Spacious Urban Oasis with
For Sale
$580,000
1522 N Western Avenue #4, Chicago, IL 60622
Sun-drenched 3-bedroom home with balconies, terrace, and parking.
Property Size1,500 SF
Price / SF$386.67
Days on Market366
Property Features for 1522 N Western Avenue #4
General Information
Standard status
Active
Size
1,500 SF
Property subtype
Condominium
Amenities
Central Air
Natural Gas
Range
Microwave
Dishwasher
Refrigerator
Washer
Dryer
Disposal
Stainless Steel Appliance(s)
Range Hood
Deck
Building Details
Building Size
1,500 SF
Year Built
2013
Listing Agency:
Redfin Corporation
(312) 836-4263
Listed By:
Daniel Csuk · License #10401267029
(312) 836-4263
Source:
Kw
Added: Aug 21, 2025
Changed: Aug 8
Last Checked: Aug 21 at 2:17PM
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 Redfin Corporation
Investment Insights
Based on property information with market context.
This sun-drenched urban oasis features a spacious 1500 square foot, 3-bedroom, 2-bath home with incredible natural light, soaring high ceilings, and an open, airy layout. Outdoor living is enhanced by two private balconies and a private rooftop terrace. The property includes three dedicated parking spaces, consisting of one garage space and two exterior tandem spaces. The modern kitchen is equipped with a new dishwasher installed in 2024. Located minutes from the highway and with easy access to public transportation, this home offers accessibility and privacy.
Key Highlights
- Spacious 3‑bedroom, 2‑bath home with an open, airy layout.
- Two private balconies and a private rooftop terrace.
- Incredible natural light throughout and soaring high ceilings.
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
3.96%
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 3.96%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$707.2K
$618.8K – $825.1K
NOI $49,507 @ 7.0% cap · market cap 8.54%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
4,710
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?
Apartment building - Sun-drenched 3-bedroom home with balconies, terrace, and parking.
Where is this apartment building located?
The property is located at 1522 N Western Avenue #4 Chicago, IL.
What is the asking price?
The asking price for this property is $580,000.
What are key features of this property?
This property features: Spacious 3‑bedroom, 2‑bath home with an open, airy layout.; Two private balconies and a **private rooftop terrace**.; Incredible natural light throughout and soaring high ceilings.
