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 Market58
Property Features for 6627 S Maryland Avenue
General Information
Standard status
Active
Size
3,300 SF
Property subtype
MULTI_FAMILY
Site & Location
Neighborhood
Woodlawn
Public Transit
Yes
Additional Details
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: Oct 31
Last Checked: Nov 4 at 11:16PM
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
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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 / Yr
$55,010
Cap Rate
6.48%
Suggested Prices Based on Cap Rates
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
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 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.
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Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
924
Businesses Nearby
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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
Properties on Market for Triplexes in Chicago
Vacancy Rate% for Multifamily in Midwest region
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
