Renovated Two-Flat with Garden
For Sale
$449,000
Pending
4906 West Erie Street, Chicago, IL 60644
Turnkey renovated two-flat with separate back porches and a garden unit, supported by separate forced-air heat for each level.
Property Size2,200 SF
Lot Size0.07 Acres
Days on Market103
Property Features for 4906 West Erie Street
General Information
Standard status
Pending
Size
2,200 SF
Total Parking Spaces
2
Lot size
0.07 Acres
Property subtype
Two to Four Units / 2 Flat
Zoning
MULTI
Site & Location
Highway Access
Yes
Fenced Yard
Yes
Additional Details
Business Included
Yes
Multifamily Units
3
Taxes and HOA fees
Annual Taxes
$5,233
Building Details
Year Built
1905
Tenancy
Multi
Listing Agency:
EXIT Strategy Realty
(773) 294-7534
Listed By:
Alberto Gonzalez · License #475155143
(773) 294-7534
Source:
Compass
Added: May 14
Changed: Aug 23
Last Checked: Aug 6 at 6:30AM
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 EXIT Strategy Realty
Investment Insights
Based on property information with market context.
This renovated two-flat includes two main apartments and a separate garden unit, each with upgraded interiors and modern finishes. The property has all-new windows, brand-new appliances, neutral paint, and upgraded flooring, along with modern can lighting. Refinished front and rear staircases and a secure 6-foot wood privacy fence in front create a clean, controlled entry experience. Both main units feature separate back porches, and the garden level includes additional interior flexibility with multiple multi-purpose rooms and a full bathroom with an oversized walk-in shower. Kitchens are updated with granite countertops, white shaker-style cabinets, and stainless steel appliances, while the bathrooms include marble tile and tub/shower combinations.
Access and setting are centered around the near-west Austin area of Chicago. The lot is listed at 3025 SF (per the county) with a 24x125 dimension, and the property includes a newer two-car garage. Nearby education options include Nash Elementary, with Ronald McNair Elementary described as close by. The home is also reported as an approximately 12-minute walk to the Lake-Cicero Green Line L and offers easy access to Chicago Avenue, North Avenue, and I-290.
For tenants and owner-occupants, the layout supports either multi-unit leasing or a larger household needing separate living spaces. Each unit is supported by its own forced-air heating, and the building has two 100-amp electrical services plus a 100-amp common panel, supporting a practical, maintained system setup for day-to-day operations.
Access and setting are centered around the near-west Austin area of Chicago. The lot is listed at 3025 SF (per the county) with a 24x125 dimension, and the property includes a newer two-car garage. Nearby education options include Nash Elementary, with Ronald McNair Elementary described as close by. The home is also reported as an approximately 12-minute walk to the Lake-Cicero Green Line L and offers easy access to Chicago Avenue, North Avenue, and I-290.
For tenants and owner-occupants, the layout supports either multi-unit leasing or a larger household needing separate living spaces. Each unit is supported by its own forced-air heating, and the building has two 100-amp electrical services plus a 100-amp common panel, supporting a practical, maintained system setup for day-to-day operations.
Key Highlights
- Fully renovated 2‑flat (built 1905) with 3 units: 1200 SF upper, 1000 SF lower, and a 1200 SF garden unit
- All new windows and brand‑new appliances, plus modern can lighting, upgraded flooring, and neutral paint throughout
- Separate forced‑air heating for each unit; two 100‑amp electrical services plus a 100‑amp common panel
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
$36,674
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
8.17%
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%
$733,480
$733.5K
Cap Rate 7%
$523,914
$523.9K
Cap Rate 9%
$407,489
$407.5K
Market Conditions
NOI Build-Up for 2,200 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
$55.4K $25.20/SF
− Vacancy
−$3.0K −$1.39/SF
EGI
$52.4K $23.81/SF
− OpEx
−$15.7K −$7.14/SF
NOI
$36.7K $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%
$733,480
Cap Rate 7%
$523,914
Cap Rate 9%
$407,489
Alternative Uses
Best Use
Multifamily LT 5
$523.9K
$458.4K – $611.2K
NOI $36,674 @ 7.0% cap · market cap 8.17%
Second Best
Apartment 5plus
$481.8K
$421.6K – $562.1K
NOI $33,724 @ 7.0% cap · market cap 7.51%
Theoretical Best
Office A
$1.04M
$907.6K – $1.21M
NOI $72,611 @ 7.0% cap · market cap 16.17%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Multi-tenant
Tenancy
Turnkey business
Opportunity
Yes
Fenced yard
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
901
Businesses Nearby
Explore this area
Business Placement
Demographics for 60644, IL
47,239
Population
20,619
Households
2.3
Avg Household Size
36
Median Age
11%
College-Educated
85%
High-School Grad
3.5 sq mi
ZIP Area
13,497
Density / Sq Mi
$37,952
Median Household Income
$31,304
Median Earnings
$1,096
Median Rent
$238,300
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?
Triplex - Turnkey renovated two-flat with separate back porches and a garden unit, supported by separate forced-air heat for each level.
Where is this triplex located?
The property is located at 4906 West Erie Street Chicago, IL.
What is the asking price?
The asking price for this property is $449,000.
What are key features of this property?
This property features: Fully renovated 2‑flat (built 1905) with 3 units: 1200 SF upper, 1000 SF lower, and a 1200 SF garden unit; All new windows and brand‑new appliances, plus modern can lighting, upgraded flooring, and neutral paint throughout; Separate forced‑air heating for each unit; two 100‑amp electrical services plus a 100‑amp common panel
