7-Unit Brick Apartment
For Sale
$1,200,000
619 E Groveland Park, Chicago, IL 60653
Commercial Sale, Chicago, IL
Property Size5,697 SF
Price / SF$210.64
Days on Market219
Property Features for 619 E Groveland Park
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
MULTI
Bedrooms
10
Bathrooms
11
Full bathrooms
11
Rooms
Bathroom 4, Bathroom 2, Bathroom 7, Bathroom 1, Bedroom 7, Bedroom 6, Bathroom 8, Bathroom 11, Bathroom 6, Bedroom 5, Bedroom 3, Bathroom 10, Bedroom 9, Bedroom 10, Bathroom 3, Bedroom 4, Bedroom 2, Bathroom 5, Bathroom 9, Bedroom 1, Bedroom 8
Directions
Turn right onto W 35th St Turn right onto E Groveland Park
Subdivision
CHI - Douglas
Standard status
Active
APN
17342190340000
Taxes and HOA fees
Tax Year
2024
Tax Annual Amount
13510
Building Details
Year built
1904
Floors in Building
3
Number of units
7
Building materials
Brick
Listing Agency:
Keller Williams ONEChicago · Keller Williams Realty
(312) 216-2422
Listed By:
Anthony Hardy · License #475139834
(773) 575-6082
Added: Feb 19
Changed: Sep 14
Last Checked: Sep 26 at 6:06AM
MLS# 12573303
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 7-unit apartment property occupies approximately 5,697 square feet in a brick building constructed in 1904. The reported unit mix includes three 2-bedroom plus den units with 1 bath and four 1-bedroom units with 1 bath. Unit sizes generally range from approximately 525 to 950 SF. The property is zoned MULTI and has an in-place rental operation with a reported 24% expense ratio.
Located at 619 E. Groveland Park in Chicago’s Bronzeville neighborhood, the building sits within the gated, landmarked Groveland Park community. The setting provides a residential environment with access to Lake Shore Drive, major employment centers, and public transit. The offering includes a stated light-renovation plan intended to support rent growth, with a reported pro forma cap rate of 9.73% and GRM of 7.89.
Located at 619 E. Groveland Park in Chicago’s Bronzeville neighborhood, the building sits within the gated, landmarked Groveland Park community. The setting provides a residential environment with access to Lake Shore Drive, major employment centers, and public transit. The offering includes a stated light-renovation plan intended to support rent growth, with a reported pro forma cap rate of 9.73% and GRM of 7.89.
Key Highlights
- 7‑unit apartment property totaling approximately 5,697 square feet
- Unit mix includes (3) 2‑bedroom + den / 1‑bath units and (4) 1‑bedroom / 1‑bath units
- Brick construction completed in 1904
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
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Current Use
Lease Details
7
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
873
Businesses Nearby
Explore this area
Business Placement
Demographics for 60653, IL
33,146
Population
18,279
Households
1.8
Avg Household Size
37
Median Age
38%
College-Educated
90%
High-School Grad
2.4 sq mi
ZIP Area
13,811
Density / Sq Mi
$39,565
Median Household Income
$49,335
Median Earnings
$856
Median Rent
$347,800
Median Home Value
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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 - Historic multifamily asset with a defined unit mix, MULTI zoning, and access to Lake Shore Drive and public transit.
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: 7‑unit apartment property totaling approximately 5,697 square feet; Unit mix includes (3) 2‑bedroom + den / 1‑bath units and (4) 1‑bedroom / 1‑bath units; Brick construction completed in 1904
