Building Details

Buildings 1

Stories 3

Listed By: Noah Birk Show Phone

Added: Jan 16, 2025 Changed: Mar 16

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Investment Insights

Based on property information with market context.

Located at 544 E. Oakwood Blvd in Chicago's Bronzeville neighborhood, this 16,100 square foot multifamily property presents an investment opportunity. The building features nineteen units, including sixteen two-bedroom, one-bathroom units; two three-bedroom, two-bathroom units; and one four-bedroom, two-bathroom unit. All units have spacious layouts, individual HVAC systems, and hardwood flooring. There are four additional garden units that offer potential for renovation and increased rental income. The building has newer windows, a new roof, updated plumbing, and a silver-coated roof. Original marble common areas and an on-site laundry facility are included. The building is minutes from downtown Chicago and steps from Lake Michigan. The property has the option to assume existing Freddie Mac financing with an approximate loan balance of $2,580,000, a 3.53% interest rate, and two years of interest-only payments remaining, with nine years until maturity. The property is situated on a 0.37-acre lot.

Key Highlights

• Prime Bronzeville Location
• Nineteen (19) Units + Three (3) Potential Garden Units
• Sixteen (16) 2Bd/1Ba, Two (2) 3Bd/2Ba, & One (1) 4Bd/2Ba

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$268,384

Cap Rate

6.72%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$5,367,680 $5.4M

Cap Rate 7%

$3,834,057 $3.8M

Cap Rate 9%

$2,982,044 $3.0M

Market Conditions

NOI Build-Up for 16,100 SF

Gross rent

$405.7K $25.20/SF

− Vacancy

−$22.3K −$1.39/SF

EGI

$383.4K $23.81/SF

− OpEx

−$115.0K −$7.14/SF

NOI

$268.4K $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 Rate 5%

$5,367,680

Cap Rate 7%

$3,834,057

Cap Rate 9%

$2,982,044

Alternative Uses

Best Use

Multifamily LT 5

$3.83M

$3.35M – $4.47M (±1% cap)

NOI $268,384 @ 7.0% cap · market cap 6.72%

Second Best

Apartment 5plus

$3.53M

$3.08M – $4.11M (±1% cap)

NOI $246,799 @ 7.0% cap · market cap 6.18%

Theoretical Best

Office A

$7.59M

$6.64M – $8.86M (±1% cap)

NOI $531,377 @ 7.0% cap · market cap 13.30%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

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Current Use

Residential income homes

Suggested Use

Top Pick HVAC Service Building Supply Auto Repair Shop Auto Parts Store Kitchen & Bath Showroom Carpet & Flooring Store

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Location Intelligence

Trade Area within ½ mile

1,125

Businesses Nearby

Explore this area Business Placement

Demographics for 60653, IL

33,146

Population

18,279

Households

1.8

Avg Household Size

37

Median Age

38%

College-Educated

90%

High-School Grad

2.4 sq mi

ZIP Area

13,811

Density / Sq Mi

$39,565

Median Household Income

$49,335

Median Earnings

$856

Median Rent

$347,800

Median Home Value

Market

Vacancy Rate% for Multifamily in Midwest region

6.5% 2022

7.5% 2023

7.8% 2024

8% 2025

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Frequently Asked Questions

What type of property is this?

Multifamily property - 16,100 SF 19 unit building in the coveted Bronzeville neighborhood of Chicago.

Where is this multifamily property located?

The property is located at 544 E Oakwood Blvd Chicago, IL.

What is the asking price?

The asking price for this property is $3,995,000.

What are key features of this property?

This property features: Prime Bronzeville Location; Nineteen (19) Units + Three (3) Potential Garden Units; Sixteen (16) 2Bd/1Ba, Two (2) 3Bd/2Ba, & One (1) 4Bd/2Ba