Renovated Two-Bedroom 6-Flat
For Sale
$1,840,000
7520 North Ridge Boulevard, Chicago, IL 60645
Two adjacent six-flat buildings with two-bedroom, one-bath units, and more than 75% renovated with updated kitchens and baths.
Property Size8,400 SF
Days on Market62
Property Features for 7520 North Ridge Boulevard
General Information
Standard status
Active
Size
8,400 SF
Total Parking Spaces
4
Property subtype
Multifamily
Additional Details
Multifamily Units
12
Building Details
Building Size
8,400 SF
Listed By:
Andy Friedman · License #IL #475.180055
(773) 293-5007
Source:
Kisergroup
Added: Jul 23
Changed: Sep 18
Last Checked: Sep 21 at 4:59AM
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 Andy Friedman
Investment Insights
Based on property information with market context.
Kiser Group presents two adjacent six-flat apartment buildings at 7516.5 and 7520 N Ridge Blvd in Chicago’s West Ridge neighborhood. The property includes all two-bedroom, one-bathroom units, with more than 75% of apartments already renovated. Renovations include updated kitchens and bathrooms, reflecting a documented approach that has supported rent increases, with the remaining units positioned for continued improvement.
The offering includes significant capital expenditure in the last three years and four parking spots to support resident parking. This is a straightforward, value-add multifamily acquisition focused on completing renovations across the remaining units to drive additional rental growth.
The offering includes significant capital expenditure in the last three years and four parking spots to support resident parking. This is a straightforward, value-add multifamily acquisition focused on completing renovations across the remaining units to drive additional rental growth.
Key Highlights
- Two adjacent six‑flat buildings at 7516.5 and 7520 N Ridge Blvd in Chicago’s West Ridge neighborhood
- All units are 2‑bedroom, 1‑bath apartments
- More than 75% of apartments are renovated with updated kitchens and bathrooms
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
$128,765
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
7.00%
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%
$2,575,300
$2.6M
Cap Rate 7%
$1,839,500
$1.8M
Cap Rate 9%
$1,430,722
$1.4M
Market Conditions
NOI Build-Up for 8,400 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
$247.0K $29.40/SF
− Vacancy
−$12.8K −$1.53/SF
EGI
$234.1K $27.87/SF
− OpEx
−$105.4K −$12.54/SF
NOI
$128.8K $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%
$2,575,300
Cap Rate 7%
$1,839,500
Cap Rate 9%
$1,430,722
Alternative Uses
Best Use
Apartment 5plus
$1.84M
$1.61M – $2.15M
NOI $128,765 @ 7.0% cap · market cap 7.00%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.96M
$3.47M – $4.62M
NOI $277,240 @ 7.0% cap · market cap 15.07%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
12
Residential units
Location Intelligence
Trade Area within ½ mile
2,285
Businesses Nearby
Explore this area
Business Placement
Demographics for 60645, IL
48,356
Population
18,143
Households
2.7
Avg Household Size
36
Median Age
45%
College-Educated
86%
High-School Grad
2.2 sq mi
ZIP Area
21,980
Density / Sq Mi
$77,126
Median Household Income
$40,666
Median Earnings
$1,424
Median Rent
$308,200
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
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - Two adjacent six-flat buildings with two-bedroom, one-bath units, and more than 75% renovated with updated kitchens and baths.
Where is this apartment building located?
The property is located at 7520 North Ridge Boulevard Chicago, IL.
What is the asking price?
The asking price for this property is $1,840,000.
What are key features of this property?
This property features: Two adjacent six‑flat buildings at 7516.5 and 7520 N Ridge Blvd in Chicago’s West Ridge neighborhood; All units are 2‑bedroom, 1‑bath apartments; More than 75% of apartments are renovated with updated kitchens and bathrooms
