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 Market47
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
Taxes and HOA fees
Annual Taxes
$21,704
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: Aug 8
Last Checked: Aug 13 at 10:59AM
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
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
$59,646
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
5.01%
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%
$1,192,920
$1.2M
Cap Rate 7%
$852,086
$852.1K
Cap Rate 9%
$662,733
$662.7K
Market Conditions
NOI Build-Up for 3,891 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
$114.4K $29.40/SF
− Vacancy
−$5.9K −$1.53/SF
EGI
$108.4K $27.87/SF
− OpEx
−$48.8K −$12.54/SF
NOI
$59.6K $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%
$1,192,920
Cap Rate 7%
$852,086
Cap Rate 9%
$662,733
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
