Six-Unit Apartment
For Sale
$595,000
8624 South Maryland Avenue, Chicago, IL 60619
Independent residential layouts with kitchens, living rooms, dining areas, MULTI zoning, and on-site security surveillance.
Property Size3,150 SF
Price / SF$188.89
Days on Market198
Property Features for 8624 South Maryland Avenue
General Information
Standard status
Active
Size
3,150 SF
Total Parking Spaces
6
Property subtype
Multi Family 5+ / Corridor-Interior Entrance
Zoning
MULTI
Net Operating Income
$15,000
Additional Details
Multifamily Units
6
Taxes and HOA fees
Annual Taxes
$4,400
Amenities
24 hour security surveillance system
Building Details
Year Built
1959
Stories
2
Listing Agency:
Keller Williams Preferred Rlty
(708) 798-1111
Listed By:
Harry Ventimiglia · License #475116431
(708) 798-1111
Source:
Compass
Added: Feb 14
Changed: Aug 30
Last Checked: Aug 30 at 5:22PM
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 Keller Williams Preferred Rlty
Investment Insights
Based on property information with market context.
This 3,150-square-foot apartment property contains 6 units with a combined 10 bedrooms and 6 bathrooms. Each residence includes its own kitchen, living room, and dining area, creating separate living arrangements within the building. Constructed in 1959, the property also includes a 24-hour security surveillance system and six dedicated parking spaces.
Current operations include two leased units and three units used as active Airbnb rentals. One Airbnb unit is secured for 160 rental days. A sixth unit remains unfinished and requires renovations, providing a defined improvement project within the existing six-unit configuration. The property carries MULTI zoning and is located at 8624 South Maryland Avenue in Chicago, Illinois.
Current operations include two leased units and three units used as active Airbnb rentals. One Airbnb unit is secured for 160 rental days. A sixth unit remains unfinished and requires renovations, providing a defined improvement project within the existing six-unit configuration. The property carries MULTI zoning and is located at 8624 South Maryland Avenue in Chicago, Illinois.
Key Highlights
- 6‑unit apartment property with 10 bedrooms and 6 bathrooms
- 3,150 square feet on a MULTI‑zoned property
- Each unit includes a kitchen, living room, and dining area
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
$48,287
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
8.12%
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%
$965,740
$965.7K
Cap Rate 7%
$689,814
$689.8K
Cap Rate 9%
$536,522
$536.5K
Market Conditions
NOI Build-Up for 3,150 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
$92.6K $29.40/SF
− Vacancy
−$4.8K −$1.53/SF
EGI
$87.8K $27.87/SF
− OpEx
−$39.5K −$12.54/SF
NOI
$48.3K $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%
$965,740
Cap Rate 7%
$689,814
Cap Rate 9%
$536,522
Alternative Uses
Best Use
Apartment 5plus
$689.8K
$603.6K – $804.8K
NOI $48,287 @ 7.0% cap · market cap 8.12%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.49M
$1.30M – $1.73M
NOI $103,965 @ 7.0% cap · market cap 17.47%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
6
Residential units
Location Intelligence
Trade Area within ½ mile
1,063
Businesses Nearby
Explore this area
Business Placement
Demographics for 60619, IL
63,303
Population
33,547
Households
1.9
Avg Household Size
43
Median Age
27%
College-Educated
90%
High-School Grad
6.1 sq mi
ZIP Area
10,378
Density / Sq Mi
$43,403
Median Household Income
$35,672
Median Earnings
$1,054
Median Rent
$213,000
Median Home Value
Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Apartment building - Independent residential layouts with kitchens, living rooms, dining areas, MULTI zoning, and on-site security surveillance.
Where is this apartment building located?
The property is located at 8624 South Maryland Avenue Chicago, IL.
What is the asking price?
The asking price for this property is $595,000.
What are key features of this property?
This property features: 6‑unit apartment property with 10 bedrooms and 6 bathrooms; 3,150 square feet on a MULTI‑zoned property; Each unit includes a kitchen, living room, and dining area
