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    Convertible Studio with City Views Title is generated by Realmo AI

    5415 N SHERIDAN Road 2203, Chicago, IL 60640

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    For Sale
    $110,000

    High-floor studio with city views, utilities included, premium amenities.

    Type:Condo/Townhome
    Property size:
    600 SF
    Price / SF:
    $183/SF
    Added:
    Mar 24, 2026
    Days on Market:
    61
    Last Refresh:
    Apr 6 at 2:10 am

    Property Features for 5415 N SHERIDAN Road 2203

    General Information

    Standard status
    Active
    Size
    600 SF
    Property subtype
    Condo/Townhome

    Building Details

    Year Built
    1974

    We can help!

    Listing Contact
    Halina Zdanowski
    Halina Zdanowski

    Listing agent Halina Zdanowski License #471018308

    Listing office LPT Realty

    Listing date Mar 24, 2026

    Source Exitrealty

    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 LPT Realty

    HighLights

    • Breathtaking city views from a high‑floor unit.
    • Heat, air conditioning, basic cable, and internet included in the assessment.
    • Unmatched accessibility with public transportation right outside the door.
    • Premium building amenities: indoor pool, state‑of‑the‑art health club, and deck.
    • On‑site supermarket and cleaners for added convenience.
    • Garage/valet parking available with no wait.

    Overview

    This high-floor convertible studio offers city living with city views. The spacious and versatile 600 square foot unit includes heat, air conditioning, basic cable, and internet as part of the assessment. Public transportation is conveniently located right outside. Premium building amenities include an indoor pool, a state-of-the-art health club, a relaxing deck, a supermarket, and on-site cleaners. The gym is available for a fee and features an indoor pool, a hot tub, cardio and weight rooms, and a locker room with a sauna. Additional amenities include a 24-hour package receiving room and a deck with a pond. Garage and valet parking are available for a fee without any wait. The assessment includes heat, air conditioning, water, and internet.

    Financial Insights

    Value Estimation Calculated for Apartment 5plus

    Conservative
    $102.2K
    NOI $9,197 @ 9.00% cap · cautious / downside scenario
    Moderate
    $131.4K
    NOI $9,197 @ 7.00% cap · market / base-case scenario
    Aggressive
    $183.9K
    NOI $9,197 @ 5.00% cap · optimistic / upside scenario

    NOI & Cap Rate Calculator

    NOI Build-Up
    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.
         Calculated for Apartment 5plus

    Component $ $/SF
    Gross rent $17.6k $29.40
    − Vacancy −$917 −$1.53
    EGI $16.7k $27.87
    − OpEx −$7.5k −$12.54
    NOI $9.2k $15.33
    600 SF · lease $29.40/SF/yr · vacancy 5.20% · expense 45.00%

    Alternative Use Scenarios

    Best Use
    Apartment 5plus
    $131.4K
    $115.0K – $153.3K (±1% cap)
    NOI $9,197 @ 7.0% cap · market cap 8.36%
    Second Best
    —
    —
    no second resolved use
    Theoretical Best
    Office A
    $282.9K
    $247.5K – $330.1K (±1% cap)
    NOI $19,803 @ 7.0% cap · market cap 18.00%
    Zoning and permitted uses should be independently verified with local authorities.
    Property Profile Location Intelligence

    Current Use by Public Records

    World Yoga Gym & Fitness Center Cybosys Marketing & Advertising Alternative Mobile Massage Alternative Medicine Practice Alan J. Ward, ... Physician FAN eLearning (Bike/Boat/Book/etc) Store

    Suggested Use

    Law Firm Restaurant Real Estate Agency Spa & Massage Center Dental Office Hair Salon Nail Salon Food Market Grocery & Convenience Store Gym & Fitness Center

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Chicago
    County
    Cook
    State
    Illinois
    Longitude
    -87.6545843
    Latitude
    41.9800827

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    FAQs

    What type of property is this?
    Residential income property - High-floor studio with city views, utilities included, premium amenities.
    Where is this residential income property located?
    The property is located at 5415 N SHERIDAN Road 2203 Chicago, IL.
    What is the asking price?
    The asking price for this property is $110,000.
    What are key features of this property?
    This property features: Breathtaking city views from a high‑floor unit.; Heat, air conditioning, basic cable, and internet included in the assessment.; Unmatched accessibility with public transportation right outside the door.
    (877) 366-2213
    We can help!
    Listing Contact
    Halina Zdanowski
    Halina Zdanowski
    Real Estate License ID: 471018308
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

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