Renovated Duplex with
For Sale
$619,900
Pending
5449 W Melrose Street Chicago, Chicago, IL 60641
Brick income property with updated interiors, separate mechanical systems, in-unit laundry, and a detached garage.
Property Size2,000 SF
Days on Market55
Property Features for 5449 W Melrose Street Chicago
General Information
Standard status
Pending
Size
2,000 SF
Total Parking Spaces
2
Property subtype
Two to Four Units
Zoning
MULTI
Additional Details
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$6,916
Amenities
in-unit laundry
shared back yard
hardwood floors
Unfinished,Full
Enclosed Balcony
2
4
Lake Michigan,Public
25X125
No
CO Detectors,Multiple Water Heaters
Yes,Garage Owned,Detached,Garage
Brick/Mortar
Building Details
Year Built
1926
Buildings
1
Construction
brick
Listing Agency:
(847) 558-6808
Listed By:
Rufo Moyo
(847) 558-6808
Source:
Remaxadream
Added: Jul 9
Changed: Aug 29
Last Checked: Aug 29 at 10:33PM
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 Rufo Moyo
Investment Insights
Based on property information with market context.
This renovated brick duplex contains 2,000 square feet across two units. Improvements include new windows, roof, kitchens, bathrooms, and water heaters, along with hardwood flooring throughout. Each unit has its own furnace and A/C, plus in-unit laundry. The property also includes a detached 2-car garage and a shared backyard.
Located at 5449 W Melrose Street in Chicago, the parcel measures 25X125 and carries MULTI zoning. The two units are occupied by month-to-month tenants, and the garage is rented separately. The building was constructed in 1926.
Located at 5449 W Melrose Street in Chicago, the parcel measures 25X125 and carries MULTI zoning. The two units are occupied by month-to-month tenants, and the garage is rented separately. The building was constructed in 1926.
Key Highlights
- Renovated 2‑unit brick duplex with 2,000 square feet
- New windows, roof, kitchens, baths, and water heaters
- Each unit includes its own furnace and A/C
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
$33,340
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
5.38%
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%
$666,800
$666.8K
Cap Rate 7%
$476,286
$476.3K
Cap Rate 9%
$370,444
$370.4K
Market Conditions
NOI Build-Up for 2,000 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
$50.4K $25.20/SF
− Vacancy
−$2.8K −$1.39/SF
EGI
$47.6K $23.81/SF
− OpEx
−$14.3K −$7.14/SF
NOI
$33.3K $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%
$666,800
Cap Rate 7%
$476,286
Cap Rate 9%
$370,444
Alternative Uses
Best Use
Multifamily LT 5
$476.3K
$416.8K – $555.7K
NOI $33,340 @ 7.0% cap · market cap 5.38%
Second Best
Apartment 5plus
$438.0K
$383.2K – $511.0K
NOI $30,658 @ 7.0% cap · market cap 4.95%
Theoretical Best
Office A
$943.0K
$825.1K – $1.10M
NOI $66,010 @ 7.0% cap · market cap 10.65%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
1,807
Businesses Nearby
Explore this area
Business Placement
Demographics for 60641, IL
69,354
Population
27,377
Households
2.5
Avg Household Size
37
Median Age
36%
College-Educated
85%
High-School Grad
4.0 sq mi
ZIP Area
17,339
Density / Sq Mi
$81,649
Median Household Income
$46,376
Median Earnings
$1,249
Median Rent
$373,200
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 - Brick income property with updated interiors, separate mechanical systems, in-unit laundry, and a detached garage.
Where is this duplex located?
The property is located at 5449 W Melrose Street Chicago Chicago, IL.
What is the asking price?
The asking price for this property is $619,900.
What are key features of this property?
This property features: Renovated 2‑unit brick duplex with 2,000 square feet; New windows, roof, kitchens, baths, and water heaters; Each unit includes its own furnace and A/C
