Four-Unit Apartment
For Sale
$1,040,000
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 Market195
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
(219) 465-8584
Listed By:
Gene Hart · License #475149185
(219) 465-8584
Source:
Thebrokerlist
Added: Feb 18
Changed: Aug 30
Last Checked: Aug 30 at 9:57AM
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
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 = 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
$91,607
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
8.81%
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%
$1,832,140
$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
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
$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 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%
$1,832,140
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 9.58%
Second Best
Apartment 5plus
$1.31M
$1.15M – $1.53M
NOI $91,607 @ 7.0% cap · market cap 8.81%
Theoretical Best
Office A
$2.82M
$2.47M – $3.29M
NOI $197,237 @ 7.0% cap · market cap 18.97%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
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
Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
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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 $1,040,000.
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
