Duplex Residential Income
For Sale
$299,000
122 E 49th Street Unit 106, Chicago, IL 60615
Two-level condo with flexible living areas, three bedrooms, two full baths, and a separate half bath.
Property Size1,480 SF
Price / SF$202.03
Days on Market28
Property Features for 122 E 49th Street Unit 106
General Information
Standard status
Active
Size
1,480 SF
Property subtype
1/2 Duplex,Condo
Additional Details
Public Transit
Yes
Multifamily Units
1
Taxes and HOA fees
Annual Taxes
$3,246
Building Details
Building Size
1,480 SF
Listing Agency:
eXp Realty
Listed By:
Carleen Lewis · License #471009636
(773) 726-2915
Source:
Harkinsandassociates
Added: Sep 5
Changed: Sep 29
Last Checked: Oct 1 at 5:25PM
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 eXp Realty
Investment Insights
Based on property information with market context.
This 1,480-square-foot duplex condo offers a two-level layout with living and bedroom areas arranged across the main and lower floors. The main level includes a bright living room with a fireplace, hardwood flooring, a combined kitchen and dining area, granite countertops, stainless-steel appliances, one large bedroom, a full bathroom, and a separate half bath. The lower level adds a family room, two bedrooms, a full bathroom, and a laundry room.
The property is located in Chicago’s Bronzeville neighborhood, a few blocks from King Drive, CTA bus service, the Green Line, Washington Park, local restaurants, the University of Chicago, and the expressway. Its three-bedroom configuration and multiple common areas provide a practical format for residential occupancy or income-property use.
The property is located in Chicago’s Bronzeville neighborhood, a few blocks from King Drive, CTA bus service, the Green Line, Washington Park, local restaurants, the University of Chicago, and the expressway. Its three-bedroom configuration and multiple common areas provide a practical format for residential occupancy or income-property use.
Key Highlights
- 1,480‑square‑foot duplex condo
- Three bedrooms, two full baths, and one separate half bath
- Main‑level living room with fireplace and hardwood floors
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
$22,687
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
7.59%
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%
$453,740
$453.7K
Cap Rate 7%
$324,100
$324.1K
Cap Rate 9%
$252,078
$252.1K
Market Conditions
NOI Build-Up for 1,480 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
$43.5K $29.40/SF
− Vacancy
−$2.3K −$1.53/SF
EGI
$41.2K $27.87/SF
− OpEx
−$18.6K −$12.54/SF
NOI
$22.7K $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%
$453,740
Cap Rate 7%
$324,100
Cap Rate 9%
$252,078
Alternative Uses
Best Use
Apartment 5plus
$324.1K
$283.6K – $378.1K
NOI $22,687 @ 7.0% cap · market cap 7.59%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$697.8K
$610.6K – $814.1K
NOI $48,847 @ 7.0% cap · market cap 16.34%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Unlock full access to Insights
Subscribe to Realmo Intelligence
Open Analytics
Current Use
Lease Details
1
Residential units
Location Intelligence
Trade Area within ½ mile
1,339
Businesses Nearby
Explore this area
Business Placement
Demographics for 60615, IL
43,502
Population
24,997
Households
1.7
Avg Household Size
35
Median Age
61%
College-Educated
93%
High-School Grad
2.2 sq mi
ZIP Area
19,774
Density / Sq Mi
$62,105
Median Household Income
$47,186
Median Earnings
$1,444
Median Rent
$305,200
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Residential income property - Two-level condo with flexible living areas, three bedrooms, two full baths, and a separate half bath.
Where is this residential income property located?
The property is located at 122 E 49th Street Unit 106 Chicago, IL.
What is the asking price?
The asking price for this property is $299,000.
What are key features of this property?
This property features: 1,480‑square‑foot duplex condo; Three bedrooms, two full baths, and one separate half bath; Main‑level living room with fireplace and hardwood floors
