High-Floor Residential Income
For Sale
$610,000
1310 N Ritchie Court #26C, Chicago, IL 60610
Two-bedroom residence with dual-aspect skyline and Lake Michigan views, a flexible den, and a wood-burning fireplace.
Property Size1,550 SF
Price / SF$393.55
Days on Market24
Property Features for 1310 N Ritchie Court #26C
General Information
Standard status
Active
Size
1,550 SF
Property subtype
Apartment
Additional Details
Road Access
Yes
Multifamily Units
1
Amenities
wood-burning fireplace
24-hour door staff
outdoor pool
fitness room
landscaped outdoor terrace with grills
on-site management
cage storage
in-unit washer/dryer
Central Air
Baseboard
Range
Dishwasher
Refrigerator
Freezer
Washer
Dryer
Disposal
Building Details
Year Built
1969
Stories
26
Listing Agency:
@properties Christie's International Real Estate
Listed By:
Carrie McCormick · License #475123706
(312) 961-4612
Source:
Kw
Added: Sep 5
Changed: Sep 13
Last Checked: Sep 26 at 1:56PM
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 @properties Christie's International Real Estate
Investment Insights
Based on property information with market context.
Unit 26C is an approximately 1,550-square-foot southeast corner residence on the 26th floor, reconfigured from three bedrooms into an oversized two-bedroom layout. The living and dining area extends 22 feet and features floor-to-ceiling windows on two exposures, oak parquet flooring, and a wood-burning fireplace. A separate den or sitting room adds flexible interior space, while both bedrooms face Lake Michigan. The kitchen includes a Miele induction range and oven from 2019, Monogram refrigerator, Bosch Benchmark dishwasher from 2025, granite counters, and white cabinetry. In-unit laundry, a customized walk-in closet, travertine primary bath floors, built-in shelving, and second-floor cage storage are also included.
The building has completed facade and curtainwall work from 2021-2023, replaced its boiler in 2025, and completed garage repairs in 2026. Amenities include 24-hour door staff, an outdoor pool, fitness room, landscaped terrace with grills, and on-site management. The property is on a tree-lined cul-de-sac near Oak Street Beach, Lincoln Park, and Michigan Avenue. Leased garage parking is available in the attached building garage.
The building has completed facade and curtainwall work from 2021-2023, replaced its boiler in 2025, and completed garage repairs in 2026. Amenities include 24-hour door staff, an outdoor pool, fitness room, landscaped terrace with grills, and on-site management. The property is on a tree-lined cul-de-sac near Oak Street Beach, Lincoln Park, and Michigan Avenue. Leased garage parking is available in the attached building garage.
Key Highlights
- Approximately 1,550 square feet on the 26th floor
- Southeast corner layout with skyline and Lake Michigan views
- 22‑foot living and dining area with floor‑to‑ceiling windows and wood‑burning fireplace
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
$23,760
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
3.90%
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%
$475,200
$475.2K
Cap Rate 7%
$339,429
$339.4K
Cap Rate 9%
$264,000
$264.0K
Market Conditions
NOI Build-Up for 1,550 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
$45.6K $29.40/SF
− Vacancy
−$2.4K −$1.53/SF
EGI
$43.2K $27.87/SF
− OpEx
−$19.4K −$12.54/SF
NOI
$23.8K $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%
$475,200
Cap Rate 7%
$339,429
Cap Rate 9%
$264,000
Alternative Uses
Best Use
Apartment 5plus
$339.4K
$297.0K – $396.0K
NOI $23,760 @ 7.0% cap · market cap 3.90%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$730.8K
$639.5K – $852.6K
NOI $51,157 @ 7.0% cap · market cap 8.39%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
1
Residential units
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
5,197
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
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Frequently Asked Questions
What type of property is this?
Residential income property - Two-bedroom residence with dual-aspect skyline and Lake Michigan views, a flexible den, and a wood-burning fireplace.
Where is this residential income property located?
The property is located at 1310 N Ritchie Court #26C Chicago, IL.
What is the asking price?
The asking price for this property is $610,000.
What are key features of this property?
This property features: Approximately 1,550 square feet on the 26th floor; Southeast corner layout with skyline and Lake Michigan views; 22‑foot living and dining area with floor‑to‑ceiling windows and wood‑burning fireplace
