Multifamily Property for Sale in Chicago, IL

  • Price: Contact for price
  • Listing type: For sale
  • Asset type: Multifamily Property
  • Location: Chicago, IL 60623

Description

Marcus & Millichap is pleased to present 3548 W 15th St, a 20- unit multifamily investment opportunity located in the heart of the North Lawndale neighborhood. The property is comprised of thirteen two-bedroom/one-bathroom apartments and seven one-bedroom/one-bathroom apartments, offering a diverse range of rental options. Current ownership has invested more than $300,000 into unit renovations, masonry work, and mechanical system improvements. With in-place rents significantly below market, investors have a clear opportunity to increase annual gross revenue by over $61,500 by aligning rents with market rates. Located just five miles from The Loop, the property offers tenants convenient access to downtown Chicago via public transit and major highways. The area is home to several major employers, including the Illinois Medical District, Mount Sinai Hospital, Cinespace Chicago Film Studios, and a variety of logistics and manufacturing companies. This strong employment presence further supports consistent tenant demand and long-term rent growth potential. This exceptional investment is being offered at 9.02% in-place cap rate, delivering over 14% cash-on-cash returns from day one. With additional rent increases and operational efficiencies, the property is well-positioned for long-term appreciation and sustained income growth. Investment Highlights: • EXCEPTIONAL IN-PLACE RETURNS: 9.02% Cap | 14.49% Cash-on-Cash Return • VALUE ADD POTENTIAL: Annual Gross Rental Income More than $60,000 Below Market • RECENT RENOVATIONS: Current Ownership Invested More than $300,000 into Renovating Units and Improving Mechanical Systems • STRONG LOCATION: Situated Less Than Five Miles from Chicago's Loop, the Property Offers Convenient Access to Downtown via Public Transit and Major Highways

Market Context

This multifamily in Chicago, IL is listed for sale. It is offered at an approximate 9.0% capitalization rate, a key benchmark for income-producing multifamily assets. It has been on the market for 54 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 9.0% 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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