Bronzeville Multifamily Investment
For Sale
Contact for pricing
4957 S Calumet Ave, Chicago, IL 60615
15-unit multifamily property in Chicago's historic Bronzeville neighborhood.
Property Size15,000 SF
Lot Size0.15 Acres
Price / SF$186.67
Days on Market173
Property Features for 4957 S Calumet Ave
General Information
Standard status
Active
Size
15,000 SF
Lot size
0.15 Acres
Property subtype
Multifamily
Occupancy
100%
Net Operating Income
$197,142
Building Details
Year Built
1902
Buildings
1
Stories
3
Units
15
Listing Agency:
Horvath & Tremblay
(312) 533-8899
Listed By:
Danny Breiter · License #475.212060
Source:
Crexi
Added: Mar 3
Changed: Aug 8
Last Checked: Jul 17 at 10:37AM
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.
The multi-family investment property at 4957 S Calumet Ave in Chicago, IL, is a three-story building featuring fifteen 2-bedroom/1-bathroom units. The building has 15,000 square feet of gross living area within a 16,000-square-foot gross area. Situated on a 0.15-acre parcel, the property offers on-street parking. Located in Chicago’s historic Bronzeville neighborhood, it provides access to downtown Chicago and surrounding residential areas. The property benefits from connectivity to Lake Shore Drive and the Dan Ryan Expressway (I-90/I-94), facilitating regional access throughout Chicago and the broader metropolitan area. It is also located near neighborhood retail, public transit, and lakefront amenities.
Key Highlights
- Fifteen (15) 2‑Bedroom/1‑Bathroom units offer substantial rental income potential.
- Prime location in Chicago's historic Bronzeville neighborhood.
- Convenient access to downtown Chicago and surrounding areas.
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
$229,937
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
8.21%
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%
$4,598,740
$4.6M
Cap Rate 7%
$3,284,814
$3.3M
Cap Rate 9%
$2,554,856
$2.6M
Market Conditions
NOI Build-Up for 15,000 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
$441.0K $29.40/SF
− Vacancy
−$22.9K −$1.53/SF
EGI
$418.1K $27.87/SF
− OpEx
−$188.1K −$12.54/SF
NOI
$229.9K $15.33/SF
Area
Chicago, IL
Vacancy
5.20%
Lease Rate
$29.40 /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%
$4,598,740
Cap Rate 7%
$3,284,814
Cap Rate 9%
$2,554,856
Alternative Uses
Best Use
Apartment 5plus
$3.28M
$2.87M – $3.83M
NOI $229,937 @ 7.0% cap · market cap 8.21%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$7.07M
$6.19M – $8.25M
NOI $495,072 @ 7.0% cap · market cap 17.68%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,456
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?
Apartment building - 15-unit multifamily property in Chicago's historic Bronzeville neighborhood.
Where is this apartment building located?
The property is located at 4957 S Calumet Ave Chicago, IL.
What is the asking price?
The asking price for this property is $2,800,000.
What are key features of this property?
This property features: Fifteen (15) 2‑Bedroom/1‑Bathroom units offer substantial rental income potential.; Prime location in Chicago's historic Bronzeville neighborhood.; Convenient access to downtown Chicago and surrounding areas.
