Five-Unit Brick Apartment
For Sale
$1,190,000
821-23 N Fairfield Avenue, Chicago, IL 60622
Five-unit apartment property with separate utilities, an oversized garage, and a mix of two- and three-bedroom units.
Property Size3,891 SF
Price / SF$305.83
Days on Market35
Property Features for 821-23 N Fairfield Avenue
General Information
Standard status
Active
Size
3,891 SF
Total Parking Spaces
3
Property subtype
MULTI_FAMILY
Units
Unit Mix
4 x 2BR/1BA, 1 x 3BR/1BA
Multifamily Units
5
Additional Details
Utilities to Site
Yes
Building Details
Building Size
3,891 SF
Year Built
1888
Buildings
1
Construction
brick
Listing Agency:
arhome realty
(773) 775-5500
Listed By:
Jack Burdzel
Source:
Dawnmckennagroup
Added: Jun 29
Changed: Jul 31
Last Checked: Aug 1 at 10:50AM
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 arhome realty
Investment Insights
Based on property information with market context.
This five-unit brick apartment building includes four 2-bedroom/1-bath units and one 3-bedroom/1-bath unit. The property contains 3,891 square feet and was built in 1888, with separate utilities serving the units. An oversized 3-car garage, built in 2009, provides additional on-site functionality, while the roof is approximately 5 years old.
The building needs updating and is offered AS IS. There are no current leases, and the top-floor unit has been used by the owner. Common-area electric service is paid by the owner. The property also includes an adjacent lot.
The building needs updating and is offered AS IS. There are no current leases, and the top-floor unit has been used by the owner. Common-area electric service is paid by the owner. The property also includes an adjacent lot.
Key Highlights
- Five‑unit brick apartment building with four 2‑bedroom/1‑bath units and one 3‑bedroom/1‑bath unit
- 3,891‑square‑foot building constructed in 1888
- Oversized 3‑car garage built in 2009
Financial Insights For Apartment 5plus
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $114.4k | $29.40 |
| − Vacancy | −$5.9k | −$1.53 |
| EGI | $108.4k | $27.87 |
| − OpEx | −$48.8k | −$12.54 |
| NOI | $59.6k | $15.33 |
3,891 SF · lease $29.40/SF/yr · vacancy 5.20% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$852.1K
$745.6K – $994.1K
NOI $59,646 @ 7.0% cap · market cap 5.01%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.83M
$1.61M – $2.14M
NOI $128,422 @ 7.0% cap · market cap 10.79%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
5
Residential units
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
2,405
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 - Five-unit apartment property with separate utilities, an oversized garage, and a mix of two- and three-bedroom units.
Where is this apartment building located?
The property is located at 821-23 N Fairfield Avenue Chicago, IL.
What is the asking price?
The asking price for this property is $1,190,000.
What are key features of this property?
This property features: Five‑unit brick apartment building with four 2‑bedroom/1‑bath units and one 3‑bedroom/1‑bath unit; 3,891‑square‑foot building constructed in 1888; Oversized 3‑car garage built in 2009
