Apartments - Multi-Family — Sale in Chicago, IL

  • Price: Contact for price
  • Listing type: For sale
  • Asset type: Multifamily Property
  • Location: Chicago, IL 60628

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Apartments - Multi-Family — Sale in Chicago, IL, photo 2 of 2

Investment Figures

Cap rate
8.49%

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

Marcus & Millichap is pleased to present this multi-family investment opportunity in the Historic Pullman neighborhood of Chicago. The subject property, located at 10920-10930 S. Vernon Avenue in Chicago, Illinois, is situated approximately 15.6 miles south of Chicago’s Downtown Loop, 1.3 miles south of the Bishop Ford Freeway and Dan Ryan Expressway interchange, and 0.3 miles north of the Metra Electric 111th Street train station. The subject property features a well-balanced unit mix comprising twenty-two one-bedroom, one-bathroom units averaging approximately 650 square feet, along with eight one-bedroom, one-bathroom units with a den, each measuring approximately 725 square feet. Additionally, the property includes one one-bedroom, one-bathroom garden unit encompassing approximately 650 square feet. Over the past 10 years the property has received numerous capital improvements including: new silicone roof system, laundry room, boiler, hot water heater, and units have been rehabbed. In addition, the hallways have been carpeted. The neighborhood of Pullman is a National Historic Landmark District that we first being developed back in the early 1880's. George Pullman, the designer of this neighborhood, built this around his rail-car factory with a vision of having a "town within a city". Today, the neighborhood is known for its distinctive brick rowhouses, tree-lined streets, and cohesive urban design, much of which has been preserved through landmark protections and historic district status. The area surrounding Vernon Avenue benefits from Pullman’s designation as a National Monument and later as a National Historical Park, which has elevated the neighborhood’s profile and spurred renewed public and private investment. This recognition has brought increased tourism, infrastructure improvements, and preservation funding, reinforcing Pullman’s role as both a cultural destination and a stable residential community. The historic core of Pullman remains largely intact

Market Context

This multifamily in Chicago, IL is listed for sale. It is offered at an approximate 8.5% 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.

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