Triplex Brick Building with
For Sale
$719,000
Pending
5433 W Melrose Street Chicago, Chicago, IL 60641
Three separate living spaces, shared laundry, dual HVAC systems, and refreshed interiors support flexible occupancy arrangements.
Property Size2,726 SF
Days on Market54
Property Features for 5433 W Melrose Street Chicago
General Information
Standard status
Pending
Size
2,726 SF
Total Parking Spaces
2
Property subtype
Two to Four Units
Zoning
MULTI
Net Operating Income
$36,765
Taxes and HOA fees
Annual Taxes
$7,811
Amenities
Finished,Exterior Entry,Full
Kitchen,Enclosed Porch,Sun Room
4
8
2
Lake Michigan
33X126
0.09
No
Ceiling Fan(s)
Garage Door Opener,Yes,Garage Owned,Detached,Garage
Concrete Perimeter
Building Details
Year Built
1923
Listing Agency:
(847) 558-6808
Listed By:
Jorge Trujillo
(847) 558-6808
Source:
Remaxadream
Added: Jul 8
Changed: Aug 29
Last Checked: Aug 29 at 5:28PM
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 Jorge Trujillo
Investment Insights
Based on property information with market context.
This 2 1/2-story brick triplex includes a legal two-flat and a nonconforming garden apartment, with each level configured as a separate living space. The second-floor unit has five rooms, two bedrooms, a living room, dining room, kitchen with double pantry and eat-in area, and a ceramic tile bath. The garden apartment includes two bedrooms, a finished living room, kitchen, full bath, and laundry area. The first-floor and garden units were fully renovated in 2003, and the apartments and basement have been freshly painted.
A detached two-car garage, finished basement laundry room, hardwood and ceramic tile floors, and two separate heating systems are included. The first-floor and garden units share one central air-conditioning system, while the second-floor apartment has its own. The property is zoned MULTI, was built in 1923, and has a roof installed in May 2026. Located at 5433 W Melrose Street in Chicago, the property is identified with Belmont Cragin and Portage Park.
A detached two-car garage, finished basement laundry room, hardwood and ceramic tile floors, and two separate heating systems are included. The first-floor and garden units share one central air-conditioning system, while the second-floor apartment has its own. The property is zoned MULTI, was built in 1923, and has a roof installed in May 2026. Located at 5433 W Melrose Street in Chicago, the property is identified with Belmont Cragin and Portage Park.
Key Highlights
- Legal 2‑flat with a nonconforming garden apartment
- Approximately 2,800 square feet of above‑grade living area
- Detached 2‑car garage with potential for one additional outdoor parking space
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
$45,442
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
6.32%
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%
$908,840
$908.8K
Cap Rate 7%
$649,171
$649.2K
Cap Rate 9%
$504,911
$504.9K
Market Conditions
NOI Build-Up for 2,726 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
$68.7K $25.20/SF
− Vacancy
−$3.8K −$1.39/SF
EGI
$64.9K $23.81/SF
− OpEx
−$19.5K −$7.14/SF
NOI
$45.4K $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%
$908,840
Cap Rate 7%
$649,171
Cap Rate 9%
$504,911
Alternative Uses
Best Use
Multifamily LT 5
$649.2K
$568.0K – $757.4K
NOI $45,442 @ 7.0% cap · market cap 6.32%
Second Best
Apartment 5plus
$597.0K
$522.3K – $696.5K
NOI $41,787 @ 7.0% cap · market cap 5.81%
Theoretical Best
Office A
$1.29M
$1.12M – $1.50M
NOI $89,971 @ 7.0% cap · market cap 12.51%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,807
Businesses Nearby
Explore this area
Business Placement
Demographics for 60641, IL
69,354
Population
27,377
Households
2.5
Avg Household Size
37
Median Age
36%
College-Educated
85%
High-School Grad
4.0 sq mi
ZIP Area
17,339
Density / Sq Mi
$81,649
Median Household Income
$46,376
Median Earnings
$1,249
Median Rent
$373,200
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 - Three separate living spaces, shared laundry, dual HVAC systems, and refreshed interiors support flexible occupancy arrangements.
Where is this triplex located?
The property is located at 5433 W Melrose Street Chicago Chicago, IL.
What is the asking price?
The asking price for this property is $719,000.
What are key features of this property?
This property features: Legal 2‑flat with a nonconforming garden apartment; Approximately 2,800 square feet of above‑grade living area; Detached 2‑car garage with potential for one additional outdoor parking space
