Apartment Building with Gated
For Sale
$1,175,000
6667-69 W Devon Avenue, Chicago, IL 60631
Six one-bedroom apartments feature updated interiors, secure entry, laundry facilities, and dedicated gated parking.
Property Size4,725 SF
Price / SF$248.68
Days on Market372
Property Features for 6667-69 W Devon Avenue
General Information
Standard status
Active
Size
4,725 SF
Property subtype
General Commercial
Taxes and HOA fees
Annual Taxes
$13,257
Amenities
Window Air Conditioning
3
Building Details
Year Built
1944
Listing Agency:
Coldwell Banker Commercial NRT
(312) 860-4043
Listed By:
Paul Proano · License #475170890
(312) 860-4043
Source:
Xome
Added: Aug 25, 2025
Changed: Aug 31
Last Checked: Aug 31 at 12:00AM
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 Coldwell Banker Commercial NRT
Investment Insights
Based on property information with market context.
This 4,725-square-foot apartment building, constructed in 1944, contains six one-bedroom apartments: two garden-level units and four above-grade units. Interior updates include granite countertops, stainless steel appliances, hardwood floors, ceramic-tile bathrooms, and refreshed mechanical systems. Window air conditioning is provided, and the property includes on-site laundry, secure entry, and an intercom system.
Building improvements include a new roof, updated windows, emergency lighting, and fire-safety work. Six gated parking spaces serve the property. The building is legally zoned for four units while currently configured with six apartments, a distinction relevant to evaluating the existing layout and use.
Building improvements include a new roof, updated windows, emergency lighting, and fire-safety work. Six gated parking spaces serve the property. The building is legally zoned for four units while currently configured with six apartments, a distinction relevant to evaluating the existing layout and use.
Key Highlights
- Six current one‑bedroom units: two garden apartments and four above‑ground apartments
- 4,725 square feet; built in 1944
- Six gated parking spaces
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
$72,430
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
6.16%
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%
$1,448,600
$1.4M
Cap Rate 7%
$1,034,714
$1.0M
Cap Rate 9%
$804,778
$804.8K
Market Conditions
NOI Build-Up for 4,725 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
$138.9K $29.40/SF
− Vacancy
−$7.2K −$1.53/SF
EGI
$131.7K $27.87/SF
− OpEx
−$59.3K −$12.54/SF
NOI
$72.4K $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%
$1,448,600
Cap Rate 7%
$1,034,714
Cap Rate 9%
$804,778
Alternative Uses
Best Use
Apartment 5plus
$1.03M
$905.4K – $1.21M
NOI $72,430 @ 7.0% cap · market cap 6.16%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.23M
$1.95M – $2.60M
NOI $155,948 @ 7.0% cap · market cap 13.27%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
904
Businesses Nearby
Explore this area
Business Placement
Demographics for 60631, IL
29,691
Population
12,757
Households
2.3
Avg Household Size
43
Median Age
50%
College-Educated
96%
High-School Grad
3.7 sq mi
ZIP Area
8,025
Density / Sq Mi
$117,688
Median Household Income
$70,295
Median Earnings
$1,604
Median Rent
$431,400
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 - Six one-bedroom apartments feature updated interiors, secure entry, laundry facilities, and dedicated gated parking.
Where is this apartment building located?
The property is located at 6667-69 W Devon Avenue Chicago, IL.
What is the asking price?
The asking price for this property is $1,175,000.
What are key features of this property?
This property features: Six current one‑bedroom units: two garden apartments and four above‑ground apartments; 4,725 square feet; built in 1944; Six gated parking spaces
