724 E 50th Pl - Apartments FOR SALE


Chicago, IL 60615- Bronzeville
$1,300,000 USD
312-972-4381
724 E 50th Pl, Chicago, IL for Sale
$1,300,000 USD
Apartments - FOR SALE
1/8
null | 7.08% Cap Rate

724 E 50th Pl
Chicago, IL 60615
Bronzeville


HIGHLIGHTS

  • Below-Market Entry Point — Offered at $216,667/unit, undercutting the active on-market average ($233,854/unit) and matching recent Bronzeville trades
  • Renovation Already Done — A comprehensive 2005 program covered the roof, masonry, windows, steel porches, plumbing, electrical, and HVAC.
  • Built-In Upside via Lease-Up — One vacant unit and rents still below pro-forma create a clear path from 6.09% as-is to 7.08% Year 1 and 8.92% proforma
  • Strong Unit Mix — Two spacious 4bd/3ba duplex units (2,231 SF) plus four 3bd/2ba units (1,414 SF), totaling 10,118 SF plus 5 parking spots
  • Bronzeville Momentum — ZIP 60615 median household income is up 64.7% since 2011 to $63,876, with per capita income ~25% above the U.S. average.

OVERVIEW

ROC Advisory Group presents 724 East 50th Place, a six-unit multifamily asset in the heart of Bronzeville, offered at $1,300,000 ($216,667/unit) — below every active on-market comparable in the submarket and in line with recent trades. This 10,118 SF building sits on a 6,250 SF (50x125) lot and features a well-balanced unit mix of two 4-bed/3-bath duplex units (2,231 SF) and four 3-bed/2-bath units (1,414 SF). The property underwent a comprehensive 2005 renovation covering the roof, masonry, windows, steel porches, plumbing, electrical, and HVAC — meaning the heavy lifts are already done. What's left is pure operational upside: lease the one vacant unit and mark rents to market at turnover. The Numbers: Year 1 NOI: $92,029 (7.08% cap) Pro-Forma NOI: $115,957 (8.92% cap) Current rents average $1.29 PSF, with pro-forma rents at $1.50 PSF — still sitting mid-to-low band against comps 5 exterior parking spaces Tenants pay cooking gas, heat, hot water, and electric; owner covers water/sewer, common electric, and trash Why Bronzeville, Why Now: This is a location story as much as it's a numbers story. ZIP 60615 median household income has climbed 64.7% since 2011 to $63,876, with per capita income running roughly 25% above the U.S. average. The University of Chicago and UChicago Medicine — the South Side's largest private employer at ~12,000 staff — anchor the employment base just minutes away, with steady institutional hiring across clinical, nursing, and support roles feeding consistent rental demand. Buyers get sold-comp pricing with income already in place, rather than paying the premium currently being asked across the submarket. For financials, comps, and full property details, contact Kevin Rocio, Founder of ROC Advisory Group at @properties Commercial: (312) 972-4381 | kjrocio@atproperties.com

FOR SALE DETAILS

PRICE

$1,300,000 USD

PRICE/SF

$98 USD /SF

# OF UNITS

6

PRICE/UNIT

$216,667

CAP RATE

7.08%

% LEASED

95%

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY TYPE

Multi-Family

APARTMENT STYLE

Low-Rise

PROPERTY SUBTYPE

Apartments

TOTAL BUILDING SIZE

-

STORIES

3

YEAR BUILT

1890

PARKING SPACES

5

LAND DETAILS

LAND ACRES

0.16 AC

LAND SF

6,970 SF

ZONING

RM-5

APN/PARCEL ID

20-10-226-037-0000

ASK ABOUT THIS PROPERTY

Kevin RocioROC Advisory Group - @properties CommercialMore Info
312-972-4381

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Kevin RocioROC Advisory Group - @properties CommercialMore Info
312-972-4381

By clicking the button, you agree to Showcase's Terms of Use and Privacy Notice.