Three-Bedroom Duplex
For Sale
$659,900
1013 N Honore Street Unit 1, Chicago, IL 60622
Two-level layout includes a rooftop deck, attached one-car garage, and bedrooms arranged across both floors.
Property Size2,400 SF
Price / SF$274.96
Days on Market34
Property Features for 1013 N Honore Street Unit 1
General Information
Standard status
Active
Size
2,400 SF
Total Parking Spaces
1
Property subtype
1/2 Duplex,Condo,Condo-Duplex
Units
Unit Mix
1 x 3BR/2.5BA
Multifamily Units
1
Taxes and HOA fees
Annual Taxes
$15,297
Amenities
roof top deck
Building Details
Building Size
2,400 SF
Year Built
2014
Listing Agency:
Area Wide Realty
(708) 656-3333
Listed By:
Michael Olszewski · License #471011979
Source:
Dawnmckennagroup
Added: Jul 21
Changed: Aug 16
Last Checked: Aug 22 at 11:29AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Area Wide Realty
Investment Insights
Based on property information with market context.
This 2,400-square-foot duplex condominium includes three bedrooms and 2.5 bathrooms across two levels. The main floor contains the primary bedroom and 1.5 bathrooms, while the lower level adds two bedrooms and one bathroom. A rooftop deck extends the usable living area outdoors, and the property includes a one-car garage for off-street parking.
Built in 2014, the residence is located at 1013 N Honore Street in Chicago’s West Town neighborhood. The property is being sold in AS-IS condition and requires updates, allowing the next owner to customize the interior. The sale is subject to the Illinois Condominium Act.
Built in 2014, the residence is located at 1013 N Honore Street in Chicago’s West Town neighborhood. The property is being sold in AS-IS condition and requires updates, allowing the next owner to customize the interior. The sale is subject to the Illinois Condominium Act.
Key Highlights
- 2,400‑square‑foot duplex condominium with three bedrooms and 2.5 bathrooms
- Primary bedroom and 1.5 bathrooms on the main level
- Lower level includes two bedrooms and one bathroom
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
$36,790
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
5.58%
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%
$735,800
$735.8K
Cap Rate 7%
$525,571
$525.6K
Cap Rate 9%
$408,778
$408.8K
Market Conditions
NOI Build-Up for 2,400 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
$70.6K $29.40/SF
− Vacancy
−$3.7K −$1.53/SF
EGI
$66.9K $27.87/SF
− OpEx
−$30.1K −$12.54/SF
NOI
$36.8K $15.33/SF
Area
Chicago, IL
Vacancy
5.20%
Lease Rate
$29.40 /SF/Yr
Expense Ratio
45.00%
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%
$735,800
Cap Rate 7%
$525,571
Cap Rate 9%
$408,778
Alternative Uses
Best Use
Apartment 5plus
$525.6K
$459.9K – $613.2K
NOI $36,790 @ 7.0% cap · market cap 5.58%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.13M
$990.2K – $1.32M
NOI $79,212 @ 7.0% cap · market cap 12.00%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Residential units
Location Intelligence
Trade Area within ½ mile
4,713
Businesses Nearby
Explore this area
Business Placement
Demographics for 60622, IL
55,075
Population
27,630
Households
2
Avg Household Size
33
Median Age
73%
College-Educated
94%
High-School Grad
2.5 sq mi
ZIP Area
22,030
Density / Sq Mi
$124,852
Median Household Income
$76,180
Median Earnings
$1,932
Median Rent
$622,900
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Residential income property - Two-level layout includes a rooftop deck, attached one-car garage, and bedrooms arranged across both floors.
Where is this residential income property located?
The property is located at 1013 N Honore Street Unit 1 Chicago, IL.
What is the asking price?
The asking price for this property is $659,900.
What are key features of this property?
This property features: 2,400‑square‑foot duplex condominium with three bedrooms and 2.5 bathrooms; Primary bedroom and 1.5 bathrooms on the main level; Lower level includes two bedrooms and one bathroom
