Legal 3-Unit
For Sale
Contact for pricing
5117 N WESTERN AVE, Chicago, IL 60625
Fully leased multifamily property with central HVAC, in-unit laundry, shared yard space, and a detached garage.
Property Size2,144 SF
Price / SF$396.46
Days on Market93
Property Features for 5117 N WESTERN AVE
General Information
Standard status
Active
Size
2,144 SF
Property subtype
Multifamily
Zoning
B3-3
Investment Type
Stabilized
Net Operating Income
$75,240
Building Details
Year Built
1909
Year Renovated
2014
Buildings
1
Stories
2
Units
3
Tenancy
Multi
Listing Agency:
Triton Realty Group LLC
(773) 610-9054
Listed By:
Luke Wojcik · License #IL 475139979
Source:
Crexi
Added: Jun 1
Changed: Aug 30
Last Checked: Aug 30 at 5:30AM
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 Triton Realty Group LLC
Investment Insights
Based on property information with market context.
This legal 3-unit multifamily building contains three 3-bedroom, 1-bath residences, each equipped with central heat and air conditioning and in-unit laundry. The property is fully leased, and tenants pay their own utilities. A usable attic provides additional storage space, while the shared yard and detached 2-car garage add practical amenities. Built in 1909, the building sits on an oversized 3,536-square-foot lot and includes 2,144 square feet of property size.
The property is zoned B3-3 and lies within the City's Transit-Served Location (TSL/TOD) district. It is within walking distance of the Brown Line, multiple bus routes, and Lincoln Square shopping, dining, and nightlife.
The property is zoned B3-3 and lies within the City's Transit-Served Location (TSL/TOD) district. It is within walking distance of the Brown Line, multiple bus routes, and Lincoln Square shopping, dining, and nightlife.
Key Highlights
- Three 3‑bedroom, 1‑bath units in a legal 3‑unit building
- Fully leased with tenants responsible for their own utilities
- 2,144 square feet on an oversized 3,536‑square‑foot lot
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
$35,740
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
4.20%
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%
$714,800
$714.8K
Cap Rate 7%
$510,571
$510.6K
Cap Rate 9%
$397,111
$397.1K
Market Conditions
NOI Build-Up for 2,144 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
$54.0K $25.20/SF
− Vacancy
−$3.0K −$1.39/SF
EGI
$51.1K $23.81/SF
− OpEx
−$15.3K −$7.14/SF
NOI
$35.7K $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%
$714,800
Cap Rate 7%
$510,571
Cap Rate 9%
$397,111
Alternative Uses
Best Use
Multifamily LT 5
$510.6K
$446.8K – $595.7K
NOI $35,740 @ 7.0% cap · market cap 4.20%
Second Best
Apartment 5plus
$469.5K
$410.8K – $547.8K
NOI $32,866 @ 7.0% cap · market cap 3.87%
Theoretical Best
Office A
$1.01M
$884.5K – $1.18M
NOI $70,762 @ 7.0% cap · market cap 8.32%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
3,194
Businesses Nearby
Explore this area
Business Placement
Demographics for 60625, IL
76,525
Population
33,932
Households
2.3
Avg Household Size
36
Median Age
54%
College-Educated
87%
High-School Grad
3.8 sq mi
ZIP Area
20,138
Density / Sq Mi
$85,299
Median Household Income
$48,314
Median Earnings
$1,455
Median Rent
$396,700
Median Home Value
Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Triplex - Fully leased multifamily property with central HVAC, in-unit laundry, shared yard space, and a detached garage.
Where is this triplex located?
The property is located at 5117 N WESTERN AVE Chicago, IL.
What is the asking price?
The asking price for this property is $850,000.
What are key features of this property?
This property features: Three 3‑bedroom, 1‑bath units in a legal 3‑unit building; Fully leased with tenants responsible for their own utilities; 2,144 square feet on an oversized 3,536‑square‑foot lot
