Multifamily Property for Sale in Chicago, IL

  • Price: Contact for price
  • Listing type: For sale
  • Asset type: Multifamily Property
  • Location: Chicago, IL 60605

Description

PROPERTY OVERVIEW 1323 South Michigan Avenue is a 30-unit multifamily asset located in the heart of Chicago’s South Loop neighborhood, one of the city’s most established and transit-oriented residential submarkets. Positioned along South Loop’s Michigan Avenue, the property benefits from strong visibility and immediate access to downtown employment centers, cultural institutions, and lakefront amenities. The South Loop is characterized by high-density residential development, a growing professional population, and sustained renter demand driven by proximity to the Loop and major transportation hubs. The property is surrounded by a dense mix of residential towers, retail, and lifestyle amenities, creating a highly walkable urban environment. Residents benefit from direct access to public transportation via nearby CTA Red, Green, and Orange Lines, along with Metra and major bus routes, providing efficient connectivity throughout the city. UNIT MIX 13 UNITS: 1 BEDROOM / 1 BATHROOM 5 UNITS: 1.5 BEDROOM / 1 BATHROOM 6 UNITS: 1.5 BEDROOM / 2 BATHROOM 6 UNITS: 2.5 BEDROOM / 2 BATHROOM TOTAL: 30 RESIDENTIAL UNITS INVESTMENT RATIONALE 1323 South Michigan Avenue offers investors exposure to one of Chicago’s most supply-constrained and transit-oriented downtown submarkets. The combination of immediate Loop adjacency, lakefront proximity, and dense retail infrastructure supports durable renter demand and long-term occupancy stability. With a unit mix catering to both professionals and larger households, the property is well positioned for sustained performance in a premier urban location. Investment Highlights: • Prime South Loop Location • Attractive Unit Mix: One-Bedroom and Two-And A Half-Bedroom Layouts • Assumable Financing: $5,459,082 OLB, 3.90% IR, Matures 9/1/2031

Market Context

This multifamily in Chicago, IL is listed for sale. It is offered at an approximate 5.7% capitalization rate, a key benchmark for income-producing multifamily assets. It has been on the market for 68 days. Compare it against other multifamily listings for sale in Chicago, IL — <a href="/search/sale/multifamily/illinois/chicago">view the full market</a>.

As of Q1 2026, the Chicago multifamily market showed rents up 9.3% year over year, and cap rates around 4.9%. Source: Consensus Q1 2026 market report.

Its 5.7% asking cap rate is above the Chicago multifamily market average of about 4.9%, implying a higher yield (and typically more risk or upside) than comparable assets. Rising rents point to a competitive market where well-priced, well-located assets trade quickly.

Multifamily market FAQ

What is the typical cap rate for multifamily in Chicago?
About 4.9% as of Q1 2026, per Consensus.

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