Brick Duplex with Six-Car
For Sale
$849,000
Pending
1347 W Flournoy Street Chicago, Chicago, IL 60607
Two leased apartments feature generous layouts, classic finishes, and separate laundry arrangements within a corner building.
Property Size2,400 SF
Lot Size0.08 Acres
Days on Market54
Property Features for 1347 W Flournoy Street Chicago
General Information
Standard status
Pending
Size
2,400 SF
Total Parking Spaces
6
Lot size
0.08 Acres
Property subtype
Two to Four Units
Occupancy
100%
Units
Unit Mix
2 x 4BR/2BA
Multifamily Units
2
Additional Details
Public Transit
Yes
Taxes and HOA fees
Annual Taxes
$13,783
Amenities
laundry
yard/patio space
Unfinished,Full
4
8
2
Lake Michigan
6
24 x 150
No
Garage Door Opener,Garage Owned,Detached,Garage
Building Details
Year Built
1889
Buildings
2
Stories
2
Construction
brick
Tenancy
Multi
Listing Agency:
(847) 558-6808
Listed By:
Nora Carrillo
(847) 558-6808
Source:
Remaxadream
Added: Jul 8
Changed: Aug 30
Last Checked: Aug 30 at 3:20AM
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 Nora Carrillo
Investment Insights
Based on property information with market context.
This two-flat is arranged as two four-bedroom, two-bath apartments, offering 2,400 square feet within a solid brick corner building. Tall ceilings, hardwood flooring, large windows, and radiator heat define the interiors, while the second-floor residence includes in-unit laundry and the first-floor unit has laundry in the full unfinished basement. Both apartments are leased through July 2026.
The property occupies a 24 x 150 lot and includes a detached 1,300-square-foot garage with six-car capacity. The building and garage are separated by a yard and patio area, with newer roofs serving both structures. Its Little Italy setting places the property near Arrigo Park, the UIC and Rush Medical District, UIC East Campus, the CTA Blue Line, and Taylor Street. The existing duplex configuration may also support a single-family conversion.
The property occupies a 24 x 150 lot and includes a detached 1,300-square-foot garage with six-car capacity. The building and garage are separated by a yard and patio area, with newer roofs serving both structures. Its Little Italy setting places the property near Arrigo Park, the UIC and Rush Medical District, UIC East Campus, the CTA Blue Line, and Taylor Street. The existing duplex configuration may also support a single-family conversion.
Key Highlights
- Two 4‑bedroom, 2‑bath apartments leased through July 2026
- 2,400‑square‑foot brick corner building with tall ceilings and hardwood floors
- Detached 1,300‑square‑foot garage with 6‑car capacity
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
$40,008
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
4.71%
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%
$800,160
$800.2K
Cap Rate 7%
$571,543
$571.5K
Cap Rate 9%
$444,533
$444.5K
Market Conditions
NOI Build-Up for 2,400 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
$60.5K $25.20/SF
− Vacancy
−$3.3K −$1.39/SF
EGI
$57.2K $23.81/SF
− OpEx
−$17.1K −$7.14/SF
NOI
$40.0K $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%
$800,160
Cap Rate 7%
$571,543
Cap Rate 9%
$444,533
Alternative Uses
Best Use
Multifamily LT 5
$571.5K
$500.1K – $666.8K
NOI $40,008 @ 7.0% cap · market cap 4.71%
Second Best
Apartment 5plus
$525.6K
$459.9K – $613.2K
NOI $36,790 @ 7.0% cap · market cap 4.33%
Theoretical Best
Office A
$1.13M
$990.2K – $1.32M
NOI $79,212 @ 7.0% cap · market cap 9.33%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
8,566
Businesses Nearby
Explore this area
Business Placement
Demographics for 60607, IL
31,816
Population
16,540
Households
1.9
Avg Household Size
31
Median Age
81%
College-Educated
97%
High-School Grad
2.3 sq mi
ZIP Area
13,833
Density / Sq Mi
$126,307
Median Household Income
$79,870
Median Earnings
$2,333
Median Rent
$494,300
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 leased apartments feature generous layouts, classic finishes, and separate laundry arrangements within a corner building.
Where is this duplex located?
The property is located at 1347 W Flournoy Street Chicago Chicago, IL.
What is the asking price?
The asking price for this property is $849,000.
What are key features of this property?
This property features: Two 4‑bedroom, 2‑bath apartments leased through July 2026; 2,400‑square‑foot brick corner building with tall ceilings and hardwood floors; Detached 1,300‑square‑foot garage with 6‑car capacity
