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 Market82
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
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: Aug 27
Last Checked: Sep 11 at 12:32PM
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.
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
$85,843
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
8.63%
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%
$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
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
$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 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%
$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.
Property Analytics
Unlock full access to Insights
Subscribe to Realmo Intelligence
Open Analytics
Current Use
Lease Details
6
Residential units
Location Intelligence
Trade Area within ½ mile
1,781
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
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?
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.
