Gut-Renovated Apartment
For Sale
$14,200,000
918 W Winona, Chicago, IL 60640
Mid-rise apartment property with upgraded interiors, private laundry, resident amenities, and individual heating and cooling systems.
Property Size28,900 SF
Days on Market83
Property Features for 918 W Winona
General Information
Standard status
Active
Size
28,900 SF
Elevators
Yes
Property subtype
Multifamily
Site & Location
Highway Access
Yes
Public Transit
Yes
Additional Details
Multifamily Units
49
Amenities
In-unit laundry
individual heating/cooling systems
quartz countertops
hotel-grade finishes
fitness center
tenant lounge
conference room
additional storage
Building Details
Building Size
28,900 SF
Year Built
1925
Year Renovated
2021
Listing Agency:
Kiser Group
Listed By:
Katie LeGrand
(773) 293-5046
Source:
Kisergroup
Added: Jul 17
Changed: Oct 1
Last Checked: Oct 5 at 3:39PM
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 Kiser Group
Investment Insights
Based on property information with market context.
This 49-unit mid-rise apartment building was originally constructed in 1925 and underwent a gut renovation in 2020/2021. Residences feature in-unit laundry, individual heating and cooling systems, quartz countertops, and hotel-grade finishes. Common-area improvements include a fitness center, tenant lounge, elevator, conference room, and additional storage.
The property is in Chicago’s Margate Park neighborhood, near Lake Michigan, Lake Shore Drive, the lakefront trail, and Margate Park. Foster Beach is approximately 0.2 miles away. The Argyle and Berwyn CTA Red Line stations are each approximately 0.4 miles from the building.
The property is in Chicago’s Margate Park neighborhood, near Lake Michigan, Lake Shore Drive, the lakefront trail, and Margate Park. Foster Beach is approximately 0.2 miles away. The Argyle and Berwyn CTA Red Line stations are each approximately 0.4 miles from the building.
Key Highlights
- 49‑unit mid‑rise apartment building
- Gut renovation completed in 2020/2021
- In‑unit laundry and individual heating/cooling systems
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$443,013
Cap Rate
3.12%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$8,860,260
$8.9M
Cap Rate 7%
$6,328,757
$6.3M
Cap Rate 9%
$4,922,367
$4.9M
Market Conditions
NOI Build-Up for 28,900 SF
Gross rent
$849.7K $29.40/SF
− Vacancy
−$44.2K −$1.53/SF
EGI
$805.5K $27.87/SF
− OpEx
−$362.5K −$12.54/SF
NOI
$443.0K $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%
$8,860,260
Cap Rate 7%
$6,328,757
Cap Rate 9%
$4,922,367
Alternative Uses
Best Use
Apartment 5plus
$6.33M
$5.54M – $7.38M
NOI $443,013 @ 7.0% cap · market cap 3.12%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$13.63M
$11.92M – $15.90M
NOI $953,839 @ 7.0% cap · market cap 6.72%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
49
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
3,055
Businesses Nearby
Explore this area
Business Placement
Demographics for 60640, IL
65,941
Population
40,850
Households
1.6
Avg Household Size
38
Median Age
63%
College-Educated
92%
High-School Grad
2.4 sq mi
ZIP Area
27,475
Density / Sq Mi
$71,030
Median Household Income
$59,264
Median Earnings
$1,374
Median Rent
$363,300
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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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 - Mid-rise apartment property with upgraded interiors, private laundry, resident amenities, and individual heating and cooling systems.
Where is this apartment building located?
The property is located at 918 W Winona Chicago, IL.
What is the asking price?
The asking price for this property is $14,200,000.
What are key features of this property?
This property features: 49‑unit mid‑rise apartment building; Gut renovation completed in 2020/2021; In‑unit laundry and individual heating/cooling systems
