40-Unit Apartment
For Sale
$4,800,000
Pending
6912 North Ashland Avenue, Chicago, IL 60626
Multifamily property with a varied studio and one-bedroom layout, upgraded finishes, and secured resident amenities.
Property Size17,200 SF
Days on Market174
Property Features for 6912 North Ashland Avenue
General Information
Standard status
Pending
Size
17,200 SF
Property subtype
Multi Family 5+ / Flats
Zoning
MULTI
Net Operating Income
$321,428
Units
Unit Mix
28 x Studio, 12 x 1BR/1BA
Multifamily Units
40
Taxes and HOA fees
Annual Taxes
$59,113
Amenities
secured building entrance
on-site laundry facility
dedicated mail and package room
Building Details
Year Built
1928
Stories
4
Listing Agency:
Baird & Warner
(718) 473-2701
Listed By:
Tal Haimovitch · License #475160144
(718) 473-2701
Source:
Compass
Added: Mar 10
Changed: Aug 30
Last Checked: Aug 30 at 1:37PM
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 Baird & Warner
Investment Insights
Based on property information with market context.
Built in 1928, this 17,200-square-foot multifamily building contains 40 apartments, including 28 studios and 12 one-bedroom, one-bath units. Most residences feature updated interiors with granite or quartz countertops, raised-panel cabinetry, and hardwood or vinyl flooring, while retaining vintage character.
Resident amenities include a controlled-access entry, on-site laundry, and a separate room for mail and package delivery. The property is located at 6912 North Ashland Avenue in Chicago, Illinois, and carries MULTI zoning.
Resident amenities include a controlled-access entry, on-site laundry, and a separate room for mail and package delivery. The property is located at 6912 North Ashland Avenue in Chicago, Illinois, and carries MULTI zoning.
Key Highlights
- 40 apartments: 28 studios and 12 one‑bedroom, one‑bath units
- 17,200‑square‑foot apartment building constructed in 1928
- Most units include granite or quartz countertops and raised‑panel cabinetry
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
$263,662
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
5.49%
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%
$5,273,240
$5.3M
Cap Rate 7%
$3,766,600
$3.8M
Cap Rate 9%
$2,929,578
$2.9M
Market Conditions
NOI Build-Up for 17,200 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
$505.7K $29.40/SF
− Vacancy
−$26.3K −$1.53/SF
EGI
$479.4K $27.87/SF
− OpEx
−$215.7K −$12.54/SF
NOI
$263.7K $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%
$5,273,240
Cap Rate 7%
$3,766,600
Cap Rate 9%
$2,929,578
Alternative Uses
Best Use
Apartment 5plus
$3.77M
$3.30M – $4.39M
NOI $263,662 @ 7.0% cap · market cap 5.49%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$8.11M
$7.10M – $9.46M
NOI $567,683 @ 7.0% cap · market cap 11.83%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
40
Residential units
Location Intelligence
Trade Area within ½ mile
570
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 - Multifamily property with a varied studio and one-bedroom layout, upgraded finishes, and secured resident amenities.
Where is this apartment building located?
The property is located at 6912 North Ashland Avenue Chicago, IL.
What is the asking price?
The asking price for this property is $4,800,000.
What are key features of this property?
This property features: 40 apartments: 28 studios and 12 one‑bedroom, one‑bath units; 17,200‑square‑foot apartment building constructed in 1928; Most units include granite or quartz countertops and raised‑panel cabinetry
