Three-Story
For Sale
Contact for pricing
4950 S Michigan Ave, Chicago, IL 60615
The 2025 building includes three 3-bedroom, 2-bath residences and off-street parking.
Property Size5,100 SF
Lot Size0.13 Acres
Price / SF$235.29
Days on Market187
Property Features for 4950 S Michigan Ave
General Information
Standard status
Active
Size
5,100 SF
Total Parking Spaces
2
Lot size
0.13 Acres
Property subtype
Multifamily
Net Operating Income
$61,281
Site & Location
Highway Access
Yes
Public Transit
Yes
Units
Unit Mix
3 x 3BR/2BA
Multifamily Units
3
Building Details
Year Built
2025
Buildings
1
Stories
3
Units
3
Listing Agency:
Horvath & Tremblay
(312) 533-8899
Listed By:
Danny Breiter · License #475.212060
Source:
Crexi
Added: Feb 26
Changed: Aug 30
Last Checked: Aug 30 at 2:57PM
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 Horvath & Tremblay
Investment Insights
Based on property information with market context.
Built in 2025, this three-story triplex contains three residential units, each configured with 3 bedrooms and 2 bathrooms. The property provides 4,800 square feet of gross living area within 5,100 square feet of gross area, along with two off-street parking spaces on a 0.13-acre parcel.
Located at 4950 S Michigan Ave in Chicago, the property offers access to Lake Shore Drive and Interstate 90/94. Downtown Chicago, public transportation options, surrounding residential neighborhoods, institutional and employment centers, and nearby neighborhood amenities are also identified in the immediate area context.
Located at 4950 S Michigan Ave in Chicago, the property offers access to Lake Shore Drive and Interstate 90/94. Downtown Chicago, public transportation options, surrounding residential neighborhoods, institutional and employment centers, and nearby neighborhood amenities are also identified in the immediate area context.
Key Highlights
- Three‑story triplex with three 3‑bedroom/2‑bathroom units
- Built in 2025
- 4,800 square feet of gross living area
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
$85,016
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
7.08%
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%
$1,700,320
$1.7M
Cap Rate 7%
$1,214,514
$1.2M
Cap Rate 9%
$944,622
$944.6K
Market Conditions
NOI Build-Up for 5,100 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
$128.5K $25.20/SF
− Vacancy
−$7.1K −$1.39/SF
EGI
$121.5K $23.81/SF
− OpEx
−$36.4K −$7.14/SF
NOI
$85.0K $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%
$1,700,320
Cap Rate 7%
$1,214,514
Cap Rate 9%
$944,622
Alternative Uses
Best Use
Multifamily LT 5
$1.21M
$1.06M – $1.42M
NOI $85,016 @ 7.0% cap · market cap 7.08%
Second Best
Apartment 5plus
$1.12M
$977.2K – $1.30M
NOI $78,179 @ 7.0% cap · market cap 6.51%
Theoretical Best
Office A
$2.40M
$2.10M – $2.81M
NOI $168,324 @ 7.0% cap · market cap 14.03%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,283
Businesses Nearby
Explore this area
Business Placement
Demographics for 60615, IL
43,502
Population
24,997
Households
1.7
Avg Household Size
35
Median Age
61%
College-Educated
93%
High-School Grad
2.2 sq mi
ZIP Area
19,774
Density / Sq Mi
$62,105
Median Household Income
$47,186
Median Earnings
$1,444
Median Rent
$305,200
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 - The 2025 building includes three 3-bedroom, 2-bath residences and off-street parking.
Where is this triplex located?
The property is located at 4950 S Michigan Ave Chicago, IL.
What is the asking price?
The asking price for this property is $1,200,000.
What are key features of this property?
This property features: Three‑story triplex with three 3‑bedroom/2‑bathroom units; Built in 2025; 4,800 square feet of gross living area
