Historic Church Conversion Apartment
New
For Sale
$950,000
1457 N Talman Avenue, Chicago, IL 60622
Vacant RM-5-zoned shell with architectural plans for an apartment conversion and exterior terraces.
Property Size3,000 SF
Price / SF$316.67
Days on Market5
Property Features for 1457 N Talman Avenue
General Information
Standard status
Active
Size
3,000 SF
Total Parking Spaces
4
Property subtype
Commercial
Zoning
RM-5
Additional Details
Multifamily Units
8
Amenities
Composition Roof
Building Details
Year Built
1892
Construction
masonry
Listing Agency:
TRITON REALTY GROUP LLC
(312) 788-9379
Listed By:
HARRISON COHEN · License #475177887
Source:
Corcoran
Added: Aug 6
Changed: Aug 9
Last Checked: Aug 9 at 4:04PM
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.
This vacant 1892 masonry church is positioned for conversion into an eight-unit apartment property. The existing 3,000 SF shell retains arched windows, decorative brick corbelling, and a prominent street-facing tower. Plans prepared by SPACE Architects call for 6,000 SF of net rentable area, with four one-bedroom simplex units and four two-bedroom duplex-up residences. The proposed unit mix includes two 2bd/2ba and two 2bd/1ba layouts.
The RM-5-zoned property is located near North, Western, and Division, with Paseo Boricua’s restaurants and shops nearby. Pending permits and planned site improvements include 4 surface parking spaces, 8 bicycle spaces, and exterior terraces serving select units. The conversion carries a pro forma 7.07 cap rate and 9.69 GRM.
The RM-5-zoned property is located near North, Western, and Division, with Paseo Boricua’s restaurants and shops nearby. Pending permits and planned site improvements include 4 surface parking spaces, 8 bicycle spaces, and exterior terraces serving select units. The conversion carries a pro forma 7.07 cap rate and 9.69 GRM.
Key Highlights
- 1892 masonry church shell with arched windows, decorative brick corbelling, and a street‑facing tower
- Planned 8‑unit conversion with 6,000 SF net rentable area
- Unit mix includes four one‑bedroom simplex and four two‑bedroom duplex‑up units
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
Lease Details
8
Residential units
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
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Frequently Asked Questions
What type of property is this?
Apartment building - Vacant RM-5-zoned shell with architectural plans for an apartment conversion and exterior terraces.
Where is this apartment building located?
The property is located at 1457 N Talman Avenue 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: 1892 masonry church shell with arched windows, decorative brick corbelling, and a street‑facing tower; Planned 8‑unit conversion with 6,000 SF net rentable area; Unit mix includes four one‑bedroom simplex and four two‑bedroom duplex‑up units
