Six-Unit Brick Apartment
New
For Sale
$1,060,000
5848 W Irving Park Road, Chicago, IL 60634
Commercial Sale, Chicago, IL
Property Size5,786 SF
Lot Size0.07 Acres
Price / SF$183.20
Days on Market7
Property Features for 5848 W Irving Park Road
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
MULTI
Bedrooms
11
Bathrooms
6
Full bathrooms
6
Rooms
Bathroom 5, Bedroom 7, Bathroom 3, Bathroom 6, Bathroom 2, Bedroom 4, Bedroom 6, Bathroom 4, Bedroom 5, Bathroom 1, Bedroom 8, Bedroom 9, Bedroom 11, Bedroom 1, Bedroom 10, Bedroom 3, Bedroom 2
Directions
Iving Park East fo Austin, West of Central
Subdivision
CHI - Portage Park
Standard status
Active
APN
13174230350000
Lot size
0.07 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
12560
Building Details
Year built
1964
Floors in Building
2
Number of units
6
Building materials
Brick
Listing Agency:
eXp Realty
(888) 574-9405
Listed By:
Jaroslaw Jastrzebski · License #475137757
(312) 487-3366
Added: Sep 15
Changed: Sep 21
Last Checked: Sep 21 at 6:06PM
MLS# 12754909
Copyright © 2026 Midwest Real Estate Data, LLC. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This 6-unit brick apartment building was constructed in 1964 and includes five 2-bedroom, 1-bath residences plus one 1-bedroom, 1-bath residence. Each unit has a dedicated dining area. The property includes five off-street parking spaces at the rear and is zoned MULTI. Improvements include replacement windows, a 6-year-old boiler, a 2-year-old water heater, three renovated bathrooms, and one renovated kitchen. The east-side roof is approximately 6 years old, while the west-side roof is approximately 13 years old.
Situated at 5848 W Irving Park Road in Chicago, the property offers access to public transportation, shopping, restaurants, neighborhood amenities, and nearby Portage Park. The asset reports a 7.48% cap rate and approximately 5,786 SQ FT.
Situated at 5848 W Irving Park Road in Chicago, the property offers access to public transportation, shopping, restaurants, neighborhood amenities, and nearby Portage Park. The asset reports a 7.48% cap rate and approximately 5,786 SQ FT.
Key Highlights
- 6‑unit brick apartment building constructed in 1964
- 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
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 multifamily property with varied unit layouts, dedicated dining areas, rear parking, and recent building improvements.
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 constructed in 1964; Five 2‑bedroom/1‑bath units and one 1‑bedroom/1‑bath unit; 5 off‑street parking spaces in the rear
