Two-Unit Residential Income
For Sale
$499,500
3233 South Morgan Street, Chicago, IL 60608
Two units each feature two bedrooms plus an additional room, with separate entrances on Morgan St.
Property Size2,700 SF
Price / SF$185
Days on Market455
Property Features for 3233 South Morgan Street
General Information
Standard status
Active
Size
2,700 SF
Property subtype
Two to Four Units / 2 Flat
Zoning
MULTI
Taxes and HOA fees
Annual Taxes
$9,917
Building Details
Year Built
1888
Listing Agency:
Century 21 Circle
(708) 966-9077
Listed By:
Marius Kasniunas · License #475125622
(708) 966-9077
Source:
Compass
Added: May 12, 2025
Changed: Aug 8
Last Checked: Aug 9 at 12:23PM
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 Century 21 Circle
Investment Insights
Based on property information with market context.
This two-unit residential income building on South Morgan Street offers two separate entrances on Morgan St., one for each unit. Each unit includes two bedrooms plus an additional room that can be used for an office, nursery, library, or similar flexible space. The building also features newer windows.
A finished basement includes an additional room and a bathroom. The property is described as being in a desirable section of Bridgeport with walkable restaurants and shopping and a short distance from downtown.
The layout supports multiple living arrangements with independent entries for both units, and the finished basement adds usable interior space for tenants or occupants.
A finished basement includes an additional room and a bathroom. The property is described as being in a desirable section of Bridgeport with walkable restaurants and shopping and a short distance from downtown.
The layout supports multiple living arrangements with independent entries for both units, and the finished basement adds usable interior space for tenants or occupants.
Key Highlights
- 2‑unit building built in 1888 on Morgan St in Bridgeport
- Separate entrances on Morgan St for each unit
- Each unit offers 2 bedrooms plus an additional room for use as an office, nursery, or library
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
$45,008
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
9.01%
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%
$900,160
$900.2K
Cap Rate 7%
$642,971
$643.0K
Cap Rate 9%
$500,089
$500.1K
Market Conditions
NOI Build-Up for 2,700 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
$68.0K $25.20/SF
− Vacancy
−$3.7K −$1.39/SF
EGI
$64.3K $23.81/SF
− OpEx
−$19.3K −$7.14/SF
NOI
$45.0K $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%
$900,160
Cap Rate 7%
$642,971
Cap Rate 9%
$500,089
Alternative Uses
Best Use
Multifamily LT 5
$643.0K
$562.6K – $750.1K
NOI $45,008 @ 7.0% cap · market cap 9.01%
Second Best
Apartment 5plus
$591.3K
$517.4K – $689.8K
NOI $41,389 @ 7.0% cap · market cap 8.29%
Theoretical Best
Office A
$1.27M
$1.11M – $1.49M
NOI $89,113 @ 7.0% cap · market cap 17.84%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
1,724
Businesses Nearby
Explore this area
Business Placement
Demographics for 60608, IL
75,770
Population
32,617
Households
2.3
Avg Household Size
34
Median Age
34%
College-Educated
77%
High-School Grad
6.2 sq mi
ZIP Area
12,221
Density / Sq Mi
$70,704
Median Household Income
$42,211
Median Earnings
$1,208
Median Rent
$341,500
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?
Duplex - Two units each feature two bedrooms plus an additional room, with separate entrances on Morgan St.
Where is this duplex located?
The property is located at 3233 South Morgan Street Chicago, IL.
What is the asking price?
The asking price for this property is $499,500.
What are key features of this property?
This property features: 2‑unit building built in 1888 on Morgan St in Bridgeport; Separate entrances on Morgan St for each unit; Each unit offers 2 bedrooms plus an additional room for use as an office, nursery, or library
