Renovated 3-Unit
7542 S Colfax Ave, Chicago, IL 60649
For Sale
$450,000
Each residence offers three bedrooms and one bathroom, with updates to kitchens, baths, flooring, and fixtures.
Property Size1,500 SF
Price / SF$300
Days on Market22
Property Features for 7542 S Colfax Ave
General Information
Standard status
Size
Property subtype
Site & Location
Neighborhood
Units
Unit Mix
Multifamily Units
Building Details
Year Built
Year Renovated
Buildings
Listing Agency:
Chicago's Real Estate Agency
Listed By:
Nick Nastos
(312) 243-5200
Source:
Chicagospropertyshop
Added: Oct 20
Changed: Nov 9
Last Checked: Nov 8 at 6:14AM
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 Chicago's Real Estate Agency
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Investment Insights
Based on property information with market context.
This three-unit property has three-bedroom, one-bathroom residences. Renovation work was completed in 2016, 2017, and 2026. Interior updates include kitchen cabinetry, granite countertops, mosaic tile backsplashes, engineered hardwood flooring, faucets, GE appliances, bathroom improvements, light fixtures, and ceiling fans.
Building improvements include updated electrical service with GFCIs, plumbing, windows, HVAC, trim, and doors. New porches were added in 2021.
Building improvements include updated electrical service with GFCIs, plumbing, windows, HVAC, trim, and doors. New porches were added in 2021.
Key Highlights
- Three units, each with 3 bedrooms and 1 bathroom
- Renovations completed in 2016, 2017, and 2026
- Interior updates include granite countertops, mosaic tile backsplashes, engineered hardwood floors, and GE appliances
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$25,005
Cap Rate
5.56%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$500,100
$500.1K
Cap Rate 7%
$357,214
$357.2K
Cap Rate 9%
$277,833
$277.8K
Market Conditions
NOI Build-Up for 1,500 SF
Gross rent
$37.8K $25.20/SF
− Vacancy
−$2.1K −$1.39/SF
EGI
$35.7K $23.81/SF
− OpEx
−$10.7K −$7.14/SF
NOI
$25.0K $16.67/SF
Area
Chicago, IL
Vacancy
5.50%
Lease Rate
$25.20 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$500,100
Cap Rate 7%
$357,214
Cap Rate 9%
$277,833
Alternative Uses
Best Use
Multifamily LT 5
$357.2K
$312.6K – $416.8K
NOI $25,005 @ 7.0% cap · market cap 5.56%
Second Best
Apartment 5plus
$328.5K
$287.4K – $383.2K
NOI $22,994 @ 7.0% cap · market cap 5.11%
Theoretical Best
Office A
$707.2K
$618.8K – $825.1K
NOI $49,507 @ 7.0% cap · market cap 11.00%
Zoning and permitted uses should be independently verified with authorities.
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Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
1,155
Businesses Nearby
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Business Placement
Demographics for 60649, IL
48,171
Population
28,249
Households
1.7
Avg Household Size
39
Median Age
25%
College-Educated
89%
High-School Grad
3.6 sq mi
ZIP Area
13,381
Density / Sq Mi
$40,142
Median Household Income
$36,474
Median Earnings
$1,066
Median Rent
$199,500
Median Home Value
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Market
Properties on Market for Triplexes in Chicago
Vacancy Rate% for Multifamily in Midwest region
Frequently Asked Questions
What type of property is this?
Triplex - Each residence offers three bedrooms and one bathroom, with updates to kitchens, baths, flooring, and fixtures.
Where is this triplex located?
The property is located at 7542 S Colfax Ave Chicago, IL.
What is the asking price?
The asking price for this property is $450,000.
What are key features of this property?
This property features: Three units, each with 3 bedrooms and 1 bathroom; Renovations completed in 2016, 2017, and 2026; Interior updates include granite countertops, mosaic tile backsplashes, engineered hardwood floors, and GE appliances
