4-Unit Multifamily with Garden
5459 North Spaulding Avenue Chicago, IL 60625
5459 North Spaulding Avenue, Chicago, IL, 60625
$995,000
Pending
For Sale
$995,000
Pending
Legal 4-unit property on a corner lot with additional garden apartments, updated interiors, and long-term leases.
Property Size5,600 SF
Days on Market32
Property Features for 5459 North Spaulding Avenue
General Information
- Standard status
- Pending
- Size
- 5,600 SF
- Property subtype
- Two to Four Units / 4 Flat
Building Details
- Year Built
- 1922
Listing agency
1st Cornerstone Realty Inc.
(847) 858-7830
Listed by
M. Todd Hague · License #471012867
(847) 858-7830
Source
Compass
Added: Jun 22 Updated: Jul 22 at 1:09PM Checked: Jul 22 at 1:09PM
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.
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.
Local Financial Insights For Apartment 5plus
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $164.6k | $29.40 |
| − Vacancy | −$8.6k | −$1.53 |
| EGI | $156.1k | $27.87 |
| − OpEx | −$70.2k | −$12.54 |
| NOI | $85.8k | $15.33 |
5,600 SF · lease $29.40/SF/yr · vacancy 5.20% · expense 45.00%
Alternative Uses
Best Use
Multifamily LT 5
$1.33M
$1.17M – $1.56M
NOI $93,351 @ 7.0% cap · market cap 9.38%
Second Best
Apartment 5plus
$1.23M
$1.07M – $1.43M
NOI $85,843 @ 7.0% cap · market cap 8.63%
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 local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Quadplexes
Similar For Sale Nearby
FAQs
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.
