Uses
Best Use
Apartment 5plus
$867.2K
$758.8K – $1.01M
NOI $60,703 @ 7.0% cap · market cap 4.90%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.87M
$1.63M – $2.18M
NOI $130,699 @ 7.0% cap · market cap 10.54%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
6
Residential units
Location Intelligence
Trade Area within ½ mile
1,479
Businesses Nearby
Explore this area
Business Placement
Demographics for 60616, IL
54,013
Population
26,912
Households
2
Avg Household Size
38
Median Age
53%
College-Educated
86%
High-School Grad
3.8 sq mi
ZIP Area
14,214
Density / Sq Mi
$77,841
Median Household Income
$53,415
Median Earnings
$1,329
Median Rent
$387,300
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 - Brick construction combines with updated kitchens, baths, appliances, shared laundry, and bundled utilities.
Where is this apartment building located?
The property is located at 460 W 28th Place Chicago, IL.
What is the asking price?
The asking price for this property is $1,240,000.
What are key features of this property?
This property features: 6‑unit brick apartment building constructed in 1899; Unit mix includes two 2‑bedroom/2‑bath, two 2‑bedroom/1‑bath, and two 1‑bedroom/1‑bath apartments; Updated kitchens and bathrooms with stainless steel appliances
