Chicago Greystone Multifamily
For Sale
$1,199,000
927 S Claremont Avenue, Chicago, IL 60612
Classic greystone with 6 units plus a garden unit, each with separate gas and electric meters.
Property Size6,348 SF
Days on Market123
Property Features for 927 S Claremont Avenue
General Information
Standard status
Active
Size
6,348 SF
Property subtype
Commercial
Zoning
MULTI
Additional Details
Highway Access
Yes
Multifamily Units
7
Taxes and HOA fees
Annual Taxes
$27,223
Amenities
rear lower-level storage
Building Details
Building Size
6,348 SF
Year Built
1889
Stories
3
Units
6
Construction
Greystone
Listing Agency:
Castelli Management LLC
(773) 851-7636
Listed By:
John Castelli · License #471001618
(773) 851-7636
Source:
Birdrealtysells
Added: Apr 23
Changed: Aug 23
Last Checked: Jul 27 at 8:00AM
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 Castelli Management LLC
Investment Insights
Based on property information with market context.
Classic Chicago greystone multifamily building featuring a 6-unit layout plus an additional garden unit. The unit mix includes two front 3BR units, one front 2BR unit, and three rear 2BR units, with garden level providing additional 3BR living space. A rear lower-level storage area is also included for the building’s use.
All units have separate gas and electric meters, with tenants responsible for utilities. Current rents are reported as below market, and all tenants are on month-to-month leases.
The property is positioned near the Illinois Medical District and is described as conveniently located near major employers including UIC and Rush/Stroger Hospital, with access to public transportation and major expressways.
All units have separate gas and electric meters, with tenants responsible for utilities. Current rents are reported as below market, and all tenants are on month-to-month leases.
The property is positioned near the Illinois Medical District and is described as conveniently located near major employers including UIC and Rush/Stroger Hospital, with access to public transportation and major expressways.
Key Highlights
- Classic Chicago Greystone built in 1889 in Tri‑Taylor
- 6‑unit layout plus an additional garden unit, including two front 3BR units and one front 2BR unit
- Three rear 2BR units plus garden‑level 3BR living space
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
$97,310
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%
$1,946,200
$1.9M
Cap Rate 7%
$1,390,143
$1.4M
Cap Rate 9%
$1,081,222
$1.1M
Market Conditions
NOI Build-Up for 6,348 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
$186.6K $29.40/SF
− Vacancy
−$9.7K −$1.53/SF
EGI
$176.9K $27.87/SF
− OpEx
−$79.6K −$12.54/SF
NOI
$97.3K $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%
$1,946,200
Cap Rate 7%
$1,390,143
Cap Rate 9%
$1,081,222
Alternative Uses
Best Use
Apartment 5plus
$1.39M
$1.22M – $1.62M
NOI $97,310 @ 7.0% cap · market cap 8.12%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.99M
$2.62M – $3.49M
NOI $209,514 @ 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
7
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
3,584
Businesses Nearby
Explore this area
Business Placement
Demographics for 60612, IL
34,402
Population
16,763
Households
2.1
Avg Household Size
34
Median Age
41%
College-Educated
89%
High-School Grad
3.7 sq mi
ZIP Area
9,298
Density / Sq Mi
$60,457
Median Household Income
$46,582
Median Earnings
$1,330
Median Rent
$331,600
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 - Classic greystone with 6 units plus a garden unit, each with separate gas and electric meters.
Where is this apartment building located?
The property is located at 927 S Claremont Avenue Chicago, IL.
What is the asking price?
The asking price for this property is $1,199,000.
What are key features of this property?
This property features: Classic Chicago Greystone built in 1889 in Tri‑Taylor; 6‑unit layout plus an additional garden unit, including two front 3BR units and one front 2BR unit; Three rear 2BR units plus garden‑level 3BR living space
