Renovated 3-Unit Triplex
For Sale
$725,000
4917 W Addison St, Chicago, IL 60641
Updated multifamily building with modern kitchens, baths, dedicated furnaces, and on-site laundry.
Property Size2,630 SF
Days on Market56
Property Features for 4917 W Addison St
General Information
Standard status
Active
Size
2,630 SF
Property subtype
Multifamily
Additional Details
Multifamily Units
3
Amenities
on site laundry
Building Details
Building Size
2,630 SF
Year Built
1923
Buildings
1
Listed By:
Carson McDaniel
(810) 844-6813
Source:
Kisergroup
Added: Aug 8
Changed: Sep 17
Last Checked: Oct 1 at 10:12AM
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 Carson McDaniel
Investment Insights
Based on property information with market context.
Built in 1923, this three-unit triplex building has undergone a comprehensive renovation and is maintained with updated residential systems. The interiors feature modern kitchens and bathrooms, while copper plumbing and new electric service support the property’s infrastructure. Each unit has its own furnace and water tank, providing dedicated mechanical equipment for the residences.
On-site laundry adds a practical shared amenity, and the property is located in Chicago’s Portage Park area at 4917 W Addison Street. The combination of three residential units, renovated interiors, and updated building systems creates a clearly configured multifamily asset.
On-site laundry adds a practical shared amenity, and the property is located in Chicago’s Portage Park area at 4917 W Addison Street. The combination of three residential units, renovated interiors, and updated building systems creates a clearly configured multifamily asset.
Key Highlights
- 3 unit building in Portage Park
- Gut renovated interiors with modern kitchens and baths
- Copper plumbing and new electric service
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
$43,842
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
6.05%
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%
$876,840
$876.8K
Cap Rate 7%
$626,314
$626.3K
Cap Rate 9%
$487,133
$487.1K
Market Conditions
NOI Build-Up for 2,630 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
$66.3K $25.20/SF
− Vacancy
−$3.6K −$1.39/SF
EGI
$62.6K $23.81/SF
− OpEx
−$18.8K −$7.14/SF
NOI
$43.8K $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%
$876,840
Cap Rate 7%
$626,314
Cap Rate 9%
$487,133
Alternative Uses
Best Use
Multifamily LT 5
$626.3K
$548.0K – $730.7K
NOI $43,842 @ 7.0% cap · market cap 6.05%
Second Best
Apartment 5plus
$575.9K
$504.0K – $671.9K
NOI $40,316 @ 7.0% cap · market cap 5.56%
Theoretical Best
Office A
$1.24M
$1.09M – $1.45M
NOI $86,803 @ 7.0% cap · market cap 11.97%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
1,734
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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Midwest region
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Frequently Asked Questions
What type of property is this?
Triplex - Updated multifamily building with modern kitchens, baths, dedicated furnaces, and on-site laundry.
Where is this triplex located?
The property is located at 4917 W Addison St Chicago, IL.
What is the asking price?
The asking price for this property is $725,000.
What are key features of this property?
This property features: 3 unit building in Portage Park; Gut renovated interiors with modern kitchens and baths; Copper plumbing and new electric service
