Top-Floor Residential Income
For Sale
Contact for pricing
1516 South Wabash Avenue, Chicago, IL 60605
Two-bedroom residence with renovated kitchen, private balcony, heated parking, and updated in-unit laundry.
Property Size1,500 SF
Price / SF$309.33
Days on Market18
Property Features for 1516 South Wabash Avenue
General Information
Standard status
Active
Size
1,500 SF
Class
A
Total Parking Spaces
1
Property subtype
Multifamily
Zoning
CONDO
Occupancy
100%
Investment Type
Owner/User
Site & Location
Highway Access
Yes
Public Transit
Yes
Units
Unit Mix
1 x 2BR/2BA
Multifamily Units
1
Amenities
fitness room
common lobby
bike storage
heated garage parking
private balcony
in-unit washer/dryer
Building Details
Year Built
1920
Year Renovated
2000
Buildings
1
Units
1
Listing Agency:
ALLURE Real Estate
(312) 772-2820
Listed By:
Cecil Sabu · License #471.019943
Source:
Crexi
Added: Jul 28
Changed: Aug 9
Last Checked: Aug 12 at 2:50PM
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 ALLURE Real Estate
Investment Insights
Based on property information with market context.
This top-floor northeast-corner residence in a condominium association offers approximately 1,500 square feet with 2 bedrooms and 2 full baths. The interior includes soaring ceilings, oversized windows, a large living and dining area, and a renovated kitchen with quartz countertops, stainless-steel appliances, extensive cabinetry, and ample workspace. A private balcony, walk-in closet, dedicated storage, updated HVAC, and a new full-size in-unit washer and dryer add to the configuration. Deeded heated garage parking provides an additional property feature with potential income relevance.
Built in 1920 and zoned CONDO, the property is located at 1516 South Wabash Avenue in Chicago’s South Loop. The condominium includes a fitness room, common lobby, and bike storage. The setting is near the Loop, CTA transportation, expressways, Museum Campus, Grant Park, the lakefront, restaurants, universities, hospitals, and major employment centers. A potential capitalization rate of upwards-of-6% is based on market rent and operating assumptions and should be independently verified.
Built in 1920 and zoned CONDO, the property is located at 1516 South Wabash Avenue in Chicago’s South Loop. The condominium includes a fitness room, common lobby, and bike storage. The setting is near the Loop, CTA transportation, expressways, Museum Campus, Grant Park, the lakefront, restaurants, universities, hospitals, and major employment centers. A potential capitalization rate of upwards-of-6% is based on market rent and operating assumptions and should be independently verified.
Key Highlights
- Approximately 1,500‑square‑foot top‑floor northeast‑corner residence
- 2 bedrooms and 2 full baths with soaring ceilings and oversized windows
- Renovated kitchen with quartz 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
$22,994
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
4.96%
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%
$459,880
$459.9K
Cap Rate 7%
$328,486
$328.5K
Cap Rate 9%
$255,489
$255.5K
Market Conditions
NOI Build-Up for 1,500 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
$44.1K $29.40/SF
− Vacancy
−$2.3K −$1.53/SF
EGI
$41.8K $27.87/SF
− OpEx
−$18.8K −$12.54/SF
NOI
$23.0K $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%
$459,880
Cap Rate 7%
$328,486
Cap Rate 9%
$255,489
Alternative Uses
Best Use
Apartment 5plus
$328.5K
$287.4K – $383.2K
NOI $22,994 @ 7.0% cap · market cap 4.96%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$707.2K
$618.8K – $825.1K
NOI $49,507 @ 7.0% cap · market cap 10.67%
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
4,173
Businesses Nearby
Explore this area
Business Placement
Demographics for 60605, IL
34,071
Population
20,478
Households
1.7
Avg Household Size
34
Median Age
82%
College-Educated
96%
High-School Grad
1.4 sq mi
ZIP Area
24,336
Density / Sq Mi
$118,403
Median Household Income
$82,091
Median Earnings
$2,402
Median Rent
$495,900
Median Home Value
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Residential income property - Two-bedroom residence with renovated kitchen, private balcony, heated parking, and updated in-unit laundry.
Where is this residential income property located?
The property is located at 1516 South Wabash Avenue Chicago, IL.
What is the asking price?
The asking price for this property is $464,000.
What are key features of this property?
This property features: Approximately 1,500‑square‑foot top‑floor northeast‑corner residence; 2 bedrooms and 2 full baths with soaring ceilings and oversized windows; Renovated kitchen with quartz countertops and stainless‑steel appliances
