Brick Duplex-Down Income
For Sale
$800,000
1123 W Grace Street Unit 1E, Chicago, IL 60613
Extra-wide residential property with open living areas, private outdoor space, two fireplaces, and garage parking.
Property Size2,262 SF
Price / SF$353.67
Days on Market25
Property Features for 1123 W Grace Street Unit 1E
General Information
Standard status
Active
Size
2,262 SF
Total Parking Spaces
1
Property subtype
Condo,Condo-Duplex
Units
Unit Mix
1 x 3BR/2.5BA
Multifamily Units
1
Additional Details
Public Transit
Yes
Taxes and HOA fees
Annual Taxes
$9,944
Amenities
hardwood flooring
gas fireplace
stainless steel appliances
pantry
island
private front deck
walk-in closet
ensuite bath
dual vanity
separate shower
tub
family room
second gas fireplace
custom built-in shelving
full-sized stackable laundry
storage closets
Building Details
Building Size
2,262 SF
Year Built
2001
Construction
brick
Listing Agency:
Redfin Corporation
(773) 308-4896
Listed By:
Nancy Huetteman · License #475171197
Source:
Dawnmckennagroup
Added: Jul 22
Changed: Aug 10
Last Checked: Aug 14 at 1:08PM
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 Redfin Corporation
Investment Insights
Based on property information with market context.
This extra-wide duplex-down residential income property is arranged across a main level and lower level within an all-brick building constructed in 2001. The residence offers three bedrooms and 2.5 bathrooms, with an open living, dining, and kitchen arrangement, hardwood floors, a gas fireplace, stainless steel appliances, pantry, and island. The main level also includes a powder room, primary suite, walk-in closet, dual-vanity ensuite bath, separate shower, tub, and a private front deck. The lower level adds a family room with a second gas fireplace and custom built-ins, along with a third bedroom, full bathroom, stackable laundry, and storage closets.
The property is located at 1123 W Grace Street in Chicago’s 60613 ZIP code, within the Blaine School district. Southport Corridor, East Lake View, Wrigley Field, and Gallagher Way are identified nearby, while multiple local bus lines and the CTA Red Line provide transportation access. One garage parking space is included.
The property is located at 1123 W Grace Street in Chicago’s 60613 ZIP code, within the Blaine School district. Southport Corridor, East Lake View, Wrigley Field, and Gallagher Way are identified nearby, while multiple local bus lines and the CTA Red Line provide transportation access. One garage parking space is included.
Key Highlights
- 2,262 SF duplex‑down residential property with 3 bedrooms and 2.5 bathrooms
- All‑brick building constructed in 2001
- Open‑concept main level with hardwood flooring, island, pantry, and stainless steel appliances
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
$34,675
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
4.33%
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%
$693,500
$693.5K
Cap Rate 7%
$495,357
$495.4K
Cap Rate 9%
$385,278
$385.3K
Market Conditions
NOI Build-Up for 2,262 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
$66.5K $29.40/SF
− Vacancy
−$3.5K −$1.53/SF
EGI
$63.0K $27.87/SF
− OpEx
−$28.4K −$12.54/SF
NOI
$34.7K $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%
$693,500
Cap Rate 7%
$495,357
Cap Rate 9%
$385,278
Alternative Uses
Best Use
Apartment 5plus
$495.4K
$433.4K – $577.9K
NOI $34,675 @ 7.0% cap · market cap 4.33%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.07M
$933.2K – $1.24M
NOI $74,657 @ 7.0% cap · market cap 9.33%
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
3,733
Businesses Nearby
Explore this area
Business Placement
Demographics for 60613, IL
53,048
Population
31,263
Households
1.7
Avg Household Size
34
Median Age
75%
College-Educated
97%
High-School Grad
2.3 sq mi
ZIP Area
23,064
Density / Sq Mi
$91,351
Median Household Income
$68,713
Median Earnings
$1,616
Median Rent
$397,800
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Residential income property - Extra-wide residential property with open living areas, private outdoor space, two fireplaces, and garage parking.
Where is this residential income property located?
The property is located at 1123 W Grace Street Unit 1E Chicago, IL.
What is the asking price?
The asking price for this property is $800,000.
What are key features of this property?
This property features: 2,262 SF duplex‑down residential property with 3 bedrooms and 2.5 bathrooms; All‑brick building constructed in 2001; Open‑concept main level with hardwood flooring, island, pantry, and stainless steel appliances
