Residential Income Property with
For Sale
$424,500
1508 W Cortez Street Unit 2, Chicago, IL 60642
Duplex-down residence with two bedrooms, two baths, private outdoor space, and one included parking space.
Property Size1,550 SF
Price / SF$273.87
Days on Market19
Property Features for 1508 W Cortez Street Unit 2
General Information
Standard status
Active
Size
1,550 SF
Total Parking Spaces
1
Property subtype
Condo,Condo-Duplex
Site & Location
Highway Access
Yes
Public Transit
Yes
Units
Unit Mix
1 x 2BR/2BA
Multifamily Units
1
Taxes and HOA fees
Annual Taxes
$5,283
Amenities
gas fireplace
private terrace
laundry room
Building Details
Building Size
1,550 SF
Year Built
1920
Construction
brick masonry
Listing Agency:
Real Broker, LLC
Listed By:
Dustin Queen · License #475161658
Source:
Harkinsandassociates
Added: Aug 5
Changed: Aug 14
Last Checked: Aug 22 at 11:36AM
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 Real Broker, LLC
Investment Insights
Based on property information with market context.
This duplex-down residential income property occupies a solid brick masonry building constructed in 1920. The main level combines living, dining, and kitchen areas in an open arrangement, with oversized windows, exposed brick, hardwood flooring, high ceilings, and a gas fireplace. The kitchen includes 42-inch cabinetry, granite counters, stainless steel appliances, and a breakfast bar. Two bedrooms are located downstairs, including a primary suite with an en-suite bath, double vanity, and Jacuzzi tub. Marble bathrooms, a dedicated laundry room, substantial storage, and a large private terrace add to the configuration. The first floor has been freshly painted, and one parking space is included.
The property is near East Village, Noble Square, and Wicker Park, with access to the Blue Line, expressways, parks, shopping, restaurants, and nightlife. The address is 1508 W Cortez Street Unit 2 in Chicago, Illinois.
The property is near East Village, Noble Square, and Wicker Park, with access to the Blue Line, expressways, parks, shopping, restaurants, and nightlife. The address is 1508 W Cortez Street Unit 2 in Chicago, Illinois.
Key Highlights
- 1,550 SF duplex‑down residence in a solid brick masonry building
- Two bedrooms and two baths, with both bedrooms positioned on the lower level
- Main floor features oversized windows, exposed brick, hardwood floors, and a gas 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
5.60%
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 5.60%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$730.8K
$639.5K – $852.6K
NOI $51,157 @ 7.0% cap · market cap 12.05%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
3,963
Businesses Nearby
Explore this area
Business Placement
Demographics for 60642, IL
21,687
Population
12,144
Households
1.8
Avg Household Size
33
Median Age
78%
College-Educated
97%
High-School Grad
1.7 sq mi
ZIP Area
12,757
Density / Sq Mi
$141,179
Median Household Income
$90,885
Median Earnings
$2,216
Median Rent
$604,200
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Residential income property - Duplex-down residence with two bedrooms, two baths, private outdoor space, and one included parking space.
Where is this residential income property located?
The property is located at 1508 W Cortez Street Unit 2 Chicago, IL.
What is the asking price?
The asking price for this property is $424,500.
What are key features of this property?
This property features: 1,550 SF duplex‑down residence in a solid brick masonry building; Two bedrooms and two baths, with both bedrooms positioned on the lower level; Main floor features oversized windows, exposed brick, hardwood floors, and a gas fireplace
