Brick Two-Unit
For Sale
$499,000
Pending
1051 N Massasoit Avenue, Chicago, IL 60651
Two similar units offer separate living spaces and a 3-bedroom, 1-bathroom configuration on each floor.
Property Size2,000 SF
Days on Market10
Property Features for 1051 N Massasoit Avenue
General Information
Standard status
Pending
Size
2,000 SF
Property subtype
Two to Four Units
Units
Unit Mix
2 x 3BR/1BA
Multifamily Units
2
Additional Details
Public Transit
Yes
Taxes and HOA fees
Annual Taxes
$4,032
Amenities
Unfinished,Full
Soaking Tub
2
6
Lake Michigan,Public
(773) 305-0593
25X130
No
Yes,Detached,Garage
Building Details
Year Built
1918
Buildings
1
Construction
all brick
Listing Agency:
EXIT Strategy Realty
(708) 787-2808
Listed By:
Christina Rafidia
Source:
Kawashgroup
Added: Oct 26
Changed: Nov 3
Last Checked: Nov 4 at 8:06AM
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 EXIT Strategy Realty
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Investment Insights
Based on property information with market context.
This brick duplex contains two similar units, each with approximately 1,000 square feet and a 3-bedroom, 1-bathroom layout. The property totals 2,000 square feet and was built in 1918. Finishing work is underway.
Bus service, a train, shopping, parks, and a school are described as walkable from the property. A detached garage is also included.
Bus service, a train, shopping, parks, and a school are described as walkable from the property. A detached garage is also included.
Key Highlights
- Two units, each approximately 1,000 square feet
- 3‑bedroom, 1‑bathroom layout on each floor
- 2,000‑square‑foot property built in 1918
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$33,340
Cap Rate
6.68%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$666,800
$666.8K
Cap Rate 7%
$476,286
$476.3K
Cap Rate 9%
$370,444
$370.4K
Market Conditions
NOI Build-Up for 2,000 SF
Gross rent
$50.4K $25.20/SF
− Vacancy
−$2.8K −$1.39/SF
EGI
$47.6K $23.81/SF
− OpEx
−$14.3K −$7.14/SF
NOI
$33.3K $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 Rate 5%
$666,800
Cap Rate 7%
$476,286
Cap Rate 9%
$370,444
Alternative Uses
Best Use
Multifamily LT 5
$476.3K
$416.8K – $555.7K
NOI $33,340 @ 7.0% cap · market cap 6.68%
Second Best
Apartment 5plus
$438.0K
$383.2K – $511.0K
NOI $30,658 @ 7.0% cap · market cap 6.14%
Theoretical Best
Office A
$943.0K
$825.1K – $1.10M
NOI $66,010 @ 7.0% cap · market cap 13.23%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
972
Businesses Nearby
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Business Placement
Demographics for 60651, IL
62,819
Population
22,885
Households
2.7
Avg Household Size
36
Median Age
16%
College-Educated
77%
High-School Grad
3.5 sq mi
ZIP Area
17,948
Density / Sq Mi
$52,963
Median Household Income
$33,783
Median Earnings
$1,186
Median Rent
$262,700
Median Home Value
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Market
Vacancy Rate% for Multifamily in Midwest region
Frequently Asked Questions
What type of property is this?
Duplex - Two similar units offer separate living spaces and a 3-bedroom, 1-bathroom configuration on each floor.
Where is this duplex located?
The property is located at 1051 N Massasoit Avenue Chicago, IL.
What is the asking price?
The asking price for this property is $499,000.
What are key features of this property?
This property features: Two units, each approximately 1,000 square feet; 3‑bedroom, 1‑bathroom layout on each floor; 2,000‑square‑foot property built in 1918
