Renovated Triplex with
For Sale
$750,250
Pending
6504 S Maryland Avenue Chicago, Chicago, IL 60637
Three apartments feature central air, in-unit laundry, separately metered utilities, and access to a private backyard area.
Property Size4,050 SF
Days on Market56
Property Features for 6504 S Maryland Avenue Chicago
General Information
Standard status
Pending
Size
4,050 SF
Total Parking Spaces
2
Property subtype
Two to Four Units
Occupancy
100%
Units
Unit Mix
2 x 2BR/2BA, 1 x 3BR/2BA
Multifamily Units
3
Additional Details
Gross Income
$71,172
Public Transit
Yes
Taxes and HOA fees
Annual Taxes
$7,053
Amenities
central air conditioning
in-unit washer and dryer
security camera system
private backyard entertainment area
Unfinished,Full
Utility Room-1st Floor
6
8
3
Public
2
3,225 square feet
No
Yes,Detached,Garage
Fire Pit
Building Details
Year Built
1894
Year Renovated
2018
Buildings
1
Tenancy
Multi
Listing Agency:
(847) 558-6808
Listed By:
Krystel Gonzalez · License #475185100
(847) 558-6808
Source:
Remaxadream
Added: Jul 8
Changed: Aug 30
Last Checked: Aug 30 at 4:54PM
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 Krystel Gonzalez
Investment Insights
Based on property information with market context.
This 4,050-square-foot triplex, built in 1894 and renovated in 2018, contains two 2-bedroom, 2-bathroom apartments and one oversized 3-bedroom, 2-bathroom apartment. The second-floor unit also includes a bonus room. Each residence has central air conditioning, an in-unit washer and dryer, and separately metered utilities. Tenants pay all utilities other than water. The property also includes a detached 2-car garage, security camera system, private backyard entertainment area, and a full unfinished basement.
Located at 6504 S Maryland Avenue in Chicago’s Woodlawn neighborhood, the building is within walking distance of the Obama Presidential Center development. Public transportation, parks, shopping, restaurants, and the University of Chicago are also identified nearby. The unfinished basement may support a duplex-down conversion or ADU, subject to zoning and city approval.
Located at 6504 S Maryland Avenue in Chicago’s Woodlawn neighborhood, the building is within walking distance of the Obama Presidential Center development. Public transportation, parks, shopping, restaurants, and the University of Chicago are also identified nearby. The unfinished basement may support a duplex-down conversion or ADU, subject to zoning and city approval.
Key Highlights
- 4,050‑square‑foot triplex renovated in 2018
- Unit mix includes two 2‑bedroom, 2‑bathroom apartments and one 3‑bedroom, 2‑bathroom apartment
- Central air, in‑unit washers and dryers, and separately metered utilities in each apartment
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
$67,513
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
9.00%
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%
$1,350,260
$1.4M
Cap Rate 7%
$964,471
$964.5K
Cap Rate 9%
$750,144
$750.1K
Market Conditions
NOI Build-Up for 4,050 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
$102.1K $25.20/SF
− Vacancy
−$5.6K −$1.39/SF
EGI
$96.4K $23.81/SF
− OpEx
−$28.9K −$7.14/SF
NOI
$67.5K $16.67/SF
Area
Chicago, IL
Vacancy
5.50%
Lease Rate
$25.20 /SF/Yr
Expense Ratio
30.00%
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%
$1,350,260
Cap Rate 7%
$964,471
Cap Rate 9%
$750,144
Alternative Uses
Best Use
Multifamily LT 5
$964.5K
$843.9K – $1.13M
NOI $67,513 @ 7.0% cap · market cap 9.00%
Second Best
Apartment 5plus
$886.9K
$776.0K – $1.03M
NOI $62,083 @ 7.0% cap · market cap 8.27%
Theoretical Best
Office A
$1.91M
$1.67M – $2.23M
NOI $133,669 @ 7.0% cap · market cap 17.82%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,127
Businesses Nearby
Explore this area
Business Placement
Demographics for 60637, IL
53,555
Population
26,717
Households
2
Avg Household Size
31
Median Age
37%
College-Educated
89%
High-School Grad
4.5 sq mi
ZIP Area
11,901
Density / Sq Mi
$42,080
Median Household Income
$33,227
Median Earnings
$1,170
Median Rent
$243,700
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?
Triplex - Three apartments feature central air, in-unit laundry, separately metered utilities, and access to a private backyard area.
Where is this triplex located?
The property is located at 6504 S Maryland Avenue Chicago Chicago, IL.
What is the asking price?
The asking price for this property is $750,250.
What are key features of this property?
This property features: 4,050‑square‑foot triplex renovated in 2018; Unit mix includes two 2‑bedroom, 2‑bathroom apartments and one 3‑bedroom, 2‑bathroom apartment; Central air, in‑unit washers and dryers, and separately metered utilities in each apartment
