Six-Unit Brick Apartment
New
For Sale
$1,060,000
5848 W Irving Park Road, Chicago, IL 60634
Brick construction, varied bedroom layouts, resident dining areas, and rear parking support a practical multifamily configuration.
Property Size5,786 SF
Price / SF$183.20
Days on Market7
Property Features for 5848 W Irving Park Road
General Information
Standard status
Active
Size
5,786 SF
Total Parking Spaces
5
Property subtype
MULTI_FAMILY
Site & Location
Road Access
Yes
Public Transit
Yes
Units
Unit Mix
5 x 2BR/1BA, 1 x 1BR/1BA
Multifamily Units
6
Additional Details
Cap Rate
7.48%
Taxes and HOA fees
Annual Taxes
$12,559
Building Details
Building Size
5,786 SF
Year Built
1964
Buildings
1
Construction
brick
Listing Agency:
eXp Realty
Listed By:
Jaroslaw Jastrzebski · License #475137757
(312) 487-3366
Source:
Dawnmckennagroup
Added: Sep 15
Changed: Sep 18
Last Checked: Sep 21 at 7:14AM
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 eXp Realty
Investment Insights
Based on property information with market context.
This 6-unit brick apartment building contains approximately 5,786 square feet and was built in 1964. The unit mix includes five 2-bedroom/1-bath apartments and one 1-bedroom/1-bath apartment, with a dedicated dining area in each residence. Five off-street parking spaces are located at the rear.
Building improvements include replacement windows, a boiler that is 6 years old, and a water heater that is 2 years old. The east-side roof is approximately 6 years old, while the west-side roof is approximately 13 years old. Interior updates include three renovated bathrooms and one renovated kitchen. The property is located at 5848 W Irving Park Road in Chicago’s Portage Park neighborhood, near public transportation, shopping, restaurants, neighborhood amenities, and Portage Park. The property has a 7.48% cap rate.
Building improvements include replacement windows, a boiler that is 6 years old, and a water heater that is 2 years old. The east-side roof is approximately 6 years old, while the west-side roof is approximately 13 years old. Interior updates include three renovated bathrooms and one renovated kitchen. The property is located at 5848 W Irving Park Road in Chicago’s Portage Park neighborhood, near public transportation, shopping, restaurants, neighborhood amenities, and Portage Park. The property has a 7.48% cap rate.
Key Highlights
- 6‑unit brick apartment building with approximately 5,786 SF
- Five 2‑bedroom/1‑bath units and one 1‑bedroom/1‑bath unit
- 5 off‑street parking spaces in the rear
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
$88,133
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
8.31%
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%
$1,762,660
$1.8M
Cap Rate 7%
$1,259,043
$1.3M
Cap Rate 9%
$979,256
$979.3K
Market Conditions
NOI Build-Up for 5,786 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
$170.1K $29.40/SF
− Vacancy
−$9.9K −$1.71/SF
EGI
$160.2K $27.69/SF
− OpEx
−$72.1K −$12.46/SF
NOI
$88.1K $15.23/SF
Area
ZIP 60634
Vacancy
5.80%
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%
$1,762,660
Cap Rate 7%
$1,259,043
Cap Rate 9%
$979,256
Alternative Uses
Best Use
Apartment 5plus
$1.26M
$1.10M – $1.47M
NOI $88,133 @ 7.0% cap · market cap 8.31%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.58M
$1.38M – $1.84M
NOI $110,440 @ 7.0% cap · market cap 10.42%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
6
Residential units
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
1,502
Businesses Nearby
Explore this area
Business Placement
Demographics for 60634, IL
75,694
Population
29,344
Households
2.6
Avg Household Size
41
Median Age
27%
College-Educated
87%
High-School Grad
7.1 sq mi
ZIP Area
10,661
Density / Sq Mi
$84,997
Median Household Income
$46,694
Median Earnings
$1,271
Median Rent
$333,900
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Midwest region
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Frequently Asked Questions
What type of property is this?
Apartment building - Brick construction, varied bedroom layouts, resident dining areas, and rear parking support a practical multifamily configuration.
Where is this apartment building located?
The property is located at 5848 W Irving Park Road Chicago, IL.
What is the asking price?
The asking price for this property is $1,060,000.
What are key features of this property?
This property features: 6‑unit brick apartment building with approximately 5,786 SF; Five 2‑bedroom/1‑bath units and one 1‑bedroom/1‑bath unit; 5 off‑street parking spaces in the rear
