3-Unit
New
For Sale
$550,000
1230 S Lawndale Ave, Chicago, IL 60623
Each residence offers a three-bedroom, two-bathroom layout with a full kitchen and private primary bath.
Property Size1,300 SF
Price / SF$423.08
Days on Market3
Property Features for 1230 S Lawndale Ave
General Information
Standard status
Active
Size
1,300 SF
Property subtype
Multi-Family
Building Details
Year Built
2007
Listing Agency:
T.K. Realty Inc
Listed By:
Thomas Bezanes · License #471018395
(312) 622-2850
Source:
Highriseschicago
Added: Sep 30
Changed: Oct 1
Last Checked: Oct 1 at 10:56AM
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 T.K. Realty Inc
Investment Insights
Based on property information with market context.
Built in 2007, this three-unit property has three-bedroom, two-bathroom residences measuring approximately 1,300 square feet apiece. Each unit includes hardwood floors, central air conditioning, laundry hookups, a full kitchen with a refrigerator and range, and a primary bedroom with its own bathroom.
The property is near public transportation, a train station, I-290, the United Center, the University of Illinois Chicago, and the Illinois Medical District. The surrounding area also provides access to downtown and West Side employment centers.
The property is near public transportation, a train station, I-290, the United Center, the University of Illinois Chicago, and the Illinois Medical District. The surrounding area also provides access to downtown and West Side employment centers.
Key Highlights
- Three units, each with 3 bedrooms and 2 bathrooms
- Each residence measures approximately 1,300 sq. ft.
- Built in 2007
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
$21,671
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
3.94%
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%
$433,420
$433.4K
Cap Rate 7%
$309,586
$309.6K
Cap Rate 9%
$240,789
$240.8K
Market Conditions
NOI Build-Up for 1,300 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
$32.8K $25.20/SF
− Vacancy
−$1.8K −$1.39/SF
EGI
$31.0K $23.81/SF
− OpEx
−$9.3K −$7.14/SF
NOI
$21.7K $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%
$433,420
Cap Rate 7%
$309,586
Cap Rate 9%
$240,789
Alternative Uses
Best Use
Multifamily LT 5
$309.6K
$270.9K – $361.2K
NOI $21,671 @ 7.0% cap · market cap 3.94%
Second Best
Apartment 5plus
$284.7K
$249.1K – $332.1K
NOI $19,928 @ 7.0% cap · market cap 3.62%
Theoretical Best
Office A
$612.9K
$536.3K – $715.1K
NOI $42,906 @ 7.0% cap · market cap 7.80%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
1,546
Businesses Nearby
Explore this area
Business Placement
Demographics for 60623, IL
87,649
Population
31,300
Households
2.8
Avg Household Size
32
Median Age
14%
College-Educated
69%
High-School Grad
5.4 sq mi
ZIP Area
16,231
Density / Sq Mi
$44,040
Median Household Income
$32,642
Median Earnings
$1,054
Median Rent
$221,400
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Midwest region
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Frequently Asked Questions
What type of property is this?
Triplex - Each residence offers a three-bedroom, two-bathroom layout with a full kitchen and private primary bath.
Where is this triplex located?
The property is located at 1230 S Lawndale Ave Chicago, IL.
What is the asking price?
The asking price for this property is $550,000.
What are key features of this property?
This property features: Three units, each with 3 bedrooms and 2 bathrooms; Each residence measures approximately 1,300 sq. ft.; Built in 2007
