Duplex Residential Income
1420 N Elk Grove Avenue Unit 1, Chicago, IL 60622
For Sale
$1,650,000
The planned home pairs four bedrooms and a den with a private outdoor area and dedicated garage parking.
Property Size3,200 SF
Price / SF$515.63
Days on Market55
Property Features for 1420 N Elk Grove Avenue Unit 1
General Information
Standard status
Size
Total Parking Spaces
Property subtype
Site & Location
Neighborhood
Highway Access
Road Access
Public Transit
Units
Unit Mix
Multifamily Units
Building Details
Building Size
Year Built
Listing Agency:
Meridian Real Estate Chicago LLC
Listed By:
Andrew Thurston
(773) 354-9613
Source:
Meridianchicago
Added: Sep 15
Changed: Nov 5
Last Checked: Nov 7 at 9:34AM
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 Meridian Real Estate Chicago LLC
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Investment Insights
Based on property information with market context.
Planned as a duplex residence, this 3,200-square-foot home spans 32 feet in width and includes four bedrooms, a den or recreation room, and 3.5 bathrooms. The main level has a family room, dining area, and separate great room, with direct access to nearly 1,000 square feet of private outdoor space. The kitchen is specified with white oak cabinetry, quartz counters, and Wolf and Sub-Zero appliances; the primary bathroom includes heated floors, a steam shower, and a soaking tub. The home is not yet built, and finishes remain customizable until components are ordered. Plans and finishes may change at the seller’s discretion.
The property is on N Elk Grove Avenue in Chicago’s Bucktown/Wicker Park area, near the Damen and North Avenue intersection. Nearby amenities identified include restaurants, neighborhood shopping, public transportation, the expressway, and the 606 trail. Garage parking for one vehicle is included, with wiring for electric vehicle charging. Additional building features include 400-amp underground electrical service, CAT6 and speaker wiring, Marvin windows, and a video intercom system.
The property is on N Elk Grove Avenue in Chicago’s Bucktown/Wicker Park area, near the Damen and North Avenue intersection. Nearby amenities identified include restaurants, neighborhood shopping, public transportation, the expressway, and the 606 trail. Garage parking for one vehicle is included, with wiring for electric vehicle charging. Additional building features include 400-amp underground electrical service, CAT6 and speaker wiring, Marvin windows, and a video intercom system.
Key Highlights
- 3,200‑square‑foot duplex with 32‑foot width
- Four bedrooms, den/recreation room, and 3.5 bathrooms
- Nearly 1,000 square feet of private outdoor space
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$49,053
Cap Rate
2.97%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$981,060
$981.1K
Cap Rate 7%
$700,757
$700.8K
Cap Rate 9%
$545,033
$545.0K
Market Conditions
NOI Build-Up for 3,200 SF
Gross rent
$94.1K $29.40/SF
− Vacancy
−$4.9K −$1.53/SF
EGI
$89.2K $27.87/SF
− OpEx
−$40.1K −$12.54/SF
NOI
$49.1K $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 Rate 5%
$981,060
Cap Rate 7%
$700,757
Cap Rate 9%
$545,033
Alternative Uses
Best Use
Apartment 5plus
$700.8K
$613.2K – $817.6K
NOI $49,053 @ 7.0% cap · market cap 2.97%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.51M
$1.32M – $1.76M
NOI $105,615 @ 7.0% cap · market cap 6.40%
Zoning and permitted uses should be independently verified with authorities.
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Lease Details
1
Residential units
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
5,152
Businesses Nearby
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Business Placement
Demographics for 60622, IL
55,075
Population
27,630
Households
2
Avg Household Size
33
Median Age
73%
College-Educated
94%
High-School Grad
2.5 sq mi
ZIP Area
22,030
Density / Sq Mi
$124,852
Median Household Income
$76,180
Median Earnings
$1,932
Median Rent
$622,900
Median Home Value
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Market
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Frequently Asked Questions
What type of property is this?
Residential income property - The planned home pairs four bedrooms and a den with a private outdoor area and dedicated garage parking.
Where is this residential income property located?
The property is located at 1420 N Elk Grove Avenue Unit 1 Chicago, IL.
What is the asking price?
The asking price for this property is $1,650,000.
What are key features of this property?
This property features: 3,200‑square‑foot duplex with 32‑foot width; Four bedrooms, den/recreation room, and 3.5 bathrooms; Nearly 1,000 square feet of private outdoor space
