6-Unit Brick Apartment
For Sale
$1,375,000
8649 W Foster Avenue, Chicago, IL 60656
Residents have two bedrooms and one-and-a-half baths, plus shared basement laundry and individual storage cages.
Property Size6,864 SF
Price / SF$200.32
Days on Market134
Property Features for 8649 W Foster Avenue
General Information
Standard status
Active
Size
6,864 SF
Property subtype
MULTI_FAMILY
Site & Location
Highway Access
Yes
Public Transit
Yes
Units
Unit Mix
6 x 2BR/1.5BA
Multifamily Units
6
Taxes and HOA fees
Annual Taxes
$13,714
Amenities
laundry room
storage cages
storage room
parking
landscaping
Building Details
Building Size
6,864 SF
Year Built
1977
Buildings
1
Construction
brick
Listing Agency:
Enterprise Realty Brokers Inc
Listed By:
Velibor Popovic · License #475163375
(312) 780-9300
Source:
Dawnmckennagroup
Added: May 30
Changed: Oct 10
Last Checked: Oct 10 at 2:26AM
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 Enterprise Realty Brokers Inc
Investment Insights
Based on property information with market context.
This 6,864-square-foot brick apartment property was built in 1977 and contains six residences, each with two bedrooms and one-and-a-half baths. Most apartments have been updated. The basement includes a laundry room equipped with 2 washers and 2 dryers, a storage cage for each residence, and a larger storage room that can serve as an additional income source.
The association takes care of landscaping, parking, snow removal, and water. A school and forest preserve are nearby, with the Blue Line, I-90, and O’Hare also identified in the surrounding area.
The association takes care of landscaping, parking, snow removal, and water. A school and forest preserve are nearby, with the Blue Line, I-90, and O’Hare also identified in the surrounding area.
Key Highlights
- Six apartments, each with 2 bedrooms and 1.5 bathrooms
- 6,864‑square‑foot brick building constructed in 1977
- Basement laundry room with 2 washers and 2 dryers
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$105,219
Cap Rate
7.65%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$2,104,380
$2.1M
Cap Rate 7%
$1,503,129
$1.5M
Cap Rate 9%
$1,169,100
$1.2M
Market Conditions
NOI Build-Up for 6,864 SF
Gross rent
$201.8K $29.40/SF
− Vacancy
−$10.5K −$1.53/SF
EGI
$191.3K $27.87/SF
− OpEx
−$86.1K −$12.54/SF
NOI
$105.2K $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 Rate 5%
$2,104,380
Cap Rate 7%
$1,503,129
Cap Rate 9%
$1,169,100
Alternative Uses
Best Use
Apartment 5plus
$1.50M
$1.32M – $1.75M
NOI $105,219 @ 7.0% cap · market cap 7.65%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.24M
$2.83M – $3.78M
NOI $226,545 @ 7.0% cap · market cap 16.48%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
6
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
976
Businesses Nearby
Explore this area
Business Placement
Demographics for 60656, IL
28,474
Population
12,840
Households
2.2
Avg Household Size
40
Median Age
42%
College-Educated
92%
High-School Grad
3.2 sq mi
ZIP Area
8,898
Density / Sq Mi
$88,000
Median Household Income
$54,639
Median Earnings
$1,388
Median Rent
$344,400
Median Home Value
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Market
Vacancy Rate% for Multifamily in Midwest region
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Frequently Asked Questions
What type of property is this?
Apartment building - Residents have two bedrooms and one-and-a-half baths, plus shared basement laundry and individual storage cages.
Where is this apartment building located?
The property is located at 8649 W Foster Avenue Chicago, IL.
What is the asking price?
The asking price for this property is $1,375,000.
What are key features of this property?
This property features: Six apartments, each with 2 bedrooms and 1.5 bathrooms; 6,864‑square‑foot brick building constructed in 1977; Basement laundry room with 2 washers and 2 dryers
