Six-Unit Multifamily Corner
For Sale
Contact for pricing
4936 Greenwood Street, Skokie, IL 60077
Six-unit multifamily property with a corner location and a unique unit mix totaling 14 bedrooms.
Property Size7,000 SF
Price / SF$246.43
Days on Market31
Property Features for 4936 Greenwood Street
General Information
Standard status
Active
Size
7,000 SF
Total Parking Spaces
6
Property subtype
Multifamily
Zoning
R4
Occupancy
100%
Investment Type
Value Add
Net Operating Income
$108,237
Additional Details
Multifamily Units
6
Building Details
Year Built
1955
Buildings
1
Stories
3
Units
6
Tenancy
Multi
Listing Agency:
Chicago Real Estate Resources Inc
(773) 327-9300
Listed By:
Eric Janssen · License #IL 471011639
Source:
Crexi
Added: Jul 23
Changed: Aug 18
Last Checked: Aug 21 at 10:54PM
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 Chicago Real Estate Resources Inc
Investment Insights
Based on property information with market context.
This six-unit multifamily building features a unique unit mix totaling 14 bedrooms. The property is described as exceptionally well-maintained, with mostly updated units and clean, professionally maintained common areas designed to minimize near-term capital expenditures.
Set as a corner location at 4936 Greenwood Street in Skokie, the building is positioned to benefit from abundant natural light throughout the units. Built in 1955, the property size is listed at 7,000 SF.
The current configuration is presented as a strong basis for operational improvement through strategic rent growth, supported by the noted approach of having rents positioned below market and a clear path to increase income based on current market conditions and comparable in-house leasing data.
Set as a corner location at 4936 Greenwood Street in Skokie, the building is positioned to benefit from abundant natural light throughout the units. Built in 1955, the property size is listed at 7,000 SF.
The current configuration is presented as a strong basis for operational improvement through strategic rent growth, supported by the noted approach of having rents positioned below market and a clear path to increase income based on current market conditions and comparable in-house leasing data.
Key Highlights
- Six‑unit multifamily building
- 14 total bedrooms across the unit mix
- Corner location for abundant natural light throughout the units
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
$81,206
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
4.71%
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%
$1,624,120
$1.6M
Cap Rate 7%
$1,160,086
$1.2M
Cap Rate 9%
$902,289
$902.3K
Market Conditions
NOI Build-Up for 7,000 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
$158.8K $22.68/SF
− Vacancy
−$11.1K −$1.59/SF
EGI
$147.6K $21.09/SF
− OpEx
−$66.4K −$9.49/SF
NOI
$81.2K $11.60/SF
Area
Cook County, IL
Vacancy
7.00%
Lease Rate
$22.68 /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%
$1,624,120
Cap Rate 7%
$1,160,086
Cap Rate 9%
$902,289
Alternative Uses
Best Use
Apartment 5plus
$1.16M
$1.02M – $1.35M
NOI $81,206 @ 7.0% cap · market cap 4.71%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.42M
$2.11M – $2.82M
NOI $169,175 @ 7.0% cap · market cap 9.81%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
6
Residential units
Location Intelligence
Trade Area within ½ mile
1,176
Businesses Nearby
Explore this area
Business Placement
Demographics for 60077, IL
28,856
Population
11,317
Households
2.5
Avg Household Size
43
Median Age
46%
College-Educated
92%
High-School Grad
4.2 sq mi
ZIP Area
6,870
Density / Sq Mi
$80,765
Median Household Income
$40,996
Median Earnings
$1,450
Median Rent
$327,400
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 - Six-unit multifamily property with a corner location and a unique unit mix totaling 14 bedrooms.
Where is this apartment building located?
The property is located at 4936 Greenwood Street Skokie, IL.
What is the asking price?
The asking price for this property is $1,725,000.
What are key features of this property?
This property features: Six‑unit multifamily building; 14 total bedrooms across the unit mix; Corner location for abundant natural light throughout the units
