3816 W Irving Park Rd, Chicago, IL for sale

Investment Overview

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.