1528 E 74TH PL | 6 Unit Multifamily — Sale in Chicago, IL

  • Price: $680K
  • Listing type: For sale
  • Asset type: Multifamily Property
  • Location: Chicago, IL 60619
  • Size: 7,992 SF
  • Year built: 1920

Investment Figures

Cap rate
8.37%
Price per square foot
$85

Derived from the asking price and operating figures published for this listing. Informational only — not an appraisal, valuation or financial advice. Verify independently before relying on any figure.

Description

Presented by the RST Team & Midwest Investment Advisors with KW Commercial & Keller Williams ONEChicago RST Team & Midwest Investment Advisors is pleased to present 1528 E. 74th Place, a six-unit multifamily investment opportunity located in Chicago’s South Shore submarket. Offered at $680,000, the property provides immediate cash flow, below-market rents and a defined value-add strategy supported by a $25,000 estimated renovation budget, equal to the estimated remaining improvement budget. The 7,992-square-foot property consists of 5 one-bedroom/one-bathroom units and 1 two-bedroom/one-bathroom unit, with residential units averaging 950 square feet. Units 2E, 3W and 3E have been renovated, while Units 1E, 1W and 2W remain unrenovated. Unit 3E is leased at a discounted $1,350 per month because the tenant also serves as the property manager. Current monthly rent totals $8,550, or an average of $1,425 per unit. Stabilized underwriting projects average rents of $1,700 per unit, increasing monthly rent to $10,200 and annual scheduled rental income to $122,400. This represents potential additional base rent of $23,400 annually, excluding laundry income. Current net operating income is estimated at $56,941, generating a 8.37% going-in capitalization rate. Following completion of the remaining renovations and rental stabilization, pro forma NOI is projected to increase to $69,905. Based on the combined acquisition price and estimated $25,000 renovation budget, the property generates a projected 9.92% stabilized capitalization rate on total cost. Investment Highlights $680,000 offering price $25,000 estimated renovation budget 7,992 gross building square feet 6 one-bedroom units and 1 two-bedroom unit 3 renovated and 3 unrenovated units 950 square feet per residential unit Current rent: $8,550 monthly | $1,425 average per unit Pro forma rent: $10,200 monthly | $1,700 average per unit Current NOI: $56,941 Pro forma NOI: $69,905 8.37% current cap rate | 9.92% stabilized cap r

Market Context

This multifamily in Chicago, IL is listed for sale at $680,000 across 7,992 SF. It is offered at an approximate 8.4% capitalization rate, a key benchmark for income-producing multifamily assets. The building dates to 1920. It has been on the market for 9 days. Compare it against other multifamily listings for sale in Chicago, IL — view the full market.

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

Its 8.4% 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 multiple brokerage reports.

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