6-Unit Center-Entrance Apartment
New
For Sale
$2,900,000
720-22 W Cornelia, Chicago, IL 60657
RM-5 zoning allows for 17 dwelling units in Chicago’s Lakeview East neighborhood.
Property Size7,800 SF
Days on Market1
Property Features for 720-22 W Cornelia
General Information
Standard status
Active
Size
7,800 SF
Property subtype
Multifamily
Building Details
Building Size
7,800 SF
Year Built
1913
Listing Agency:
Kiser Group
Listed By:
Jacob Price · License #IL #475.201874
(773) 293-5045
Source:
Kisergroup
Added: Oct 7
Last Checked: Oct 7 at 2:12PM
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.
This 6-unit apartment building has a center-entry configuration and was constructed in 1913. The property is zoned RM-5, which allows 17 dwelling units.
In Chicago’s Lakeview East neighborhood, the building is near the Broadway and Halsted commercial corridors. The Addison CTA Red Line station is approximately 0.4 miles away, and Wrigley Field is 0.5 miles away. Belmont Harbor and the lakefront trail are also nearby.
In Chicago’s Lakeview East neighborhood, the building is near the Broadway and Halsted commercial corridors. The Addison CTA Red Line station is approximately 0.4 miles away, and Wrigley Field is 0.5 miles away. Belmont Harbor and the lakefront trail are also nearby.
Key Highlights
- Six‑unit apartment building with a center‑entry layout
- Built in 1913
- RM‑5 zoning allows 17 DU
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$119,567
Cap Rate
4.12%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$2,391,340
$2.4M
Cap Rate 7%
$1,708,100
$1.7M
Cap Rate 9%
$1,328,522
$1.3M
Market Conditions
NOI Build-Up for 7,800 SF
Gross rent
$229.3K $29.40/SF
− Vacancy
−$11.9K −$1.53/SF
EGI
$217.4K $27.87/SF
− OpEx
−$97.8K −$12.54/SF
NOI
$119.6K $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 Rate 5%
$2,391,340
Cap Rate 7%
$1,708,100
Cap Rate 9%
$1,328,522
Alternative Uses
Best Use
Apartment 5plus
$1.71M
$1.49M – $1.99M
NOI $119,567 @ 7.0% cap · market cap 4.12%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.68M
$3.22M – $4.29M
NOI $257,437 @ 7.0% cap · market cap 8.88%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
4,897
Businesses Nearby
Explore this area
Business Placement
Demographics for 60657, IL
72,316
Population
42,246
Households
1.7
Avg Household Size
32
Median Age
87%
College-Educated
99%
High-School Grad
2.2 sq mi
ZIP Area
32,871
Density / Sq Mi
$109,025
Median Household Income
$77,731
Median Earnings
$1,839
Median Rent
$534,500
Median Home Value
Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Apartment building - RM-5 zoning allows for 17 dwelling units in Chicago’s Lakeview East neighborhood.
Where is this apartment building located?
The property is located at 720-22 W Cornelia Chicago, IL.
What is the asking price?
The asking price for this property is $2,900,000.
What are key features of this property?
This property features: Six‑unit apartment building with a center‑entry layout; Built in 1913; RM‑5 zoning allows 17 DU
