Updated Duplex in Desirable
For Sale
$380,000
1426 Chippewa Trail, Wheeling, IL 60090
Spacious, updated 4-bedroom duplex with modern amenities and convenient location.
Property Size1,984 SF
Price / SF$191.53
Days on Market361
Property Features for 1426 Chippewa Trail
General Information
Standard status
Active
Size
1,984 SF
Property subtype
Condominium
Taxes and HOA fees
Annual Taxes
$125
Amenities
Central Air
Natural Gas
Forced Air
Range
Microwave
Dishwasher
Refrigerator
Washer
Dryer
Disposal
Patio, Asphalt
Building Details
Building Size
1,984 SF
Year Built
1984
Listing Agency:
RE/MAX Top Performers
(847) 295-0800
Listed By:
Jane Lee · License #471004433
Source:
Kw
Added: Aug 26, 2025
Changed: Aug 8
Last Checked: Aug 20 at 7:31PM
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 RE/MAX Top Performers
Investment Insights
Based on property information with market context.
This updated duplex, located in the Malibu subdivision, features 4 bedrooms and 2 bathrooms. The property offers over 1,800 square feet of living space with an open floor plan. The main level includes an open-concept living and dining area with natural light, alongside an updated kitchen featuring custom cabinetry, modern countertops, and stainless steel appliances, including a cooktop oven, microwave, and dishwasher (scheduled for 2025) and a refrigerator (2018). Newer flooring (2018) and fresh paint (scheduled for 2025) enhance the interior. The upper level includes an oversized primary bedroom with closet space, three additional bedrooms, and a full, updated bathroom. The lower level features a family room, a full bathroom, and laundry facilities equipped with a new washer and dryer (2023). Updates include a new roof and exterior siding (scheduled for 2025), Pella windows and patio door (2023), a new furnace with duct cleaning (2024), a water heater (2019), and refreshed kitchen cabinets and countertops (2018). The backyard was updated in 2025. Additional features include an attached two-car garage and a large backyard. Located in Wheeling, the property is near schools, parks, shopping, dining, and expressways. The HOA fee is $8 per month.
Key Highlights
- Extensive recent updates including a new roof, siding, Pella windows, patio door, furnace, and kitchen refresh.
- Spacious 4‑bedroom, 2‑bath duplex with over 1,800 sq ft of living space.
- Updated kitchen features custom cabinetry, modern countertops, and stainless steel appliances.
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
$25,744
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
6.77%
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%
$514,880
$514.9K
Cap Rate 7%
$367,771
$367.8K
Cap Rate 9%
$286,044
$286.0K
Market Conditions
NOI Build-Up for 1,984 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
$39.8K $20.04/SF
− Vacancy
−$3.0K −$1.50/SF
EGI
$36.8K $18.54/SF
− OpEx
−$11.0K −$5.56/SF
NOI
$25.7K $12.98/SF
Area
Cook County, IL
Vacancy
7.50%
Lease Rate
$20.04 /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%
$514,880
Cap Rate 7%
$367,771
Cap Rate 9%
$286,044
Alternative Uses
Best Use
Multifamily LT 5
$367.8K
$321.8K – $429.1K
NOI $25,744 @ 7.0% cap · market cap 6.77%
Second Best
Apartment 5plus
$328.8K
$287.7K – $383.6K
NOI $23,016 @ 7.0% cap · market cap 6.06%
Theoretical Best
Office A
$685.0K
$599.4K – $799.2K
NOI $47,949 @ 7.0% cap · market cap 12.62%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
292
Businesses Nearby
Explore this area
Business Placement
Demographics for 60090, IL
39,017
Population
15,960
Households
2.4
Avg Household Size
39
Median Age
40%
College-Educated
88%
High-School Grad
9.0 sq mi
ZIP Area
4,335
Density / Sq Mi
$83,449
Median Household Income
$45,436
Median Earnings
$1,578
Median Rent
$243,500
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 - Spacious, updated 4-bedroom duplex with modern amenities and convenient location.
Where is this duplex located?
The property is located at 1426 Chippewa Trail Wheeling, IL.
What is the asking price?
The asking price for this property is $380,000.
What are key features of this property?
This property features: Extensive recent updates including a new roof, siding, Pella windows, patio door, furnace, and kitchen refresh.; Spacious 4‑bedroom, 2‑bath duplex with over 1,800 sq ft of living space.; Updated kitchen features custom cabinetry, modern countertops, and stainless steel appliances.
