Fully Leased Brick
New
For Sale
$1,499,000
1214 W Ohio Street, Chicago, IL 60642
Three residential units offer updated interiors, private decks, and separate utility metering.
Property Size3,650 SF
Price / SF$410.68
Days on Market4
Property Features for 1214 W Ohio Street
General Information
Standard status
Active
Size
3,650 SF
Total Parking Spaces
3
Property subtype
Residential Income
Zoning
MULTI
Occupancy
100%
Site & Location
Highway Access
Yes
Public Transit
Yes
Utilities to Site
Yes
Units
Unit Mix
1 x 3BR/3BA, 2 x 3BR/2BA
Multifamily Units
3
Taxes and HOA fees
Annual Taxes
$21,965
Amenities
in-unit washer/dryer
private rear decks
hardwood floors
updated kitchens/baths
fireplaces
secure perimeter fencing with electronic lock door
Building Details
Year Built
1993
Buildings
1
Construction
brick
Tenancy
Multi
Listing Agency:
Keller Williams Infinity
(630) 778-5800
Listed By:
Satyanarayan Teeparti
(630) 778-5800
Source:
Birdrealtysells
Added: Aug 8
Changed: Aug 9
Last Checked: Aug 11 at 2:32PM
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 Keller Williams Infinity
Investment Insights
Based on property information with market context.
This fully leased brick triplex contains more than 3,650 square feet of above-grade living area plus a finished basement. The building includes a 3BR/3BA duplex-down unit and two matching 3BR/2BA units. Each residence features in-unit W/D, hardwood flooring, fireplaces, updated kitchens and baths, private rear decks, individual gas and electric meters, and dedicated HVAC. The property was built in 1993 and has copper plumbing, upgraded electrical panels, tankless water heaters, and a newer roof installed in 2022. Electronic-entry fencing secures the perimeter, while a rear 3-car parking footprint provides on-site parking. Zoning is MULTI.
Located at 1214 W Ohio Street in Chicago’s West Town, the property is 0.5 mi from the Fulton Market Expansion, 0.6 mi from Bally’s Casino, 0.3 mi from Grand and Chicago Avenue commercial upgrades, and 2 mi from the United Center Expansion. CTA train service is a 5-min walk, bus service is 2 min away, I-90 is 0.4 mi away, and I-290 is 1.2 mi away.
Located at 1214 W Ohio Street in Chicago’s West Town, the property is 0.5 mi from the Fulton Market Expansion, 0.6 mi from Bally’s Casino, 0.3 mi from Grand and Chicago Avenue commercial upgrades, and 2 mi from the United Center Expansion. CTA train service is a 5-min walk, bus service is 2 min away, I-90 is 0.4 mi away, and I-290 is 1.2 mi away.
Key Highlights
- Fully leased 3‑unit brick building with more than 3,650 sq ft above grade
- Unit mix includes one 3BR/3BA duplex down and two 3BR/2BA residences
- Finished basement, private rear decks, hardwood floors, fireplaces, and in‑unit W/D
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
$60,845
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
4.06%
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%
$1,216,900
$1.2M
Cap Rate 7%
$869,214
$869.2K
Cap Rate 9%
$676,056
$676.1K
Market Conditions
NOI Build-Up for 3,650 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
$92.0K $25.20/SF
− Vacancy
−$5.1K −$1.39/SF
EGI
$86.9K $23.81/SF
− OpEx
−$26.1K −$7.14/SF
NOI
$60.8K $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%
$1,216,900
Cap Rate 7%
$869,214
Cap Rate 9%
$676,056
Alternative Uses
Best Use
Multifamily LT 5
$869.2K
$760.6K – $1.01M
NOI $60,845 @ 7.0% cap · market cap 4.06%
Second Best
Apartment 5plus
$799.3K
$699.4K – $932.5K
NOI $55,951 @ 7.0% cap · market cap 3.73%
Theoretical Best
Office A
$1.72M
$1.51M – $2.01M
NOI $120,468 @ 7.0% cap · market cap 8.04%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Yes
Highway access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
5,467
Businesses Nearby
Explore this area
Business Placement
Demographics for 60642, IL
21,687
Population
12,144
Households
1.8
Avg Household Size
33
Median Age
78%
College-Educated
97%
High-School Grad
1.7 sq mi
ZIP Area
12,757
Density / Sq Mi
$141,179
Median Household Income
$90,885
Median Earnings
$2,216
Median Rent
$604,200
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?
Triplex - Three residential units offer updated interiors, private decks, and separate utility metering.
Where is this triplex located?
The property is located at 1214 W Ohio Street Chicago, IL.
What is the asking price?
The asking price for this property is $1,499,000.
What are key features of this property?
This property features: Fully leased 3‑unit brick building with more than 3,650 sq ft above grade; Unit mix includes one 3BR/3BA duplex down and two 3BR/2BA residences; Finished basement, private rear decks, hardwood floors, fireplaces, and in‑unit W/D
