Historic Masonry Religious
New
For Sale
Contact for pricing
1457-59 N Talman Ave., Chicago, IL 60622
RM-5 zoning supports an 8-unit residential redevelopment with architectural plans and a permit in progress.
Property Size3,000 SF
Lot Size0.14 Acres
Price / SF$316.67
Days on Market7
Property Features for 1457-59 N Talman Ave.
General Information
Standard status
Active
Size
3,000 SF
Total Parking Spaces
4
Lot size
0.14 Acres
Property subtype
Special Purpose
Zoning
RM-5
Investment Type
Redevelopment
Building Details
Year Built
1892
Buildings
1
Construction
masonry
Listing Agency:
Triton Realty Group LLC
(847) 624-6639
Listed By:
Matthew Fritzshall · License #IL 471.016941
Source:
Crexi
Added: Aug 6
Changed: Aug 12
Last Checked: Aug 12 at 1:59AM
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 Triton Realty Group LLC
Investment Insights
Based on property information with market context.
Located at 1457-59 N. Talman Ave. in Chicago, this historic masonry religious building was constructed in 1892 and retains its brick exterior, arched window openings, decorative corbelling, and street-facing tower. The existing envelope is planned for three above-grade floors of residential construction across a combined ±6,250 SF lot and two parcels.
SPACE Architects + Planners has prepared an 8-unit residential design comprising four one-bedroom simplex residences and four two-bedroom duplex residences. Three upper-level units include private terraces. The site plan also provides four surface parking spaces along the rear alley and eight bicycle parking spaces. Chicago City Council approved rezoning to RM-5, and the seller is finalizing the building permit with the architectural plan set.
SPACE Architects + Planners has prepared an 8-unit residential design comprising four one-bedroom simplex residences and four two-bedroom duplex residences. Three upper-level units include private terraces. The site plan also provides four surface parking spaces along the rear alley and eight bicycle parking spaces. Chicago City Council approved rezoning to RM-5, and the seller is finalizing the building permit with the architectural plan set.
Key Highlights
- Historic masonry building constructed in 1892
- Combined ±6,250 SF lot across two parcels
- RM‑5 zoning approved by Chicago City Council
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
$45,987
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
4.84%
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%
$919,740
$919.7K
Cap Rate 7%
$656,957
$657.0K
Cap Rate 9%
$510,967
$511.0K
Market Conditions
NOI Build-Up for 3,000 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
$88.2K $29.40/SF
− Vacancy
−$4.6K −$1.53/SF
EGI
$83.6K $27.87/SF
− OpEx
−$37.6K −$12.54/SF
NOI
$46.0K $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%
$919,740
Cap Rate 7%
$656,957
Cap Rate 9%
$510,967
Alternative Uses
Best Use
Apartment 5plus
$657.0K
$574.8K – $766.5K
NOI $45,987 @ 7.0% cap · market cap 4.84%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.41M
$1.24M – $1.65M
NOI $99,014 @ 7.0% cap · market cap 10.42%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
3,533
Businesses Nearby
Explore this area
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
Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Church & religious facility - RM-5 zoning supports an 8-unit residential redevelopment with architectural plans and a permit in progress.
Where is this church & religious facility located?
The property is located at 1457-59 N Talman Ave. Chicago, IL.
What is the asking price?
The asking price for this property is $950,000.
What are key features of this property?
This property features: Historic masonry building constructed in 1892; Combined ±6,250 SF lot across two parcels; RM‑5 zoning approved by Chicago City Council
