Four-Story Apartment
For Sale
$2,300,000
7661 North Sheridan Road, Chicago, IL 60626
MULTI-zoned apartment property with upgraded electrical service, refreshed exterior masonry, and a mix of studio and traditional apartments.
Property Size8,011 SF
Price / SF$287.11
Days on Market175
Property Features for 7661 North Sheridan Road
General Information
Standard status
Active
Size
8,011 SF
Total Parking Spaces
5
Property subtype
Multi Family 5+ / Corridor-Exterior Entrance
Zoning
MULTI
Net Operating Income
$167,233
Units
Unit Mix
1 x 3BR/2BA, 1 x 2BR/1BA, 4 x 1BR/1BA, 11 x Studio, 6 x Studio with detached bathrooms
Multifamily Units
23
Taxes and HOA fees
Annual Taxes
$32,364
Building Details
Year Built
1920
Stories
4
Listing Agency:
Horvath & Tremblay IL, LLC
(312) 548-6823
Listed By:
John Preston · License #475188524
(312) 548-6823
Source:
Compass
Added: Mar 8
Changed: Aug 30
Last Checked: Aug 30 at 1:35AM
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 Horvath & Tremblay IL, LLC
Investment Insights
Based on property information with market context.
Built in 1920, this four-story apartment property at 7661 North Sheridan Road contains 23 units within an 8,011-square-foot building. The unit mix includes one 3-bedroom/2-bathroom apartment, one 2-bedroom/1-bathroom apartment, four 1-bedroom/1-bathroom apartments, 11 studios, and six studios with detached bathrooms. Five garage spaces are located at the rear.
Property improvements include completed tuckpointing and lintel work across the front facade, along with upgraded electrical service rated at 800 AMPS. Cosmetic improvements have been completed in 19 of the 23 units. The property is positioned steps from Lake Michigan and carries MULTI zoning.
Property improvements include completed tuckpointing and lintel work across the front facade, along with upgraded electrical service rated at 800 AMPS. Cosmetic improvements have been completed in 19 of the 23 units. The property is positioned steps from Lake Michigan and carries MULTI zoning.
Key Highlights
- 23‑unit apartment building with a varied mix of studios and one-, two-, and three‑bedroom apartments
- Unit mix includes 11 studios and 6 studios with detached bathrooms
- 800 AMPS of upgraded electrical service
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
$122,802
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
5.34%
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%
$2,456,040
$2.5M
Cap Rate 7%
$1,754,314
$1.8M
Cap Rate 9%
$1,364,467
$1.4M
Market Conditions
NOI Build-Up for 8,011 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
$235.5K $29.40/SF
− Vacancy
−$12.2K −$1.53/SF
EGI
$223.3K $27.87/SF
− OpEx
−$100.5K −$12.54/SF
NOI
$122.8K $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%
$2,456,040
Cap Rate 7%
$1,754,314
Cap Rate 9%
$1,364,467
Alternative Uses
Best Use
Apartment 5plus
$1.75M
$1.54M – $2.05M
NOI $122,802 @ 7.0% cap · market cap 5.34%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.78M
$3.31M – $4.41M
NOI $264,401 @ 7.0% cap · market cap 11.50%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
23
Residential units
Location Intelligence
Trade Area within ½ mile
1,080
Businesses Nearby
Explore this area
Business Placement
Demographics for 60626, IL
50,548
Population
26,812
Households
1.9
Avg Household Size
36
Median Age
53%
College-Educated
91%
High-School Grad
1.7 sq mi
ZIP Area
29,734
Density / Sq Mi
$57,452
Median Household Income
$39,527
Median Earnings
$1,265
Median Rent
$269,000
Median Home Value
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 - MULTI-zoned apartment property with upgraded electrical service, refreshed exterior masonry, and a mix of studio and traditional apartments.
Where is this apartment building located?
The property is located at 7661 North Sheridan Road Chicago, IL.
What is the asking price?
The asking price for this property is $2,300,000.
What are key features of this property?
This property features: 23‑unit apartment building with a varied mix of studios and one-, two-, and three‑bedroom apartments; Unit mix includes 11 studios and 6 studios with detached bathrooms; 800 AMPS of upgraded electrical service
