724 E 50th Pl 6 Unit Apartment Building $1,300,000 ($216,667/Unit) 7.08% Cap Rate Chicago, IL 60615

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