97-Unit Apartment
New
For Sale
Contact for pricing
4625 South Drexel Boulevard, Chicago, IL 60653
Two-building multifamily property with updated interiors, in-unit laundry, and air conditioning throughout.
Property Size94,200 SF
Price / SF$230.89
Days on Market7
Property Features for 4625 South Drexel Boulevard
General Information
Standard status
Active
Size
94,200 SF
Property subtype
Multifamily
Zoning
RM-5
Units
Unit Mix
43 x 1BR/1BA, 29 x 2BR/2BA, 25 x 3BR/2BA
Multifamily Units
97
Amenities
in-unit laundry
air conditioning
hardwood flooring
Building Details
Buildings
2
Units
97
Tenancy
Multi
Listing Agency:
SVN Chicago Commercial
Listed By:
Joe Connelly · License #475202263 IL
Source:
Crexi
Added: Aug 4
Changed: Aug 10
Last Checked: Aug 10 at 5:41AM
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 SVN Chicago Commercial
Investment Insights
Based on property information with market context.
This multifamily portfolio comprises two apartment buildings at 4625 South Drexel Boulevard and 4627 South Drexel Boulevard, with 97 units and approximately 94,200 square feet. Apartments feature renovated kitchens and bathrooms, hardwood floors, in-unit laundry, and air conditioning. The properties also include newer windows, porches, and roofing, along with updated electrical service and individual furnaces and water tanks.
The portfolio is located in Chicago’s Kenwood area, near the University of Chicago, new development, and established retail centers. RM-5 zoning applies to the property.
The portfolio is located in Chicago’s Kenwood area, near the University of Chicago, new development, and established retail centers. RM-5 zoning applies to the property.
Key Highlights
- 97‑unit portfolio across two apartment buildings
- Approximately 94,200 square feet at 4625 and 4627 South Drexel Boulevard
- Renovated kitchens and bathrooms with hardwood flooring
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
$1,444,007
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
6.64%
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%
$28,880,140
$28.9M
Cap Rate 7%
$20,628,671
$20.6M
Cap Rate 9%
$16,044,522
$16.0M
Market Conditions
NOI Build-Up for 94,200 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
$2.77M $29.40/SF
− Vacancy
−$144.0K −$1.53/SF
EGI
$2.63M $27.87/SF
− OpEx
−$1.18M −$12.54/SF
NOI
$1.44M $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%
$28,880,140
Cap Rate 7%
$20,628,671
Cap Rate 9%
$16,044,522
Alternative Uses
Best Use
Apartment 5plus
$20.63M
$18.05M – $24.07M
NOI $1,444,007 @ 7.0% cap · market cap 6.64%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$44.42M
$38.86M – $51.82M
NOI $3,109,052 @ 7.0% cap · market cap 14.29%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
97
Residential units
Location Intelligence
Trade Area within ½ mile
1,587
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
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Frequently Asked Questions
What type of property is this?
Apartment building - Two-building multifamily property with updated interiors, in-unit laundry, and air conditioning throughout.
Where is this apartment building located?
The property is located at 4625 South Drexel Boulevard Chicago, IL.
What is the asking price?
The asking price for this property is $21,750,000.
What are key features of this property?
This property features: 97‑unit portfolio across two apartment buildings; Approximately 94,200 square feet at 4625 and 4627 South Drexel Boulevard; Renovated kitchens and bathrooms with hardwood flooring
