3202 West 66th Place — Sale in Chicago, IL

  • Price: Contact for price
  • Listing type: For sale
  • Asset type: Multifamily Property
  • Location: Chicago, IL 60629

Photos

3202 West 66th Place — Sale in Chicago, IL, photo 1 of 2
3202 West 66th Place — Sale in Chicago, IL, photo 2 of 2

Investment Figures

Cap rate
8.18%

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

PROPERTY OVERVIEW Marcus & Millichap is pleased to present the opportunity to acquire 3202 W. 66th Place, a 12-unit multifamily investment located in the Marquette Park neighborhood of Chicago, Illinois. Originally constructed as a condominium building, the property comprises nine 2-bedroom/1-bath units and three 1-bedroom/1-bath units, totaling 11,175 rentable square feet. The asset is a no gas building featuring electric heating and individual hot water tanks, providing a simplified utility structure and eliminating natural gas exposure. The property benefits from strong in-place collections supported by a predominantly subsidized tenant base, delivering stable day-one cash flow while offering meaningful value-add potential through rent optimization. Current average rents of approximately $1.15 per square foot reflect a significant gap to market, with an estimated over $300 average upside per unit, supporting a clear path to increased income. Rents are projected to increase to approximately $1.50 per square foot, driving net operating income from $75,635 in Year One to $116,168 in Year Two under the pro forma. Situated on Chicago's southwest side, the property offers residents convenient access to neighborhood retail, schools, parks, and public transportation, with connectivity to major thoroughfares throughout the city. Combined with its attractive basis of $77,083 per unit ($72 per square foot), stable subsidized income stream, and clear path to increased cash flow, 3202 W. 66th Place presents investors with an opportunity to acquire a well-performing multifamily asset with durable income and significant upside potential. UNIT MIX: Three units - 1 Bed / 1 Bath Nine units - 2 Bed / 1 Bath Total Units: 12 units INVESTMENT RATIONALE 3202 W. 66th Place offers a compelling 12-unit multifamily investment in Marquette Park with below-market rents, strong in-place collections, and a predominantly subsidized tenant base. Located near Midway International Airport, the pro

Market Context

This multifamily in Chicago, IL is listed for sale. It is offered at an approximate 8.2% capitalization rate, a key benchmark for income-producing multifamily assets. Compare it against other multifamily listings for sale in Chicago, IL — view the full market.

As of Q1 2026, the Chicago multifamily market showed average asking rents near $2018.50/unit/mo, and rents up 3.1% year over year. Source: multiple brokerage reports, Q1 2026.

Rising rents point to a competitive market where well-priced, well-located assets trade quickly.

Contact

Explore this market

Similar Multifamily Property for Sale in Chicago, IL