Listed By: Jacob Price Show Phone

Added: Jan 16, 2025 Changed: Mar 16

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Investment Insights

Based on property information with market context.

This investment portfolio features two multifamily properties located in Chicago's Edgewater neighborhood, comprising a total of 70 units. The properties are divided between 6211 N. Kenmore, a 28-unit building, and 5710 N. Winthrop, a 42-unit building. The 4+1 style building at 6211 N. Kenmore includes twelve studio apartments and sixteen one-bedroom/one-bathroom apartments, along with 19 parking spaces. Renovations completed in 2018 included new kitchens, bathrooms, flooring, doors, windows, updated plumbing and electrical systems, resurfaced parking, and added laundry facilities on each floor. The corridor-style building at 5710 N. Winthrop features twenty-five studio and seventeen one-bedroom/one-bathroom units. An 18-month renovation completed in December 2020 encompassed new building electrical, updated common areas (flooring, baseboards, lighting, doors), modernized kitchens and baths with quartz countertops and shaker-style cabinetry, reconfigured floor plans for open-concept living, and new windows. The combined building size is 39,835 square feet on a total land area of 0.91 acres. Both properties offer rental upside, with current rents averaging 11-12% below market rates. The properties are located six miles from downtown Chicago and near Loyola University and Lake Michigan, with convenient access to public transportation (Union Pacific North Metra, CTA Red Line, and bus routes).

Key Highlights

• Two property portfolio in Edgewater - 6211 N. Kenmore & 5710 N. Winthrop
• 70 modernized apartments with rental upside in current rates
• Renovated common area spaces

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$664,041

Cap Rate

5.68%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$13,280,820 $13.3M

Cap Rate 7%

$9,486,300 $9.5M

Cap Rate 9%

$7,378,233 $7.4M

Market Conditions

NOI Build-Up for 39,835 SF

Gross rent

$1.00M $25.20/SF

− Vacancy

−$55.2K −$1.39/SF

EGI

$948.6K $23.81/SF

− OpEx

−$284.6K −$7.14/SF

NOI

$664.0K $16.67/SF

Area

Chicago, IL

Vacancy

5.50%

Lease Rate

$25.20 /SF/Yr

Expense Ratio

30.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$13,280,820

Cap Rate 7%

$9,486,300

Cap Rate 9%

$7,378,233

Alternative Uses

Best Use

Multifamily LT 5

$9.49M

$8.30M – $11.07M (±1% cap)

NOI $664,041 @ 7.0% cap · market cap 5.68%

Second Best

Apartment 5plus

$8.72M

$7.63M – $10.18M (±1% cap)

NOI $610,637 @ 7.0% cap · market cap 5.22%

Theoretical Best

Office A

$18.78M

$16.43M – $21.91M (±1% cap)

NOI $1,314,746 @ 7.0% cap · market cap 11.24%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

Current Use

Residential income homes

Location Intelligence

Trade Area within ½ mile

3,289

Businesses Nearby

Explore this area Business Placement

Demographics for 60660, IL

42,534

Population

23,508

Households

1.8

Avg Household Size

38

Median Age

57%

College-Educated

93%

High-School Grad

1.3 sq mi

ZIP Area

32,718

Density / Sq Mi

$66,206

Median Household Income

$46,871

Median Earnings

$1,286

Median Rent

$287,500

Median Home Value

Market

Vacancy Rate% for Multifamily in Midwest region

6.5% 2022

7.5% 2023

7.8% 2024

8% 2025

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Frequently Asked Questions

What type of property is this?

Multifamily property - Two property portfolio in Edgewater - 6211 N. Kenmore & 5710 N. Winthrop

Where is this multifamily property located?

The property is located at 5710 N Winthrop & 6211 N Kenmore Chicago, IL.

What is the asking price?

The asking price for this property is $11,700,000.

What are key features of this property?

This property features: Two property portfolio in Edgewater - 6211 N. Kenmore & 5710 N. Winthrop; 70 modernized apartments with rental upside in current rates; Renovated common area spaces