Rehabbed 3-Unit Residential Income
For Sale
$600,000
Pending
5033 West Washington Boulevard, Chicago, IL 60644
Three-unit building with updated interiors, in-unit laundry, hardwood floors, and granite kitchens.
Property Size3,600 SF
Days on Market168
Property Features for 5033 West Washington Boulevard
General Information
Standard status
Pending
Size
3,600 SF
Total Parking Spaces
6
Property subtype
Two to Four Units / 3 Flat
Zoning
MULTI
Additional Details
Highway Access
Yes
Multifamily Units
3
Taxes and HOA fees
Annual Taxes
$5,826
Building Details
Year Built
1911
Listing Agency:
Peter Drossos Real Estate
(773) 593-5626
Listed By:
Peter Drossos · License #471010251
(773) 593-5626
Source:
Compass
Added: Mar 8
Changed: Aug 23
Last Checked: Jul 24 at 4:31PM
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 Peter Drossos Real Estate
Investment Insights
Based on property information with market context.
This perfectly rehabbed 3-unit residential income building offers updated finishes throughout and a practical split configuration for owner-occupancy or full rental use. The first-floor and second-floor units are nearly identical in design and feature large windows, tall ceilings, recessed lighting, hardwood flooring, and an in-unit washer and dryer, along with updated bathroom tile and trim work. The first-floor unit includes three bedrooms, while the second-floor unit includes four bedrooms and a front balcony. Kitchens in both units include light gray shaker-style cabinets, granite countertops, and stainless steel appliances.
The garden unit features three bedrooms, a full bathroom, and a tall ceiling, with its own functional layout and a similarly updated kitchen.
The property is described as practically brand new with City of Chicago plans and permits, and it is close to schools, shopping, I-290, and transportation.
The garden unit features three bedrooms, a full bathroom, and a tall ceiling, with its own functional layout and a similarly updated kitchen.
The property is described as practically brand new with City of Chicago plans and permits, and it is close to schools, shopping, I-290, and transportation.
Key Highlights
- Three‑unit building built in 1911 with updated interiors supported by City of Chicago plans and permits
- Each unit features in‑unit washer and dryer plus hardwood flooring, recessed lighting, and tall ceilings
- Kitchens include light gray shaker‑style cabinets, granite countertops, and stainless steel appliances
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
$55,185
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
9.20%
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%
$1,103,700
$1.1M
Cap Rate 7%
$788,357
$788.4K
Cap Rate 9%
$613,167
$613.2K
Market Conditions
NOI Build-Up for 3,600 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
$105.8K $29.40/SF
− Vacancy
−$5.5K −$1.53/SF
EGI
$100.3K $27.87/SF
− OpEx
−$45.2K −$12.54/SF
NOI
$55.2K $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%
$1,103,700
Cap Rate 7%
$788,357
Cap Rate 9%
$613,167
Alternative Uses
Best Use
Multifamily LT 5
$857.3K
$750.1K – $1.00M
NOI $60,011 @ 7.0% cap · market cap 10.00%
Second Best
Apartment 5plus
$788.4K
$689.8K – $919.8K
NOI $55,185 @ 7.0% cap · market cap 9.20%
Theoretical Best
Office A
$1.70M
$1.49M – $1.98M
NOI $118,817 @ 7.0% cap · market cap 19.80%
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
1,075
Businesses Nearby
Explore this area
Business Placement
Demographics for 60644, IL
47,239
Population
20,619
Households
2.3
Avg Household Size
36
Median Age
11%
College-Educated
85%
High-School Grad
3.5 sq mi
ZIP Area
13,497
Density / Sq Mi
$37,952
Median Household Income
$31,304
Median Earnings
$1,096
Median Rent
$238,300
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 - Three-unit building with updated interiors, in-unit laundry, hardwood floors, and granite kitchens.
Where is this triplex located?
The property is located at 5033 West Washington Boulevard Chicago, IL.
What is the asking price?
The asking price for this property is $600,000.
What are key features of this property?
This property features: Three‑unit building built in 1911 with updated interiors supported by City of Chicago plans and permits; Each unit features in‑unit washer and dryer plus hardwood flooring, recessed lighting, and tall ceilings; Kitchens include light gray shaker‑style cabinets, granite countertops, and stainless steel appliances
