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 Market45
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
(773) 293-5046
Listed By:
Katie LeGrand · License ##475.201874
Source:
Kisergroup
Added: Jul 17
Changed: Aug 30
Last Checked: Aug 30 at 1:48PM
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 = 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
$443,013
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
3.12%
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%
$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
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
$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 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%
$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
Property Profile
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
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 - 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
