Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Back to Search
    Kenwood Multifamily Asset Opportunity Title is generated by Realmo AI

    4612 S Lake Park Ave, Chicago, IL 60653

    View on Map
    Claim this Listing
    Loading data...
    Loading data...
    Loading data...
    For Sale
    Contact for pricing

    48-unit multifamily property in Chicago's historic Kenwood neighborhood.

    Type:Multifamily
    Property size:
    50,200 SF
    Price / SF:
    $223/SF
    Added:
    Feb 23, 2026
    Days on Market:
    89
    Last Refresh:
    Mar 17 at 1:15 pm

    Property Features for 4612 S Lake Park Ave

    General Information

    Standard status
    Active
    Size
    50,200 SF
    Property subtype
    Multifamily

    We can help!

    Listing Contact
    Noah Birk

    Listing agent Noah Birk License #IL 475.125864

    Listing office Kiser Group

    Listing date Feb 23, 2026

    Source Crexi

    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 Kiser Group

    HighLights

    • Stabilized, cash‑flowing 48‑unit multifamily asset with an in‑place 7.54% cap rate and 7.99% cash return.
    • Opportunity to achieve a proforma 8.68% cap rate and 12.54% cash return through rent growth.
    • Located in Chicago’s historic Kenwood neighborhood, a sought‑after and appreciating South Side location.
    • Highly desirable unit mix of thirty‑seven (37) 2Bd/1Ba units and eleven (11) 3Bd/1Ba units.
    • Steps from Lake Michigan and nearby green space.
    • Convenient access to S. Lake Shore Drive and Chicago’s downtown core.

    Overview

    Located in the heart of Chicago’s historic Kenwood neighborhood, 4612 S. Lake Park Ave is a forty-eight (48) unit multifamily asset. The property is situated along the Lake Park Avenue corridor, steps from Lake Michigan and nearby green space, while offering convenient access to S. Lake Shore Drive and Chicago’s downtown core. The unit mix is comprised of thirty-seven (37) 2Bd/1Ba units and eleven (11) 3Bd/1Ba units. Units are well-maintained and spacious, offering layouts that appeal to the area’s strong renter demographic. The property size is 50200 square feet.

    Financial Insights

    Value Estimation Calculated for Apartment 5plus

    Conservative
    $8.55M
    NOI $769,524 @ 9.00% cap · cautious / downside scenario
    Moderate
    $10.99M
    NOI $769,524 @ 7.00% cap · market / base-case scenario
    Aggressive
    $15.39M
    NOI $769,524 @ 5.00% cap · optimistic / upside scenario

    NOI & Cap Rate Calculator

    NOI Build-Up
    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.
         Calculated for Apartment 5plus

    Component $ $/SF
    Gross rent $1.48M $29.40
    − Vacancy −$76.7k −$1.53
    EGI $1.40M $27.87
    − OpEx −$629.6k −$12.54
    NOI $769.5k $15.33
    50,200 SF · lease $29.40/SF/yr · vacancy 5.20% · expense 45.00%

    Alternative Use Scenarios

    Best Use
    Apartment 5plus
    $10.99M
    $9.62M – $12.83M (±1% cap)
    NOI $769,524 @ 7.0% cap · market cap 6.87%
    Second Best
    —
    —
    no second resolved use
    Theoretical Best
    Office A
    $23.67M
    $20.71M – $27.61M (±1% cap)
    NOI $1,656,841 @ 7.0% cap · market cap 14.79%
    Zoning and permitted uses should be independently verified with local authorities.
    Location Intelligence

    Current Use by Public Records

    Apartment buildings

    Suggested Use

    Law Firm Restaurant Real Estate Agency Spa & Massage Center Dental Office Hair Salon Nail Salon Food Market Grocery & Convenience Store Gym & Fitness Center

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Chicago
    County
    Cook
    State
    Illinois
    Longitude
    -87.5949679
    Latitude
    41.8106105

    Nearby Similar for Sale

    • $459,000
      3,000 SF

      Chicago Commercial Buildings For Sale

      Three commercial buildings in a busy Chicago neighborhood retail location.
      1753-1759 W 79th Street, Chicago, IL 60620
      View Details
    • $949,000
      4,055 SF

      Turnkey Restaurant Venue with PPA License

      Fully renovated restaurant with licenses and uncommitted VGT potential.
      7455 W Irving Park Road, Chicago, IL 60634
      View Details
    • $949,000
      4,055 SF

      Turnkey Restaurant Venue with Licenses

      Fully renovated restaurant with licenses and residential unit for sale.
      7455 W Irving Park Road, Chicago, IL 60634
      View Details
    • $779,900

      Chicago Commercial Brick Storefronts For Sale

      Income-producing commercial property with long-term tenants on a busy corner.
      5600 W Division Street, Chicago, IL 60651
      View Details
    • $649,000
      2,176 SF

      Turnkey Restaurant Opportunity in Chicago

      Below-market lease in East Lakeview, fully equipped restaurant with assets.
      420 W Belmont Avenue, Chicago, IL 60657
      View Details
    • $759,000
      5,000 SF

      Prime Retail Space in Chicago

      Commercial property in a high-traffic retail district.
      4411 N Kedzie Avenue, Chicago, IL 60625
      View Details
    • $375,000
      2,980 SF

      Woodlawn Commercial Investment Opportunity

      Multi-unit commercial property in Chicago's evolving Woodlawn neighborhood.
      6501 - 6507 1/2 S Saint Lawrence Avenue, Chicago, IL 60637
      View Details
    • $625,000
      4,593 SF

      Fulton River District Commercial Loft

      Classic timber loft in Fulton River District, Chicago.
      566 W Lake Street, Chicago, IL 60661
      View Details
    • $549,900
      2,806 SF

      Wicker Park Corner Retail Building

      2,806 SF retail building in prime Wicker Park location.
      2357 W North Avenue, Chicago, IL 60647
      View Details
    • $1,300,000
      6,400 SF

      Renovated Chicago Industrial Flex Warehouse

      6,400 SF renovated industrial flex warehouse in Chicago for sale.
      3146 W Chicago Avenue, Chicago, IL 60622
      View Details
    • $649,000

      Brighton Park Commercial Strip Center

      Well-maintained commercial strip center in high-traffic location, fully leased.
      4044-48 S ARCHER Avenue, Chicago, IL 60632
      View Details
    • $349,900

      Chicago Commercial Space with Visibility

      Versatile office space ideal for medical or professional services.
      8036 S WESTERN Avenue, Chicago, IL 60620
      View Details

    FAQs

    What type of property is this?
    Apartment building - 48-unit multifamily property in Chicago's historic Kenwood neighborhood.
    Where is this apartment building located?
    The property is located at 4612 S Lake Park Ave Chicago, IL.
    What is the asking price?
    The asking price for this property is $11,200,000.
    What are key features of this property?
    This property features: Stabilized, cash‑flowing 48‑unit multifamily asset with an in‑place 7.54% cap rate and 7.99% cash return.; Opportunity to achieve a proforma 8.68% cap rate and 12.54% cash return through rent growth.; Located in Chicago’s historic Kenwood neighborhood, a sought‑after and appreciating South Side location.
    (773) 293-5032 Call to check price and availability
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing
    Noah Birk
    Real Estate License ID: IL 475.125864
    Learn More
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Thank You for Inquiry
    4612 S Lake Park Ave, Chicago, IL 60653
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!