Lake Shore Drive Corner
For Sale
$680,000
1300 N LAKE SHORE Drive #27A, Chicago, IL 60610
Southeast corner residence with lake and city views.
Property Size2,200 SF
Days on Market364
Property Features for 1300 N LAKE SHORE Drive #27A
General Information
Standard status
Active
Size
2,200 SF
Property subtype
Condominium
Amenities
Electric
Central Air
Range
Microwave
Dishwasher
Refrigerator
Washer
Dryer
Disposal
Deck, Water Front
Building Details
Building Size
2,200 SF
Year Built
1963
Listing Agency:
Baird & Warner
(305) 400-9507
Listed By:
Nicholas Colagiovanni · License #3231797
Source:
Kw
Added: Aug 25, 2025
Changed: Aug 8
Last Checked: Aug 22 at 12:36PM
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 Baird & Warner
Investment Insights
Based on property information with market context.
Residence 27A at 1300 N. Lake Shore Drive is a southeast and wraparound west corner unit offering views of Lake Michigan, Oak Street Beach, Navy Pier, and the city skyline. Located one block north of the Division Street underpass, it provides access to the waterfront's bike/jogging path and Oak Street Beach, as well as proximity to Lincoln Park, the zoo, and the Saturday open market. Old Town, the shopping district on Oak/Rush and Michigan Avenue, restaurants, fine dining, and nightlife are all within walking distance. The residence features a private vestibule, a 12' x 7' east-facing concrete terrace off the dining room, and 10' ceilings. It includes an in-unit washer and dryer, tiered crown molding, high baseboards, and oversized, new picture-framed windows. Additional locker storage is available. The building's top-floor amenities include a gym, sun terrace with gas grills and furniture, indoor pool, whirlpool, locker rooms, and a hospitality room with a full kitchen. The primary suite offers south and west city skyline views, while the second and third bedrooms provide nighttime city views. Capital improvements over the last 10 years include facade repairs, elevator modernization, ongoing horizontal pipe replacement, amenity floor renovations, pool upgrades, emergency generator replacement, balcony railing repair, reserve study update, garage concrete repairs and waterproofing membrane, driveway curb and landscape replacement.
Key Highlights
- Unobstructed, panoramic views of Lake Michigan, Oak Street Beach, Navy Pier, and the Chicago skyline from a high‑floor corner unit.
- Prime location on Lake Shore Drive, steps from Oak Street Beach and Lincoln Park.
- Newly renovated top‑floor amenities including a complete gym, sun terrace with grills, and indoor pool.
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
$33,724
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
4.96%
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%
$674,480
$674.5K
Cap Rate 7%
$481,771
$481.8K
Cap Rate 9%
$374,711
$374.7K
Market Conditions
NOI Build-Up for 2,200 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
$64.7K $29.40/SF
− Vacancy
−$3.4K −$1.53/SF
EGI
$61.3K $27.87/SF
− OpEx
−$27.6K −$12.54/SF
NOI
$33.7K $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%
$674,480
Cap Rate 7%
$481,771
Cap Rate 9%
$374,711
Alternative Uses
Best Use
Apartment 5plus
$481.8K
$421.6K – $562.1K
NOI $33,724 @ 7.0% cap · market cap 4.96%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.04M
$907.6K – $1.21M
NOI $72,611 @ 7.0% cap · market cap 10.68%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
218
Businesses Nearby
Explore this area
Business Placement
Demographics for 60610, IL
43,794
Population
30,091
Households
1.5
Avg Household Size
34
Median Age
79%
College-Educated
97%
High-School Grad
1.1 sq mi
ZIP Area
39,813
Density / Sq Mi
$105,649
Median Household Income
$82,934
Median Earnings
$2,029
Median Rent
$543,000
Median Home Value
Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Apartment building - Southeast corner residence with lake and city views.
Where is this apartment building located?
The property is located at 1300 N LAKE SHORE Drive #27A Chicago, IL.
What is the asking price?
The asking price for this property is $680,000.
What are key features of this property?
This property features: Unobstructed, panoramic views of Lake Michigan, Oak Street Beach, Navy Pier, and the Chicago skyline from a high‑floor corner unit.; Prime location on Lake Shore Drive, steps from Oak Street Beach and Lincoln Park.; Newly renovated top‑floor amenities including a complete gym, sun terrace with grills, and indoor pool.
