6-Unit Brick Apartment
New
For Sale
$1,625,000
7441 N Rogers Avenue, Chicago, IL 60626
Fully occupied masonry property with in-unit laundry, central heating and air conditioning, and dedicated resident parking.
Property Size5,017 SF
Price / SF$323.90
Days on Market4
Property Features for 7441 N Rogers Avenue
General Information
Standard status
Active
Size
5,017 SF
Property subtype
MULTI_FAMILY
Occupancy
100%
Units
Unit Mix
6 x 2BR/1BA
Multifamily Units
6
Additional Details
Public Transit
Yes
Taxes and HOA fees
Annual Taxes
$26,300
Amenities
stainless steel appliances
in-unit laundry
central heating and air conditioning
Building Details
Building Size
5,017 SF
Year Built
2020
Construction
masonry
Listing Agency:
eXp Realty
Listed By:
Michael Scanlon · License #475188240
(773) 630-9205
Source:
Dawnmckennagroup
Added: Sep 11
Changed: Sep 13
Last Checked: Sep 13 at 2:41PM
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 6-unit masonry apartment building contains 5,017 square feet and is fully occupied. The property includes six two-bedroom, one-bath apartments with modern layouts, oversized bedrooms, stainless steel appliances, in-unit laundry, central heating and air conditioning, and a dedicated parking space for each residence.
The building is located at 7441 N Rogers Avenue in Chicago, blocks from Lake Michigan, the CTA Red Line, and the Rogers Park Metra station. These transit connections provide access to downtown Chicago, Evanston, Andersonville, Edgewater, and other North Side neighborhoods. The projected pro-forma cap rate is 7.27%.
The building is located at 7441 N Rogers Avenue in Chicago, blocks from Lake Michigan, the CTA Red Line, and the Rogers Park Metra station. These transit connections provide access to downtown Chicago, Evanston, Andersonville, Edgewater, and other North Side neighborhoods. The projected pro-forma cap rate is 7.27%.
Key Highlights
- Six two‑bedroom, one‑bath apartments in a 2020‑built masonry building
- 5,017 square feet with full occupancy
- Each apartment includes in‑unit laundry, stainless steel appliances, and central heating and air conditioning
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
4.73%
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 4.73%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.37M
$2.07M – $2.76M
NOI $165,585 @ 7.0% cap · market cap 10.19%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Midwest region
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Frequently Asked Questions
What type of property is this?
Apartment building - Fully occupied masonry property with in-unit laundry, central heating and air conditioning, and dedicated resident parking.
Where is this apartment building located?
The property is located at 7441 N Rogers Avenue Chicago, IL.
What is the asking price?
The asking price for this property is $1,625,000.
What are key features of this property?
This property features: Six two‑bedroom, one‑bath apartments in a 2020‑built masonry building; 5,017 square feet with full occupancy; Each apartment includes in‑unit laundry, stainless steel appliances, and central heating and air conditioning
