Chicago multifamily market data • 2025 closed sales
2025 Chicago 5+ Unit Apartment Building Sales Report
This report summarizes closed 2025 sales of commercial apartment buildings containing five or more units across Chicago’s North and Northwest side neighborhoods and nearby suburbs. The goal is to help owners and investors understand apartment building value through income, expenses, standardized NOI, cap rate, and price-per-unit comparisons.
154
Closed sales in the report
$224,698,250
Total sales volume
7.6%
Average standardized cap rate
$208,014
Average price per unit
What these numbers mean
Gross Scheduled Income (GSI)
is the total annual income from all income-producing areas of the building.
Standardized Fixed Expenses
are the expense categories used here to compare buildings more consistently: electric, fuel, insurance, taxes, scavenger or waste, and water.
Standardized NOI
is GSI minus those fixed expenses. It gives a cleaner comparison point across different buildings.
Excluded Expenses
are intentionally shown separately because they can vary a lot depending on how a building is run. These include management, janitorial, repairs, and other operating expenses.
Standardized Cap Rate
is standardized NOI divided by the closed sale price.
Important: This report is designed to improve comparability, not replace full due diligence. Buyers should still review leases, maintenance history, taxes, utilities, vacancy, and owner-specific operating practices.
Quick market read
$1,459,080
Average sale price
$1,115,000
Median sale price
$169,345
Median price per unit
7.6%
Median standardized cap rate
$108,289
Average standardized NOI
1,091
Total units represented
The largest concentration of reported sales in this file is
Chicago with 80 closings.
Other active cities in the report include
Addison (8),
Elmwood Park (6),
Evanston (6),
Palatine (4),
Skokie (4),
Elgin (4), and
River Grove (4).
Because this report covers both city and suburban sales, individual building economics can vary widely by submarket, tax burden, age, unit mix, and how the property is managed.
Example: 2025 5+ Unit Sales in Niles
Below is a small sample from the full report. The complete sortable dataset is available using the button below.
| Address | City | Units | Sale Price | Price / Unit | GSI | Std. Fixed Exp. | Std. NOI | Not Incl. | Cap Rate | Closed |
|---|---|---|---|---|---|---|---|---|---|---|
| 8003 W Foster Ln | Niles | 6 | $880,000 | $146,667 | $82,800 | $25,588 | $57,212 | $9,130 | 6.5% | Apr 17, 2025 |
| 8906 N Wisner St | Niles | 6 | $1,060,000 | $176,667 | $91,800 | $27,475 | $64,325 | $780 | 6.1% | Oct 14, 2025 |
| 6920 Rosemary Ln | Niles | 6 | $1,150,000 | $191,667 | $96,000 | $19,131 | $76,869 | $0 | 6.7% | Nov 26, 2025 |
Why specialization matters when selling or buying a 5+ unit building
When you are selling or buying a commercial apartment building with five units or more, you need someone who understands how these properties are valued and how to explain that value to the market. Apartment buildings are not priced the same way as single-family homes. They live and die by the numbers.
If the income and expense story is weak, confusing, or incomplete, buyers will discount the property. If the numbers are organized correctly and presented in a way investors understand, the building stands a much better chance of being valued properly.
If you do not know your numbers, you will not get the right valuation.
That is why owners and investors should work with someone who specializes in commercial apartment buildings and knows how to frame income, expenses, cap rates, and market positioning the right way.
FAQ
What does GSI mean in a 5+ unit sales report?
GSI means Gross Scheduled Income. It is the total annual income produced by all rentable parts of the building before subtracting expenses.
What is the average cap rate in this report?
Based on the 2025 sales in this report, the average standardized cap rate is approximately 7.6%.
What expenses were used to calculate standardized NOI?
The standardized expense set includes electric, fuel, insurance, property taxes, scavenger or waste, and water.
Why are management and repair expenses excluded?
Those expenses can vary materially from owner to owner depending on how the property is run, so they are shown separately instead of being blended into the standardized comparison.
Where can I see the full sales dataset?
You can review the full sortable 2025 sales dataset here: View the full dataset.
Methodology
This report is based on closed 2025 MLS sales covering 5+ unit apartment buildings in Chicago’s North and Northwest side markets and nearby suburbs. To make the comparison more consistent, the report emphasizes Gross Scheduled Income, a fixed-expense set made up of electric, fuel, insurance, taxes, scavenger, and water, then calculates standardized NOI as GSI minus that fixed-expense set. Management, janitorial, repairs, and other operating expenses are shown separately as excluded or discretionary because those costs can vary materially from one owner to another.
MLS Data Disclaimer:
This page uses data provided by the local MLS. We are not responsible for the accuracy of the data. Information is believed to be reliable but is not guaranteed. Buyers, sellers, and investors should independently verify all figures, income, expenses, and other property information before making decisions.
Last updated: March 11, 2026.
Midwest Real Estate Data (MRED) All information deemed reliable but not guaranteed. All properties are subject to prior sale, change or withdrawal. Neither listing broker(s) or information provider(s) shall be responsible for any typographical errors, misinformation, misprints and shall be held totally harmless. Listing(s) information is provided for consumer's personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. The data relating to real estate for sale on this website comes in part from the Internet Data Exchange program of the Multiple Listing Service. Real estate listings held by brokerage firms other than Weichert, Realtors® - All Pro - Park Ridge may be marked with the Internet Data Exchange logo and detailed information about those properties will include the name of the listing broker(s) when required by the MLS. Copyright ©2026 All rights reserved.Based on information submitted to the MLS GRID as of September 11, 2026 9:49 PM UTC All data is obtained from various sources and may not have been verified by broker or MLS GRID. Supplied Open House Information is subject to change without notice.
Data is updated as of September 11, 2026 9:49 PM UTC
