4-Unit Multifamily with Garden
For Sale
$995,000
Pending
5459 North Spaulding Avenue, Chicago, IL 60625
Legal 4-unit property on a corner lot with additional garden apartments, updated interiors, and long-term leases.
Property Size5,600 SF
Days on Market138
Property Features for 5459 North Spaulding Avenue
General Information
Standard status
Pending
Size
5,600 SF
Total Parking Spaces
2
Property subtype
Two to Four Units / 4 Flat
Zoning
MULTI
Net Operating Income
$117,620
Site & Location
Neighborhood
North Park
Additional Details
Multifamily Units
6
Taxes and HOA fees
Annual Taxes
$13,338
Amenities
coin laundry
Building Details
Year Built
1922
Listing Agency:
1st Cornerstone Realty Inc.
Listed By:
M. Todd Hague · License #471012867
(847) 858-7830
Source:
Compass
Added: Jun 22
Changed: Oct 26
Last Checked: Nov 4 at 3:02PM
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 1st Cornerstone Realty Inc.
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Investment Insights
Based on property information with market context.
This legal 4-unit multifamily building also includes two additional garden apartments. The layout features center entrance access and well-maintained exterior improvements, including a newer tear-off roof, updated rear porch, full masonry tuckpointing and sealing, and a flood control system with ejector pit. Building systems and units include 100-amp electrical service, individual furnaces, newer windows, and coin laundry in the basement.
Each apartment is described as 3 bed/1 bath with spacious interiors, including dining room/living areas and eat-in kitchens. Updates noted include hardwood floors, tile, and updated kitchens and baths. The property is positioned on a corner lot and is described as being in central North Park near Northside Prep, North Park, and Northeastern University, with public transportation nearby.
Long-term leases are in place for all four apartments, supporting an income-producing configuration.
Each apartment is described as 3 bed/1 bath with spacious interiors, including dining room/living areas and eat-in kitchens. Updates noted include hardwood floors, tile, and updated kitchens and baths. The property is positioned on a corner lot and is described as being in central North Park near Northside Prep, North Park, and Northeastern University, with public transportation nearby.
Long-term leases are in place for all four apartments, supporting an income-producing configuration.
Key Highlights
- Legal 4‑unit on a corner lot with two additional garden apartments (all 3BD/1BA).
- Spacious units are approx. 1,200–1,400 SF with dining/living areas and eat‑in kitchens.
- Long‑term leases in place for all 4 apartments.
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$85,843
Cap Rate
8.63%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,716,860
$1.7M
Cap Rate 7%
$1,226,329
$1.2M
Cap Rate 9%
$953,811
$953.8K
Market Conditions
NOI Build-Up for 5,600 SF
Gross rent
$164.6K $29.40/SF
− Vacancy
−$8.6K −$1.53/SF
EGI
$156.1K $27.87/SF
− OpEx
−$70.2K −$12.54/SF
NOI
$85.8K $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 Rate 5%
$1,716,860
Cap Rate 7%
$1,226,329
Cap Rate 9%
$953,811
Alternative Uses
Best Use
Apartment 5plus
$1.23M
$1.07M – $1.43M
NOI $85,843 @ 7.0% cap · market cap 8.63%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.64M
$2.31M – $3.08M
NOI $184,827 @ 7.0% cap · market cap 18.58%
Zoning and permitted uses should be independently verified with authorities.
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Lease Details
6
Residential units
Location Intelligence
Trade Area within ½ mile
1,781
Businesses Nearby
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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
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Market
Properties on Market for Apartment buildings in Chicago
Vacancy Rate% for Multifamily in Midwest region
Frequently Asked Questions
What type of property is this?
Apartment building - Legal 4-unit property on a corner lot with additional garden apartments, updated interiors, and long-term leases.
Where is this apartment building located?
The property is located at 5459 North Spaulding Avenue Chicago, IL.
What is the asking price?
The asking price for this property is $995,000.
What are key features of this property?
This property features: Legal 4‑unit on a corner lot with two additional garden apartments (all 3BD/1BA).; Spacious units are approx. 1,200–1,400 SF with dining/living areas and eat‑in kitchens.; Long‑term leases in place for all 4 apartments.
