Portage Park Multi-Unit Investment
For Sale
$680,000
Pending
4916 West Hutchinson Street, Chicago, IL 60641
Well-maintained 2-flat with in-law unit in Portage Park.
Property Size2,442 SF
Days on Market127
Property Features for 4916 West Hutchinson Street
General Information
Standard status
Pending
Size
2,442 SF
Total Parking Spaces
2
Property subtype
Two to Four Units / 2 Flat
Zoning
MULTI
Taxes and HOA fees
Annual Taxes
$11,255
Building Details
Year Built
1914
Listing Agency:
Kale Realty
(773) 710-9188
Listed By:
Megan Osberger · License #475202207
(773) 710-9188
Source:
Compass
Added: Apr 20
Changed: Aug 23
Last Checked: Jul 24 at 5:39PM
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 Kale Realty
Investment Insights
Based on property information with market context.
This is a well-maintained, all-brick legal 2-flat with an in-law garden unit located in Portage Park. It presents an investment opportunity or can be owner-occupied. Each oversized unit features hardwood floors, three bedrooms, a full bath, and closet space, along with a front balcony. The kitchens open into family rooms. The garden unit includes two bedrooms and one bath. Additional features include a coin-operated laundry, an enclosed rear porch, and a detached 2-car garage that offers the opportunity for additional rental income. The property is located minutes from the Kennedy Expressway and steps from the Montrose Blue Line, providing access to O'Hare Airport, restaurants, coffee shops, parks, schools, shopping, and neighborhood locations such as Bacci Pizza. The property is move-in ready.
Key Highlights
- Legal 2‑flat with in‑law garden unit: Ideal for investment or owner‑occupancy with rental income potential.
- Oversized units: Each featuring 3 spacious bedrooms, full bath, generous closet space, and hardwood floors.
- Rare front balconies: Perfect for enjoying spring and summer evenings.
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
$40,708
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
5.99%
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%
$814,160
$814.2K
Cap Rate 7%
$581,543
$581.5K
Cap Rate 9%
$452,311
$452.3K
Market Conditions
NOI Build-Up for 2,442 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
$61.5K $25.20/SF
− Vacancy
−$3.4K −$1.39/SF
EGI
$58.2K $23.81/SF
− OpEx
−$17.4K −$7.14/SF
NOI
$40.7K $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%
$814,160
Cap Rate 7%
$581,543
Cap Rate 9%
$452,311
Alternative Uses
Best Use
Multifamily LT 5
$581.5K
$508.9K – $678.5K
NOI $40,708 @ 7.0% cap · market cap 5.99%
Second Best
Apartment 5plus
$534.8K
$467.9K – $623.9K
NOI $37,434 @ 7.0% cap · market cap 5.51%
Theoretical Best
Office A
$1.15M
$1.01M – $1.34M
NOI $80,598 @ 7.0% cap · market cap 11.85%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,804
Businesses Nearby
Explore this area
Business Placement
Demographics for 60641, IL
69,354
Population
27,377
Households
2.5
Avg Household Size
37
Median Age
36%
College-Educated
85%
High-School Grad
4.0 sq mi
ZIP Area
17,339
Density / Sq Mi
$81,649
Median Household Income
$46,376
Median Earnings
$1,249
Median Rent
$373,200
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 - Well-maintained 2-flat with in-law unit in Portage Park.
Where is this triplex located?
The property is located at 4916 West Hutchinson Street Chicago, IL.
What is the asking price?
The asking price for this property is $680,000.
What are key features of this property?
This property features: Legal 2‑flat with in‑law garden unit: Ideal for investment or owner‑occupancy with rental income potential.; Oversized units: Each featuring 3 spacious bedrooms, full bath, generous closet space, and hardwood floors.; Rare front balconies: Perfect for enjoying spring and summer evenings.
