20-Unit Apartment
For Sale
Contact for pricing
818 North Wolcott Avenue, Chicago, IL 60622
Adaptive-reuse multifamily property combining loft-style residences with a contemporary three-story addition.
Property Size22,512 SF
Price / SF$533.05
Days on Market117
Property Features for 818 North Wolcott Avenue
General Information
Standard status
Active
Size
22,512 SF
Class
A
Total Parking Spaces
20
Property subtype
Retail, Multifamily
Zoning
RT-4
Occupancy
100%
Investment Type
Stabilized
Net Operating Income
$705,232
Units
Unit Mix
1 x 1BR/1.5BA, 16 x 2BR/2BA, 3 x 3BR/3.5BA
Multifamily Units
20
Additional Details
Public Transit
Yes
Amenities
in-unit laundry
private terraces
outdoor courtyard
grills
outdoor furniture
Building Details
Year Built
2023
Buildings
2
Units
20
Listing Agency:
Greenstone Partners
(312) 448-2132
Listed By:
Jordan Multack · License #475168799
Source:
Crexi
Added: May 6
Changed: Aug 29
Last Checked: Aug 29 at 7:59PM
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 Greenstone Partners
Investment Insights
Based on property information with market context.
This 22,512-square-foot apartment property, completed in 2023, combines an adapted foundry structure with a purpose-built three-story addition. The 20-unit configuration includes one 1 Bed / 1.5 Bath duplex, sixteen 2 Bed / 2 Bath apartments, and three 3 Bed / 3.5 Bath duplexes. Residences feature hardwood flooring, stainless steel appliances, quartz countertops, large kitchen islands, and in-unit laundry. Certain units also include exposed brick, oversized walk-in closets, and private terraces.
On-site amenities include parking and an outdoor courtyard with grills, furniture, and a beer garden-style gathering area. The property is positioned near the Chicago Avenue dining and retail corridor and 0.9 miles from the Division Blue Line. The address is 818 North Wolcott Avenue in Chicago’s East Village / West Town area, and the property is zoned RT-4.
On-site amenities include parking and an outdoor courtyard with grills, furniture, and a beer garden-style gathering area. The property is positioned near the Chicago Avenue dining and retail corridor and 0.9 miles from the Division Blue Line. The address is 818 North Wolcott Avenue in Chicago’s East Village / West Town area, and the property is zoned RT-4.
Key Highlights
- 20‑unit multifamily property with a 1 Bed / 1.5 Bath duplex, 16 2 Bed / 2 Bath units, and 3 3 Bed / 3.5 Bath duplexes
- 22,512 SF property completed in 2023
- Adaptive reuse of an existing foundry paired with a purpose‑built three‑story addition
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
$345,090
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
2.88%
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%
$6,901,800
$6.9M
Cap Rate 7%
$4,929,857
$4.9M
Cap Rate 9%
$3,834,333
$3.8M
Market Conditions
NOI Build-Up for 22,512 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
$661.9K $29.40/SF
− Vacancy
−$34.4K −$1.53/SF
EGI
$627.4K $27.87/SF
− OpEx
−$282.3K −$12.54/SF
NOI
$345.1K $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%
$6,901,800
Cap Rate 7%
$4,929,857
Cap Rate 9%
$3,834,333
Alternative Uses
Best Use
Apartment 5plus
$4.93M
$4.31M – $5.75M
NOI $345,090 @ 7.0% cap · market cap 2.88%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$10.61M
$9.29M – $12.38M
NOI $743,004 @ 7.0% cap · market cap 6.19%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
20
Residential units
Location Intelligence
Trade Area within ½ mile
8,807
Businesses Nearby
Explore this area
Business Placement
Demographics for 60622, IL
55,075
Population
27,630
Households
2
Avg Household Size
33
Median Age
73%
College-Educated
94%
High-School Grad
2.5 sq mi
ZIP Area
22,030
Density / Sq Mi
$124,852
Median Household Income
$76,180
Median Earnings
$1,932
Median Rent
$622,900
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 - Adaptive-reuse multifamily property combining loft-style residences with a contemporary three-story addition.
Where is this apartment building located?
The property is located at 818 North Wolcott Avenue Chicago, IL.
What is the asking price?
The asking price for this property is $12,000,000.
What are key features of this property?
This property features: 20‑unit multifamily property with a 1 Bed / 1.5 Bath duplex, 16 2 Bed / 2 Bath units, and 3 3 Bed / 3.5 Bath duplexes; 22,512 SF property completed in 2023; Adaptive reuse of an existing foundry paired with a purpose‑built three‑story addition
