Six-Unit Brick Apartment
For Sale
$1,690,000
7441 N Rogers Ave, Chicago, IL 60626
Fully occupied multifamily property with modern two-bedroom residences, private parking, and access to Chicago’s North Side transit network.
Property Size5,017 SF
Price / SF$336.85
Days on Market75
Property Features for 7441 N Rogers Ave
General Information
Standard status
Active
Size
5,017 SF
Property subtype
Commercial
Occupancy
100%
Units
Unit Mix
6 x 2BR/1BA
Multifamily Units
6
Parking per Unit
1
Additional Details
Public Transit
Yes
Amenities
in-unit laundry
central heating and air conditioning
stainless steel appliances
dedicated parking space
Building Details
Year Built
2020
Buildings
1
Construction
masonry
Listing Agency:
eXp Realty
(773) 630-9205
Listed By:
Michael Scanlon (773) 630-9205 · License #475188240
Source:
Illianahomesource
Added: Jun 17
Changed: Aug 29
Last Checked: Aug 29 at 5:03PM
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 eXp Realty
Investment Insights
Based on property information with market context.
Built in 2020, this masonry apartment property contains six two-bedroom, one-bath residences. The units feature contemporary layouts, oversized bedrooms, stainless steel appliances, in-unit laundry, central heating and air conditioning, and substantial natural light. Each apartment includes a dedicated parking space, supported by an on-site parking lot.
The property is located in East Rogers Park near Lake Michigan, the CTA Red Line, and the Rogers Park Metra station. Transit access connects residents with downtown Chicago, Evanston, Andersonville, Edgewater, and nearby North Side neighborhoods. The building is fully occupied and has a stated history of tenant demand.
The property is located in East Rogers Park near Lake Michigan, the CTA Red Line, and the Rogers Park Metra station. Transit access connects residents with downtown Chicago, Evanston, Andersonville, Edgewater, and nearby North Side neighborhoods. The building is fully occupied and has a stated history of tenant demand.
Key Highlights
- Six large two‑bedroom, one‑bath apartments
- Built in 2020 with masonry construction
- Fully occupied apartment property
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
$76,906
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
4.55%
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%
$1,538,120
$1.5M
Cap Rate 7%
$1,098,657
$1.1M
Cap Rate 9%
$854,511
$854.5K
Market Conditions
NOI Build-Up for 5,017 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
$147.5K $29.40/SF
− Vacancy
−$7.7K −$1.53/SF
EGI
$139.8K $27.87/SF
− OpEx
−$62.9K −$12.54/SF
NOI
$76.9K $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%
$1,538,120
Cap Rate 7%
$1,098,657
Cap Rate 9%
$854,511
Alternative Uses
Best Use
Apartment 5plus
$1.10M
$961.3K – $1.28M
NOI $76,906 @ 7.0% cap · market cap 4.55%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.37M
$2.07M – $2.76M
NOI $165,585 @ 7.0% cap · market cap 9.80%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
6
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
2,301
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 - Fully occupied multifamily property with modern two-bedroom residences, private parking, and access to Chicago’s North Side transit network.
Where is this apartment building located?
The property is located at 7441 N Rogers Ave Chicago, IL.
What is the asking price?
The asking price for this property is $1,690,000.
What are key features of this property?
This property features: Six large two‑bedroom, one‑bath apartments; Built in 2020 with masonry construction; Fully occupied apartment property
