Multifamily Property for Sale in Chicago, IL

  • Price: $1.4M
  • Listing type: For sale
  • Asset type: Multifamily Property
  • Location: Chicago, IL 60649

Description

Presented by Tony Magnone with the Weinberg Choi Residential Team at Keller Williams ONEChicago Keller Williams ONEChicago is pleased to present the opportunity to acquire a 12-unit multifamily portfolio located at 7831–7835 S. Kingston Avenue and 7839–7841 S. Kingston Avenue, in the heart of Chicago’s historic South Shore neighborhood. This offering features two adjacent 6-unit brick walk-up buildings situated on quiet, tree-lined residential blocks just minutes from Lake Michigan. The portfolio is offered at a purchase price of $1,365,000, representing an attractive basis for stabilized multifamily assets with strong value-add potential. Property Overview The Kingston Avenue Portfolio consists of (12) total units, including (4) three-bedroom / one-bathroom units averaging $1,463 per month and (8) two-bedroom / one-bathroom units averaging $1,278 per month. The buildings are well maintained, with a classic Chicago brick exterior, individual unit utilities, and spacious floorplans featuring hardwood floors, formal dining rooms, and abundant natural light. The properties have a current average rent of $1.82 per square foot, generating a net operating income (NOI) of $94,318, and a gross rent multiplier (GRM) of 7.08. Both properties are professionally managed and have benefited from consistent occupancy, providing investors with stable in-place income and low turnover. Location Overview Located in Chicago’s South Shore neighborhood, the Kingston Avenue Portfolio is positioned within one of the city’s most active corridors for reinvestment and redevelopment. The neighborhood offers convenient access to Lake Michigan, Rainbow Beach Park, the South Shore Cultural Center, and the Jackson Park Highlands Historic District. The properties are less than 10 minutes from the future Obama Presidential Center, which is expected to serve as a major economic catalyst for the South Side, creating thousands of jobs and attracting new residents and retail investment to the surroundin

Market Context

This multifamily in Chicago, IL is listed for sale at $1,365,000. It is offered at an approximate 6.9% capitalization rate, a key benchmark for income-producing multifamily assets. 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 6.9% 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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