Rehabilitated Triplex with Lower
For Sale
$849,000
6627 S Maryland Avenue, Chicago, IL 60637
Legal three-flat featuring a duplex residence, separate lower-level apartment, and comprehensive permitted renovation.
Property Size3,300 SF
Price / SF$257.27
Days on Market12
Property Features for 6627 S Maryland Avenue
General Information
Standard status
Active
Size
3,300 SF
Property subtype
MULTI_FAMILY
Additional Details
Public Transit
Yes
Multifamily Units
3
Taxes and HOA fees
Annual Taxes
$2,024
Building Details
Year Built
1890
Buildings
1
Listing Agency:
Pavlova Properties
Listed By:
Katerina Pavlova
(630) 242-6002
Source:
Dawnmckennagroup
Added: Sep 10
Changed: Sep 18
Last Checked: Sep 21 at 7:16AM
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 Pavlova Properties
Investment Insights
Based on property information with market context.
This legal three-flat property has undergone a full gut rehabilitation under new construction permits. The primary duplex includes an open-concept layout with three master suites on the second floor, while the separate lower-level apartment provides two bedrooms and one full bath. Major improvements include new mechanical systems, ductwork, rough electrical, dual 200-amp service, plumbing lines, windows, insulation, GE appliances, sump and ejector pumps, roof, staircase, support beams, and basement floor. The lower level has a ceiling height exceeding 7 feet, and the garage roof, overhead door, and tuckpointing have also been completed. Work was completed to city code.
The property is located on S Maryland Avenue in Chicago’s East Woodlawn area, near the University of Chicago, the Obama Presidential Center, the Museum of Science and Industry, Lake Shore beaches, Jackson Park Golf Course, the CTA Green Line, and Hyde Park.
The property is located on S Maryland Avenue in Chicago’s East Woodlawn area, near the University of Chicago, the Obama Presidential Center, the Museum of Science and Industry, Lake Shore beaches, Jackson Park Golf Course, the CTA Green Line, and Hyde Park.
Key Highlights
- Legal 3‑flat property with permitted gut rehabilitation
- Duplex residence includes 4 bedrooms and 3.5 baths
- Separate lower‑level apartment has 2 bedrooms and 1 full bath
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
$55,010
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
6.48%
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%
$1,100,200
$1.1M
Cap Rate 7%
$785,857
$785.9K
Cap Rate 9%
$611,222
$611.2K
Market Conditions
NOI Build-Up for 3,300 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
$83.2K $25.20/SF
− Vacancy
−$4.6K −$1.39/SF
EGI
$78.6K $23.81/SF
− OpEx
−$23.6K −$7.14/SF
NOI
$55.0K $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%
$1,100,200
Cap Rate 7%
$785,857
Cap Rate 9%
$611,222
Alternative Uses
Best Use
Multifamily LT 5
$785.9K
$687.6K – $916.8K
NOI $55,010 @ 7.0% cap · market cap 6.48%
Second Best
Apartment 5plus
$722.7K
$632.3K – $843.1K
NOI $50,586 @ 7.0% cap · market cap 5.96%
Theoretical Best
Office A
$1.56M
$1.36M – $1.82M
NOI $108,916 @ 7.0% cap · market cap 12.83%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
924
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
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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?
Triplex - Legal three-flat featuring a duplex residence, separate lower-level apartment, and comprehensive permitted renovation.
Where is this triplex located?
The property is located at 6627 S Maryland Avenue Chicago, IL.
What is the asking price?
The asking price for this property is $849,000.
What are key features of this property?
This property features: Legal 3‑flat property with permitted gut rehabilitation; Duplex residence includes 4 bedrooms and 3.5 baths; Separate lower‑level apartment has 2 bedrooms and 1 full bath
