Renovated Three-Unit
New
For Sale
$450,000
7542 S Colfax Ave, Chicago, IL 60649
Each residence has three bedrooms and one bathroom, with updated kitchens, flooring, fixtures, and GE appliances.
Property Size1,500 SF
Price / SF$300
Days on Market4
Property Features for 7542 S Colfax Ave
General Information
Standard status
Active
Size
1,500 SF
Property subtype
Multi-Family
Site & Location
Neighborhood
South Shore
Units
Unit Mix
3 x 3BR/1BA
Multifamily Units
3
Building Details
Year Built
1926
Year Renovated
2017
Buildings
1
Listing Agency:
Wirtz Real Estate Group Inc
Listed By:
Jamie Decker · License #475182031
(888) 574-9405
Source:
Dealwithdecker
Added: Oct 20
Changed: Oct 21
Last Checked: Oct 21 at 2:01AM
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 Wirtz Real Estate Group Inc
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Investment Insights
Based on property information with market context.
This three-unit triplex contains three-bedroom, one-bathroom residences and approximately 1,500 square feet of living space. Interior work includes kitchen cabinetry, granite countertops, mosaic tile backsplashes, engineered hardwood flooring, brushed nickel faucets, GE appliances, bathroom updates, lighting, and ceiling fans. Renovation work is noted in 2016, 2017, and 2026.
Building improvements include electrical service with GFCIs, plumbing, windows, HVAC, trim, doors, and porches completed in 2021.
Building improvements include electrical service with GFCIs, plumbing, windows, HVAC, trim, doors, and porches completed in 2021.
Key Highlights
- Three units, each with 3 bedrooms and 1 bathroom
- Approximately 1,500 square feet of living space
- Renovation work completed in 2016, 2017, and 2026
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
Explore this area
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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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Midwest region
Frequently Asked Questions
What type of property is this?
Triplex - Each residence has three bedrooms and one bathroom, with updated kitchens, flooring, fixtures, and GE appliances.
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; Approximately 1,500 square feet of living space; Renovation work completed in 2016, 2017, and 2026
