Renovated 3-Unit
New
For Sale
$450,000
7542 S Colfax Avenue, Chicago, IL 60649
Residential Income, Chicago, IL
Property Size1,500 SF
Lot Size0.08 Acres
Price / SF$300
Days on Market7
Property Features for 7542 S Colfax Avenue
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
MULTI
Bedrooms
9
Bathrooms
3
Full bathrooms
3
Rooms
Bedroom 1, Bathroom 1, Basement, Bedroom 9, Bathroom 2, Bedroom 2, Bedroom 3, Bedroom 4, Bedroom 5, Bedroom 8, Bedroom 7, Bathroom 3, Bedroom 6
Parking
3
Parking features
Owned
Basement
Unfinished, Full
Elementary school district
299
Middle school district
299
High school district
299
Directions
76TH STREET EAST/WEST TO COLFAX AND NORTH TO ADDRESS
Subdivision
CHI - South Shore
Standard status
Active
APN
21303030130000
Lot size
0.08 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
6687
Utilities
Sewer type
Public Sewer
Heating system
Forced Air, Natural Gas
Building Details
Year built
1926
Building materials
Brick
Roof type
Rubber, Flat
Buildings
1
Listing Agency:
RE/MAX Premier · RE/MAX International
Listed By:
Jessica Coleman
(312) 475-1717
Added: Oct 19
Changed: Oct 25
Last Checked: Oct 25 at 1:06PM
MLS# 12789461
Copyright © 2026 Midwest Real Estate Data, LLC. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
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Investment Insights
Based on property information with market context.
This brick triplex contains three units, each configured with three bedrooms and one bathroom. The 0.08-acre property has undergone renovations in 2016, 2017 and 2026. Unit updates include kitchen cabinetry, granite countertops, mosaic tile backsplashes, engineered hardwood flooring, GE appliances, bathroom improvements, lighting and ceiling fans.
Building work includes electrical service, plumbing, windows, HVAC, trim, doors and porches installed in 2021. The property has forced-air, natural gas heating, public sewer and a flat rubber roof. Zoning is MULTI.
Building work includes electrical service, plumbing, windows, HVAC, trim, doors and porches installed in 2021. The property has forced-air, natural gas heating, public sewer and a flat rubber roof. Zoning is MULTI.
Key Highlights
- Three units, each with 3 bedrooms and 1 bathroom
- 0.08‑acre property with brick construction
- Renovations to the building and units were 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
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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
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, along with updated kitchens, flooring, fixtures, and appliances.
Where is this triplex located?
The property is located at 7542 S Colfax Avenue 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; 0.08‑acre property with brick construction; Renovations to the building and units were completed in 2016, 2017 and 2026
