Brick Quadplex With Garden
For Sale
$975,000
6246 Richmond St, Chicago, IL 60622
Four residential units include generous layouts, central air in the main apartments, and in-unit laundry.
Property Size5,500 SF
Price / SF$177.27
Days on Market27
Property Features for 6246 Richmond St
General Information
Standard status
Active
Size
5,500 SF
Total Parking Spaces
3
Property subtype
Residential Income
Site & Location
Road Access
Yes
Public Transit
Yes
Units
Unit Mix
3 x 2BR/1.5BA, 1 x 2BR/1BA
Multifamily Units
4
Taxes and HOA fees
Annual Taxes
$13,661
Amenities
central air conditioning
in-unit washer and dryer
Building Details
Buildings
1
Construction
brick
Listing Agency:
Berkshire Hathaway HomeServices Chicago
(847) 492-9660
Listed By:
Yakov Dvora · License #475168406
(847) 492-9660
Source:
Exprealty
Added: Jul 29
Changed: Aug 23
Last Checked: Aug 8 at 3:28AM
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 Berkshire Hathaway HomeServices Chicago
Investment Insights
Based on property information with market context.
Built in 1929, this brick quadplex provides over 5,500 square feet across three main apartments and a finished garden unit. Each principal apartment measures approximately 1,500 square feet and includes two bedrooms, 1.5 bathrooms, central air conditioning, and an in-unit washer and dryer. The garden apartment adds approximately 1,000 square feet, two bedrooms, and one full bathroom.
The property includes three on-site parking spaces and is located at 6246 N Richmond Street in Chicago’s West Rogers Park. Shopping, restaurants, parks, schools, public transportation, and the Devon Avenue dining and cultural corridor are within easy reach. The building combines a four-unit residential configuration with dedicated parking and established neighborhood access.
The property includes three on-site parking spaces and is located at 6246 N Richmond Street in Chicago’s West Rogers Park. Shopping, restaurants, parks, schools, public transportation, and the Devon Avenue dining and cultural corridor are within easy reach. The building combines a four-unit residential configuration with dedicated parking and established neighborhood access.
Key Highlights
- Over 5,500 square feet of living space across four residential units
- Three main apartments of approximately 1,500 square feet each
- Finished garden apartment with approximately 1,000 square feet, 2 bedrooms, and 1 full bathroom
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
$84,310
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
8.65%
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%
$1,686,200
$1.7M
Cap Rate 7%
$1,204,429
$1.2M
Cap Rate 9%
$936,778
$936.8K
Market Conditions
NOI Build-Up for 5,500 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
$161.7K $29.40/SF
− Vacancy
−$8.4K −$1.53/SF
EGI
$153.3K $27.87/SF
− OpEx
−$69.0K −$12.54/SF
NOI
$84.3K $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%
$1,686,200
Cap Rate 7%
$1,204,429
Cap Rate 9%
$936,778
Alternative Uses
Best Use
Multifamily LT 5
$1.31M
$1.15M – $1.53M
NOI $91,684 @ 7.0% cap · market cap 9.40%
Second Best
Apartment 5plus
$1.20M
$1.05M – $1.41M
NOI $84,310 @ 7.0% cap · market cap 8.65%
Theoretical Best
Office A
$2.59M
$2.27M – $3.03M
NOI $181,526 @ 7.0% cap · market cap 18.62%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
2,681
Businesses Nearby
Explore this area
Business Placement
Demographics for 60622, IL
55,075
Population
27,630
Households
2
Avg Household Size
33
Median Age
73%
College-Educated
94%
High-School Grad
2.5 sq mi
ZIP Area
22,030
Density / Sq Mi
$124,852
Median Household Income
$76,180
Median Earnings
$1,932
Median Rent
$622,900
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?
Quadplex - Four residential units include generous layouts, central air in the main apartments, and in-unit laundry.
Where is this quadplex located?
The property is located at 6246 Richmond St Chicago, IL.
What is the asking price?
The asking price for this property is $975,000.
What are key features of this property?
This property features: Over 5,500 square feet of living space across four residential units; Three main apartments of approximately 1,500 square feet each; Finished garden apartment with approximately 1,000 square feet, 2 bedrooms, and 1 full bathroom
