Your AI Navigator in Commercial Real Estate
Sign Up Successful!
You now have access to more from Realmo!
Property Lookup
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Property profile & analytics

    3075 Cheltenham Pl Chicago, IL 60649

    • Apartment buildings
    • 42,430 SF
    OFF-MARKET
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Apartment buildings

    Property Details for 3075 Cheltenham Pl

    Year built
    1951
    Property size
    42,430 SF
    Property type
    Apartment buildings

    Description

    This exceptional 60-unit apartment building, located at 3075 E Cheltenham Pl, Chicago, IL 60649, presents a compelling investment opportunity. The property, built in 1951 and extensively renovated in 2022, boasts 42,430 square feet on a 27,400 square foot lot. The building features a mix of two studio and fifty-eight one-bedroom, one-bathroom units, spread across five stories. Significant capital improvements include new windows, doors, plumbing, electrical systems, a new boiler, parapet wall replacements, and roof repairs. The property includes up to 34 exterior parking spaces. Currently operating at over 93% occupancy, it generates a substantial net operating income (NOI) of $481,733, representing an 8.10% cap rate on the $5,950,000 asking price. A pro-forma NOI of $499,868 projects an 8.40% cap rate. The property is zoned RM-5 and its Cook County APN is 21-30-417-026 & -027. This stabilized investment offers a strong cash flow and high return, situated in the vibrant and densely populated South Shore neighborhood, presenting significant potential for future appreciation and value creation through various strategies, including leveraging the prime location, enhancing curb appeal, and capitalizing on market demand and rent growth. The price per unit is $99,166.67, and the price per square foot is $140.23. This is a rare opportunity to acquire a fully renovated, well-maintained multifamily property in a growing Chicago neighborhood.

    Value Estimations

    Powered by Realmo proprietary methodology Last update: July 3, 2025

    • CAP approach

    • Comparable approach

    • Alternative Use

    Location Insight

    • Map
    • Local Demand
    City
    Chicago
    County
    Cook
    State
    Illinois
    Longitude
    -87.5499
    Latitude
    41.7531

    Comparable in this City

    • Value Estimation by Request
      1 SF

      7031 Merrill Ave

      Multifamily properties • 1 SF
      7031 Merrill Ave, Chicago, IL 60649
      View Details
    • Value Estimation by Request

      7801 South Shore Dr

      Multifamily properties
      7801 South Shore Dr, Chicago, IL 60649
      View Details
    • Value Estimation by Request
      9,300 SF

      6947 Jeffery Blvd

      Multifamily properties • 9,300 SF
      6947 Jeffery Blvd, Chicago, IL 60649
      View Details
    • Value Estimation by Request
      41,800 SF

      The Ridgeland Portfolio

      Multifamily properties • 41,800 SF
      0 The Ridgeland Portfolio, Chicago, IL 60649
      View Details
    • Value Estimation by Request
      9,000 SF

      3064 79Th St

      Multifamily properties • 9,000 SF
      3064 79Th St, Chicago, IL 60649
      View Details
    • Value Estimation by Request
      52,193 SF

      7100 Jeffery Blvd

      Multifamily properties • 52,193 SF
      7100 Jeffery Blvd, Chicago, IL 60649
      View Details

    Similar Nearby for Sale

    • $499,900
      0.16 Acres

      Chicago Multifamily Property with Garage

      Well-maintained six-unit building near transportation and amenities.
      1758 E 72Nd St, Chicago, IL 60649
      View Details
    • New
      Contact for pricing
      0.08 Acres

      Chicago Multifamily Property For Sale

      Three-unit building with nine bedrooms and three bathrooms in Chicago.
      7743 East End Ave, Chicago, IL 60649
      View Details
    • $32,000,000
      325,400 SF

      Chicago Multifamily Portfolio

      328 Units, 9.28% Cap Rate, $32M
      7635 East End Ave, Chicago, IL 60649
      View Details
    • $3,099,000

      South Shore Multifamily Investment

      32-unit apartment building, excellent location.
      7801 South Shore Dr, Chicago, IL 60649
      View Details
    • $229,000

      Chicago Multifamily Rehab Opportunity

      Gutted three-flat building in South Shore, sold as-is.
      7524 S Colfax Ave, Chicago, IL 60649
      View Details
    • $199,900
      0.13 Acres

      Mixed-Use Building in Chicago

      Mixed-use building with storefronts and residential units in Chicago.
      1758 E 79Th St, Chicago, IL 60649
      View Details

    Similar Nearby for Lease

    • $13 SF/Yr
      5,055 SF

      South Shore Drive Coworking Space

      Prime South Shore Commercial Space, 5,055 SF
      7100 South Shore Dr, Chicago, IL 60649
      View Details
    • $12 SF/Yr
      12,000 SF

      Prime Retail Space, South Shore

      12,000 SF, High-Visibility Location
      2015 79Th St, Chicago, IL 60649
      View Details
    • $22 SF/Yr
      890 SF

      Retail Space on Jeffery Blvd

      Retail space available in a stable strip center.
      7623 S Jeffery Blvd, Chicago, IL 60649
      View Details
    • New
      Contact for pricing
      7,405 SF

      South Shore Redevelopment Opportunity

      Redevelopment opportunity in high-traffic South Shore community.
      7141 S Jeffery Blvd, Chicago, IL 60649
      View Details
    • Contact for pricing
      6,724 SF

      Stony Island Ave Retail Space

      Woodlawn Strip Center: High-traffic location.
      6714 Stony Island Ave, Chicago, IL 60649
      View Details
    • $2,300 /Mo
      2,800 SF

      Retail/Office Space in Business District

      Well-maintained retail/office space in a high-traffic, populated area.
      7121 S Yates Blvd, Chicago, IL 60649
      View Details
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    3075 Cheltenham Pl
    Chicago, IL 60649
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Google sign-in failed. Please try again or use another login method.
    Create New Password
    • At least 8 characters
    • Contains both letters and numbers
    • Contains uppercase and lowercase letters
    • At most 32 characters
    • Password required
    • Password reset link has expired. Please request a new one.