3816 W Irving Park Rd
Property Description
3816-18 W Irving Park Road is a fully renovated 4-unit center-entrance building in Chicago's Irving Park neighborhood, offered at $1,150,000 ($287,500/unit). Built in 1918, each unit features central air, in-unit washer/dryer, white shaker-cabinet kitchens, stainless steel appliances, and a 2-car garage. At in-place gross income of $111,540 and NOI of $72,665, the offering reflects a 10.31 GRM and 6.32% cap rate, a discount to five comparable sales (Jan 2025 to May 2026) averaging $306,161/unit and 12.64 GRM. Upside requires no capital investment. In-place rents trail comps: 2-bed units lease at $1,995 to $2,050 versus $2,150 to $2,350 for nearby comps; 3-bed units at $2,425 to $2,450 versus $2,500 for comps, with a premium added to market rents due to the subject units being duplexes. Pushing to market rents ($9,600/month) lifts gross income 7.6%. Separately, eliminating the current $4,958 paid-management line (4.4% of gross income) lifts NOI to $81,321 (7.07% cap) at today's rents. The Property sits on the Irving Park Road corridor, with CTA Bus Route 80 at its doorstep and the Blue Line's Irving Park station roughly a 10-minute walk away (one-seat ride to the Loop and O'Hare); the Kennedy Expressway is about 2 minutes by car. The corridor is also the focus of the City's active Irving Park Road Study targeting increased housing density near transit, with nearby proposed and approved projects (3007 W Irving Park, 1429 W Irving Park, 4100 W Belmont) reinforcing demand for this asset.
Key Property Information
| Listing Status: | Unavailable |
|---|---|
| Listing Type: | Call for offers |
| Property Types: | 2-4 Units |
| Price: | $1,150,000 |
| No. of Units: | 4 |
| Year Built: | 1918 |
| Lot Size: | 0.11 Acres |
| Opportunity Zone: | No |
| Price per unit: | $287,500 |
| Property Website | Click Here |
Investment Analyzer
Sponsored by:
Step 1Financing Calculation
Step 2Gross Rent Analysis
Please enter annual amounts.
Step 3Final Deal Analysis
Similar Properties in the Area
Brokers
View All-
Remax Professionals
Re/Max Real Estate Professionals | New York
-
Jared Ennis
Central CA Commercial | California
-
Rick Recckio
Recckio Real Estate & Development
-
Eamonn McConnell
Avison Young - CA - ON - Greater Toronto
Lenders
View AllManagement
View All-
Essex Property Trust, Inc.
California
-
Josh A
California
-
Bob Tuteur
-
Andrew Schildcrout