Rogers Park 78-Unit Apartment
For Sale
Contact for pricing
6748-50 N Ashland, Chicago, IL 60626
78-unit vintage mid-rise apartment building in Chicago's Rogers Park.
Property Size48,867 SF
Price / SF$235.33
Days on Market89
Property Features for 6748-50 N Ashland
General Information
Standard status
Active
Size
48,867 SF
Property subtype
Multifamily
Investment Type
Stabilized
Building Details
Year Built
1932
Units
78
Tenancy
Multi
Listing Agency:
Kiser Group
(773) 293-5045
Listed By:
Jacob Price · License #475.201874
Source:
Crexi
Added: May 25
Changed: Aug 21
Last Checked: Aug 21 at 5:20PM
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 Kiser Group
Investment Insights
Based on property information with market context.
Located in Chicago's Rogers Park neighborhood, the property at 6748–50 N. Ashland is a 78-unit vintage mid-rise apartment building. Constructed in 1927, the building exhibits Art Deco influences and retains its original architectural character. The unit mix consists of eight studios, sixty-nine one-bedroom/one-bath apartments, and one two-bedroom/one-bath unit. Apartment interiors feature modern upgrades alongside original architectural details such as crown molding, keyhole doorways, and retro bathroom tile flooring. Renovated units include stainless steel appliances, refinished hardwood or vinyl flooring, dishwashers, and granite countertops. Building amenities include a lobby, an elevator, laundry facilities, and tenant storage lockers. Situated along the Ashland Avenue corridor, the property is approximately 0.4 miles from the Morse CTA Red Line Station and 0.5 miles from Rogers Park Metra Station, placing it within close proximity to public transportation, neighborhood retail, and lakefront recreation. Rogers Park is located 10 miles from downtown and is the furthest north side neighborhood in Chicago. The area is home to Loyola University Chicago, multiple CTA Red Line stops and over one mile of publicly accessible beaches. Loyola University Chicago is an economic driver for Rogers Park with 11,919 undergraduate students. Multifamily development has increased in this neighborhood, including luxury apartments like The Morgan, 415 Premier Apartments, and Albion at Loyola Station. The CTA Red Line stops include Howard, Jarvis, Morse, and Loyola. In 2013, the Loyola stop underwent a $17 million renovation that included a plaza. Bus Routes include the #22 (Clark) and #147 (Outer Drive Express).
Key Highlights
- 78‑unit vintage apartment building in Chicago's Rogers Park, offering significant scale.
- Strong rental demand driven by proximity to Loyola University Chicago.
- Excellent transit access: close to Morse CTA Red Line, Rogers Park Metra, and multiple bus routes.
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
$749,090
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
6.51%
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%
$14,981,800
$15.0M
Cap Rate 7%
$10,701,286
$10.7M
Cap Rate 9%
$8,323,222
$8.3M
Market Conditions
NOI Build-Up for 48,867 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
$1.44M $29.40/SF
− Vacancy
−$74.7K −$1.53/SF
EGI
$1.36M $27.87/SF
− OpEx
−$612.9K −$12.54/SF
NOI
$749.1K $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%
$14,981,800
Cap Rate 7%
$10,701,286
Cap Rate 9%
$8,323,222
Alternative Uses
Best Use
Apartment 5plus
$10.70M
$9.36M – $12.48M
NOI $749,090 @ 7.0% cap · market cap 6.51%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$23.04M
$20.16M – $26.88M
NOI $1,612,846 @ 7.0% cap · market cap 14.02%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,694
Businesses Nearby
Explore this area
Business Placement
Demographics for 60626, IL
50,548
Population
26,812
Households
1.9
Avg Household Size
36
Median Age
53%
College-Educated
91%
High-School Grad
1.7 sq mi
ZIP Area
29,734
Density / Sq Mi
$57,452
Median Household Income
$39,527
Median Earnings
$1,265
Median Rent
$269,000
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 - 78-unit vintage mid-rise apartment building in Chicago's Rogers Park.
Where is this apartment building located?
The property is located at 6748-50 N Ashland Chicago, IL.
What is the asking price?
The asking price for this property is $11,500,000.
What are key features of this property?
This property features: 78‑unit vintage apartment building in Chicago's Rogers Park, offering significant scale.; Strong rental demand driven by proximity to Loyola University Chicago.; Excellent transit access: close to Morse CTA Red Line, Rogers Park Metra, and multiple bus routes.
