Bronzeville Multifamily Investment
For Sale
Contact for pricing
619 E Groveland Park, Chicago, IL 60616
7-unit multifamily property in Chicago's landmarked Groveland Park community.
Property Size5,697 SF
Price / SF$210.64
Days on Market197
Property Features for 619 E Groveland Park
General Information
Standard status
Active
Size
5,697 SF
Class
C
Total Parking Spaces
5
Property subtype
Multifamily
Occupancy
100%
Investment Type
Stabilized
Net Operating Income
$93,484
Building Details
Year Built
1904
Year Renovated
2018
Buildings
1
Stories
3
Units
7
Listing Agency:
KW Commercial Chicago - Lincoln Park
(773) 946-8816
Listed By:
Tony Hardy · License #IL 475.139834
Source:
Crexi
Added: Feb 6
Changed: Aug 16
Last Checked: Aug 16 at 10:40AM
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 KW Commercial Chicago - Lincoln Park
Investment Insights
Based on property information with market context.
Located within the gated, landmarked Groveland Park community in Chicago’s Bronzeville neighborhood, 619 E. Groveland Park is a 7-unit multifamily property. Constructed in the early 1900s and revitalized, the property encompasses approximately 5,697 square feet. The unit mix consists of (3) 2-bedroom + den / 1-bath units and (4) 1-bedroom / 1-bath units, plus a garden unit. Unit sizes range from approximately 525–950 SF, with the garden unit at approximately 650 SF. The property is currently generating $127,800 in gross annual rental income ($10,650/month). With a 4% vacancy assumption (-$5,152) and $1,008 in annual laundry income, effective gross income totals approximately $123,656. Operating expenses are efficiently managed at approximately $30,171 (a 24% expense ratio), resulting in a current NOI of $93,484. A $50,000 renovation budget (light interior enhancements and unit turns) supports mark-to-market rent growth from $10,650/month to $13,200/month (gross annual rent from $127,800 to $158,400). Under the pro forma scenario (still assuming 4% vacancy and $1,008 in laundry income), effective gross income increases to approximately $153,032, with total expenses of approximately $31,377 (a 21% expense ratio), producing a pro forma NOI of $121,655. The property benefits from its setting within a gated historic park environment, offering residents a quiet, residential atmosphere while still providing convenient access to Lake Shore Drive, major employment centers, public transit, and continued investment activity throughout Bronzeville. It is suited for investors seeking durable in-place income with measured value-add upside, minimal operational disruption, and strong long-term appreciation fundamentals.
Key Highlights
- Significant value‑add opportunity with a $50,000 renovation budget to increase gross annual rent.
- Located in the landmarked, gated Groveland Park community in Bronzeville.
- Strong in‑place financial performance with a current NOI of $93,484.
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
$87,330
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
7.28%
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%
$1,746,600
$1.7M
Cap Rate 7%
$1,247,571
$1.2M
Cap Rate 9%
$970,333
$970.3K
Market Conditions
NOI Build-Up for 5,697 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
$167.5K $29.40/SF
− Vacancy
−$8.7K −$1.53/SF
EGI
$158.8K $27.87/SF
− OpEx
−$71.5K −$12.54/SF
NOI
$87.3K $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%
$1,746,600
Cap Rate 7%
$1,247,571
Cap Rate 9%
$970,333
Alternative Uses
Best Use
Apartment 5plus
$1.25M
$1.09M – $1.46M
NOI $87,330 @ 7.0% cap · market cap 7.28%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.69M
$2.35M – $3.13M
NOI $188,028 @ 7.0% cap · market cap 15.67%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
873
Businesses Nearby
Explore this area
Business Placement
Demographics for 60616, IL
54,013
Population
26,912
Households
2
Avg Household Size
38
Median Age
53%
College-Educated
86%
High-School Grad
3.8 sq mi
ZIP Area
14,214
Density / Sq Mi
$77,841
Median Household Income
$53,415
Median Earnings
$1,329
Median Rent
$387,300
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?
Apartment building - 7-unit multifamily property in Chicago's landmarked Groveland Park community.
Where is this apartment building located?
The property is located at 619 E Groveland Park Chicago, IL.
What is the asking price?
The asking price for this property is $1,200,000.
What are key features of this property?
This property features: Significant value‑add opportunity with a $50,000 renovation budget to increase gross annual rent.; Located in the landmarked, gated Groveland Park community in Bronzeville.; Strong in‑place financial performance with a current NOI of $93,484.
