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 Market107
Property Features for 7520 North Ridge Boulevard
General Information
Standard status
Active
Size
8,400 SF
Total Parking Spaces
4
Property subtype
Multifamily
Site & Location
Neighborhood
West Rogers Park
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: Nov 2
Last Checked: Nov 6 at 5:30AM
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
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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 / Yr
$128,765
Cap Rate
7.00%
Suggested Prices Based on Cap Rates
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
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 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.
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Lease Details
12
Residential units
Location Intelligence
Trade Area within ½ mile
2,285
Businesses Nearby
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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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Market
Properties on Market for Apartment buildings in Chicago
Vacancy Rate% for Multifamily in Midwest region
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
