Duplex-Unit
For Sale
Under Contract
$1,150,000
2148 W 18th Street, Chicago, IL 60608
Residential Income, Chicago, IL
Property Size5,191 SF
Price / SF$221.54
Days on Market57
Property Features for 2148 W 18th Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
11
Bathrooms
8
Full bathrooms
8
Rooms
Bedroom 7, Bedroom 9, Bathroom 8, Bathroom 1, Bedroom 6, Bedroom 3, Bedroom 10, Bedroom 4, Bathroom 7, Bedroom 11, Basement, Bathroom 6, Bathroom 5, Bedroom 8, Bathroom 4, Bathroom 3, Bedroom 2, Bedroom 5, Bathroom 2, Bedroom 1
Parking
2
Basement
Finished, Full
Elementary school district
299
Middle school district
299
High school district
299
Directions
290 to western go south to 18th go east
Subdivision
CHI - Lower West Side
Standard status
Active Under Contract
APN
17193000120000
Taxes and HOA fees
Tax Year
2023
Tax Annual Amount
12318
Utilities
Sewer type
Public Sewer
Heating system
Natural Gas
Building Details
Year built
1888
Building materials
Brick
Listing Agency:
Kale Realty
(312) 939-5253
Listed By:
Kyle Olszewski
(312) 939-5253
Added: Jun 30
Changed: Aug 20
Last Checked: Aug 25 at 12:06AM
MLS# 12691518
Copyright © 2026 Midwest Real Estate Data, LLC. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This 5,191-square-foot brick quadplex contains four duplex residences, creating two levels of living space within each unit. The layout includes 11 bedrooms and 8 bathrooms: three units offer 3 bedrooms and 2 bathrooms, while the fourth has 2 bedrooms and 2 bathrooms. Kitchens feature stainless steel appliances, and the building dates to 1888. Public sewer and natural gas heating serve the property.
Located at 2148 W 18th Street in Chicago, the building is near restaurants, parks, an art center, the CTA Pink Line, Ashland Costco, UIC, and the Rush medical districts and hospitals. All four units are currently rented, with no vacancy reported over the past 10 years.
Located at 2148 W 18th Street in Chicago, the building is near restaurants, parks, an art center, the CTA Pink Line, Ashland Costco, UIC, and the Rush medical districts and hospitals. All four units are currently rented, with no vacancy reported over the past 10 years.
Key Highlights
- Four‑unit quadplex with duplex layouts in every residence
- 5,191 square feet with 11 bedrooms and 8 bathrooms
- Unit mix includes three 3‑bedroom, 2‑bath units and one 2‑bedroom, 2‑bath unit
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$86,533
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
7.52%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$1,730,660
$1.7M
Cap Rate 7%
$1,236,186
$1.2M
Cap Rate 9%
$961,478
$961.5K
Market Conditions
NOI Build-Up for 5,191 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$130.8K $25.20/SF
− Vacancy
−$7.2K −$1.39/SF
EGI
$123.6K $23.81/SF
− OpEx
−$37.1K −$7.14/SF
NOI
$86.5K $16.67/SF
Area
Chicago, IL
Vacancy
5.50%
Lease Rate
$25.20 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$1,730,660
Cap Rate 7%
$1,236,186
Cap Rate 9%
$961,478
Alternative Uses
Best Use
Multifamily LT 5
$1.24M
$1.08M – $1.44M
NOI $86,533 @ 7.0% cap · market cap 7.52%
Second Best
Apartment 5plus
$1.14M
$994.7K – $1.33M
NOI $79,574 @ 7.0% cap · market cap 6.92%
Theoretical Best
Office A
$2.45M
$2.14M – $2.86M
NOI $171,328 @ 7.0% cap · market cap 14.90%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
1,447
Businesses Nearby
Explore this area
Business Placement
Demographics for 60608, IL
75,770
Population
32,617
Households
2.3
Avg Household Size
34
Median Age
34%
College-Educated
77%
High-School Grad
6.2 sq mi
ZIP Area
12,221
Density / Sq Mi
$70,704
Median Household Income
$42,211
Median Earnings
$1,208
Median Rent
$341,500
Median Home Value
Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Quadplex - Four residences span two levels each, with brick construction, stainless steel appliances, and high ceilings.
Where is this quadplex located?
The property is located at 2148 W 18th Street Chicago, IL.
What is the asking price?
The asking price for this property is $1,150,000.
What are key features of this property?
This property features: Four‑unit quadplex with duplex layouts in every residence; 5,191 square feet with 11 bedrooms and 8 bathrooms; Unit mix includes three 3‑bedroom, 2‑bath units and one 2‑bedroom, 2‑bath unit
