New Construction 9-Unit
For Sale
$2,985,000
5637-43 Prairie Ave, Chicago, IL 60637
Newly built 9-unit multifamily with 3 bed/2 bath units, in-unit laundry, and sound-reducing insulation.
Property Size13,500 SF
Price / SF$221.11
Days on Market137
Property Features for 5637-43 Prairie Ave
General Information
Standard status
Active
Size
13,500 SF
Property subtype
General Commercial
Additional Details
Multifamily Units
9
Taxes and HOA fees
Annual Taxes
$1,150
Amenities
3
Building Details
Year Built
2026
Listing Agency:
Fulton Grace Realty
(773) 698-6648
Listed By:
Lawrence Dunning · License #475164126
Source:
Xome
Added: Mar 26
Changed: Aug 7
Last Checked: Aug 8 at 3:40AM
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 Fulton Grace Realty
Investment Insights
Based on property information with market context.
New construction 9-unit multifamily property offering condo-quality, simplex-style residences. Each unit is a 3-bedroom, 2-bath layout with an approximately 1,500 sq ft open floorplan. Kitchens include high-end stainless steel appliances and quartz counters, and each unit features in-unit laundry. The building also incorporates extra insulation for noise reduction between floors and from the outside, and each building sits on an oversized lot.
The property is within walking distance to the CTA Green Line station and is about two blocks from Washington Park.
The projected rent roll is $8,400. The listing is offered for sale.
The property is within walking distance to the CTA Green Line station and is about two blocks from Washington Park.
The projected rent roll is $8,400. The listing is offered for sale.
Key Highlights
- New construction 9‑unit multifamily building (Year built: 2026).
- Units are luxury 3 bed, 2 bath condo‑quality simplex layouts.
- Each unit features a 1,500 SF open floorplan, quartz counters, and high‑end stainless steel appliances.
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
$206,944
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
6.93%
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%
$4,138,880
$4.1M
Cap Rate 7%
$2,956,343
$3.0M
Cap Rate 9%
$2,299,378
$2.3M
Market Conditions
NOI Build-Up for 13,500 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
$396.9K $29.40/SF
− Vacancy
−$20.6K −$1.53/SF
EGI
$376.3K $27.87/SF
− OpEx
−$169.3K −$12.54/SF
NOI
$206.9K $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%
$4,138,880
Cap Rate 7%
$2,956,343
Cap Rate 9%
$2,299,378
Alternative Uses
Best Use
Apartment 5plus
$2.96M
$2.59M – $3.45M
NOI $206,944 @ 7.0% cap · market cap 6.93%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$6.37M
$5.57M – $7.43M
NOI $445,565 @ 7.0% cap · market cap 14.93%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
9
Residential units
Location Intelligence
Trade Area within ½ mile
767
Businesses Nearby
Explore this area
Business Placement
Demographics for 60637, IL
53,555
Population
26,717
Households
2
Avg Household Size
31
Median Age
37%
College-Educated
89%
High-School Grad
4.5 sq mi
ZIP Area
11,901
Density / Sq Mi
$42,080
Median Household Income
$33,227
Median Earnings
$1,170
Median Rent
$243,700
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?
Apartment building - Newly built 9-unit multifamily with 3 bed/2 bath units, in-unit laundry, and sound-reducing insulation.
Where is this apartment building located?
The property is located at 5637-43 Prairie Ave Chicago, IL.
What is the asking price?
The asking price for this property is $2,985,000.
What are key features of this property?
This property features: New construction 9‑unit multifamily building (Year built: 2026).; Units are luxury 3 bed, 2 bath condo‑quality simplex layouts.; Each unit features a 1,500 SF open floorplan, quartz counters, and high‑end stainless steel appliances.
