Four-Unit Apartment
For Sale
$1,015,000
5644 S Prairie Ave, Chicago, IL 60637
Four three-bedroom residences offer private laundry hookups, individual utilities, and updated interior and exterior features.
Property Size5,976 SF
Days on Market240
Property Features for 5644 S Prairie Ave
General Information
Standard status
Active
Size
5,976 SF
Class
C
Total Parking Spaces
5
Property subtype
MultiFamily Apartments
Units
Unit Mix
4 x 3BR/2BA
Multifamily Units
4
Amenities
in-unit laundry hook-ups
common coin laundry
automatic gate
steel porches
granite countertops
Building Details
Building Size
5,976 SF
Year Built
2006
Buildings
1
Listing Agency:
33 Realty
Listed By:
Gene Hart · License ##475.149185
(219) 465-8584
Source:
Thebrokerlist
Added: Feb 18
Changed: Oct 12
Last Checked: Oct 16 at 5:47AM
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 33 Realty
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Investment Insights
Based on property information with market context.
This four-unit apartment property includes four residences, each configured with three bedrooms and two bathrooms. Units range from 1,200 to 1,400 SF and include in-unit laundry hookups, hardwood and tile finishes, modern appliances, gas-forced heat, central air, individual hot water tanks, and separate utility service. Kitchens are equipped with refrigerators, dishwashers, gas stoves, built-in microwaves, granite countertops, islands, and condo-quality cabinetry. Living and dining areas are separated, while updated lighting and bathroom fixtures add to the interior improvements.
Exterior and common-area features include steel porches with individual outdoor spaces, five parking spaces secured by an automatic gate, a common coin laundry, and recently refreshed hallway finishes. The property also has in-unit breaker panels, a sump pump, and a grinder pump. Located at 5644 S Prairie Ave in Chicago, the building is two blocks south of Garfield Avenue/55th Street and three blocks west of Washington Park/Martin Luther King Jr. Drive.
Exterior and common-area features include steel porches with individual outdoor spaces, five parking spaces secured by an automatic gate, a common coin laundry, and recently refreshed hallway finishes. The property also has in-unit breaker panels, a sump pump, and a grinder pump. Located at 5644 S Prairie Ave in Chicago, the building is two blocks south of Garfield Avenue/55th Street and three blocks west of Washington Park/Martin Luther King Jr. Drive.
Key Highlights
- Four units, each with 3 bedrooms and 2 bathrooms
- Residences range from 1,200 to 1,400 SF
- Individual utilities, in‑unit laundry hookups, central air, and gas‑forced heat
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$91,607
Cap Rate
9.03%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,832,140
$1.8M
Cap Rate 7%
$1,308,671
$1.3M
Cap Rate 9%
$1,017,856
$1.0M
Market Conditions
NOI Build-Up for 5,976 SF
Gross rent
$175.7K $29.40/SF
− Vacancy
−$9.1K −$1.53/SF
EGI
$166.6K $27.87/SF
− OpEx
−$75.0K −$12.54/SF
NOI
$91.6K $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%
$1,832,140
Cap Rate 7%
$1,308,671
Cap Rate 9%
$1,017,856
Alternative Uses
Best Use
Multifamily LT 5
$1.42M
$1.25M – $1.66M
NOI $99,619 @ 7.0% cap · market cap 9.81%
Second Best
Apartment 5plus
$1.31M
$1.15M – $1.53M
NOI $91,607 @ 7.0% cap · market cap 9.03%
Theoretical Best
Office A
$2.82M
$2.47M – $3.29M
NOI $197,237 @ 7.0% cap · market cap 19.43%
Zoning and permitted uses should be independently verified with authorities.
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Current Use
Lease Details
4
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
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Market
Vacancy Rate% for Multifamily in Midwest region
Frequently Asked Questions
What type of property is this?
Quadplex - Four three-bedroom residences offer private laundry hookups, individual utilities, and updated interior and exterior features.
Where is this quadplex located?
The property is located at 5644 S Prairie Ave Chicago, IL.
What is the asking price?
The asking price for this property is $1,015,000.
What are key features of this property?
This property features: Four units, each with 3 bedrooms and 2 bathrooms; Residences range from 1,200 to 1,400 SF; Individual utilities, in‑unit laundry hookups, central air, and gas‑forced heat
