Multifamily Property for Sale in Chicago, IL

  • Price: $1.2M
  • Listing type: For sale
  • Asset type: Multifamily Property
  • Location: Chicago, IL 60616
  • Size: 5,697 SF
  • Year built: 1904

Description

The Midwest Investment Advisors with KW Commercial and Keller Williams ONEChicago are pleased to present 619 E. Groveland Park, a 7-unit multifamily investment located within the gated, landmarked Groveland Park community in Chicago’s Bronzeville neighborhood. Offered at a list price of $1,200,000, the property provides an opportunity to acquire an apartment asset in one of Chicago’s most architecturally significant and supply-constrained submarkets, with a light value-add plan supported by a $50,000 renovation budget. Originally constructed in the early 1900s and thoughtfully revitalized, the property encompasses approximately 5,697 square feet across a unit mix of (3) 2-bedroom + den / 1-bath units and (4) 1-bedroom / 1-bath units, plus a garden unit. Unit sizes generally range from approximately 525–950 SF (with the garden at ~650 SF), featuring efficient layouts and individual unit appeal that support operational stability and long-term tenant retention. In-place financial performance is strong and stabilized. The asset is currently generating $127,800 in gross annual rental income ($10,650/month). With a 4% vacancy assumption (-$5,152) and $1,008 in annual laundry income, effective gross income totals approximately $123,656. Operating expenses are efficiently managed at approximately $30,171 (a 24% expense ratio), resulting in a current NOI of $93,484. Value-add upside is clear and executable via a light renovation program. A $50,000 renovation budget (light interior enhancements and unit turns) supports mark-to-market rent growth from $10,650/month to $13,200/month (gross annual rent from $127,800 to $158,400). Under the pro forma scenario (still assuming 4% vacancy and $1,008 in laundry income), effective gross income increases to approximately $153,032, with total expenses of approximately $31,377 (a 21% expense ratio), producing a pro forma NOI of $121,655. On a total cost basis of $1,250,000 (purchase price + $50,000 renovation), this equates to an estimat

Market Context

This multifamily in Chicago, IL is listed for sale at $1,200,000 across 5,697 SF. It is offered at an approximate 7.8% capitalization rate, a key benchmark for income-producing multifamily assets. The building dates to 1904. It has been on the market for 38 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 7.8% 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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