Multifamily Apartment
For Sale
$1,550,000
6505 North Bell Avenue, Chicago, IL 60645
For-sale apartment building totaling 4,141 square feet.
Property Size4,141 SF
Price / SF$374.31
Days on Market157
Property Features for 6505 North Bell Avenue
General Information
Standard status
Active
Size
4,141 SF
Property subtype
Multi Family 5+ / Multi Family 5+-Other
Net Operating Income
$120,654
Taxes and HOA fees
Annual Taxes
$17,900
Building Details
Year Built
1926
Stories
3
Listing Agency:
AAA Real Estate
(630) 404-8054
Listed By:
Donald Hajdari · License #475202732
(630) 404-8054
Source:
Compass
Added: Mar 6
Changed: Aug 8
Last Checked: Jul 23 at 1:40PM
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 AAA Real Estate
Investment Insights
Based on property information with market context.
This for-sale multifamily apartment building is listed as an “other apartment building” and residential income property, with a total property size of 4,141 square feet.
The property is located at 6505 North Bell Avenue in Chicago, Illinois 60645. Additional details on unit count, layout, finishes, and condition were not provided with the listing information.
The property is located at 6505 North Bell Avenue in Chicago, Illinois 60645. Additional details on unit count, layout, finishes, and condition were not provided with the listing information.
Key Highlights
- Apartment building totaling 4,141 SF
- Built in 1926
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
$63,478
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
4.10%
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%
$1,269,560
$1.3M
Cap Rate 7%
$906,829
$906.8K
Cap Rate 9%
$705,311
$705.3K
Market Conditions
NOI Build-Up for 4,141 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
$121.7K $29.40/SF
− Vacancy
−$6.3K −$1.53/SF
EGI
$115.4K $27.87/SF
− OpEx
−$51.9K −$12.54/SF
NOI
$63.5K $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%
$1,269,560
Cap Rate 7%
$906,829
Cap Rate 9%
$705,311
Alternative Uses
Best Use
Apartment 5plus
$906.8K
$793.5K – $1.06M
NOI $63,478 @ 7.0% cap · market cap 4.10%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.95M
$1.71M – $2.28M
NOI $136,673 @ 7.0% cap · market cap 8.82%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
1,838
Businesses Nearby
Explore this area
Business Placement
Demographics for 60645, IL
48,356
Population
18,143
Households
2.7
Avg Household Size
36
Median Age
45%
College-Educated
86%
High-School Grad
2.2 sq mi
ZIP Area
21,980
Density / Sq Mi
$77,126
Median Household Income
$40,666
Median Earnings
$1,424
Median Rent
$308,200
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 - For-sale apartment building totaling 4,141 square feet.
Where is this apartment building located?
The property is located at 6505 North Bell Avenue Chicago, IL.
What is the asking price?
The asking price for this property is $1,550,000.
What are key features of this property?
This property features: Apartment building totaling 4,141 SF; Built in 1926
