Harbor Square Updated
1522 S Prairie Avenue #H, Chicago, IL 60605
For Sale
$700,000
Three-bedroom home with contemporary updates in a gated community.
Property Size2,200 SF
Days on Market342
Property Features for 1522 S Prairie Avenue #H
General Information
Standard status
Size
Property subtype
Site & Location
Neighborhood
Amenities
Natural Gas
Central Air
Forced Air
Range
Microwave
Dishwasher
Refrigerator
Freezer
Washer
Dryer
Disposal
Stainless Steel Appliance(s)
Deck
Building Details
Building Size
Year Built
Listing Agency:
Compass
Listed By:
Nadine Ferrata · License #475139686
(312) 915-4713
Source:
Kw
Added: Dec 1, 2025
Changed: Oct 30
Last Checked: Nov 6 at 12:15PM
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 Compass
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Investment Insights
Based on property information with market context.
This Harbor Square residence features three bedrooms plus a den and two and a half bathrooms, showcasing contemporary updates throughout. Located within a quiet, gated complex, the property benefits from a professionally landscaped courtyard and multiple outdoor spaces. The foyer includes a large walk-in storage closet, leading to a spacious formal living area filled with natural light from a wall of windows. The living space centers around a gas fireplace and features hardwood floors, with an open-concept layout connecting the living and dining areas. The updated kitchen includes a large eat-in island, two-tone cabinetry, quartz countertops, pendant lights, and stainless steel appliances. Upstairs, a versatile sitting area provides access to a private terrace. The primary bedroom features hardwood floors, a large walk-in closet with custom organizers, and an ensuite bathroom with dual vanities, a soaking tub, and a separate shower. Both additional bedrooms are spacious, with ample closet space and hardwood floors. A second private terrace is accessible from the guest bedroom, and a laundry closet is conveniently located on the bedroom level. The property includes an attached single-car garage and has been freshly painted. The South Loop location offers proximity to Grant Park, the lakefront trail, Museum Campus, shops, restaurants, public transit, and expressways.
Key Highlights
- Prime South Loop location near Grant Park, lakefront, museums, restaurants, public transit, and expressways.
- Updated kitchen with eat‑in island, quartz countertops, and stainless steel appliances.
- Three bedrooms plus den and two and a half baths in a gated complex with landscaped courtyard.
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$33,724
Cap Rate
4.82%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$674,480
$674.5K
Cap Rate 7%
$481,771
$481.8K
Cap Rate 9%
$374,711
$374.7K
Market Conditions
NOI Build-Up for 2,200 SF
Gross rent
$64.7K $29.40/SF
− Vacancy
−$3.4K −$1.53/SF
EGI
$61.3K $27.87/SF
− OpEx
−$27.6K −$12.54/SF
NOI
$33.7K $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 Rate 5%
$674,480
Cap Rate 7%
$481,771
Cap Rate 9%
$374,711
Alternative Uses
Best Use
Apartment 5plus
$481.8K
$421.6K – $562.1K
NOI $33,724 @ 7.0% cap · market cap 4.82%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.04M
$907.6K – $1.21M
NOI $72,611 @ 7.0% cap · market cap 10.37%
Zoning and permitted uses should be independently verified with authorities.
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Location Intelligence
Trade Area within ½ mile
3,433
Businesses Nearby
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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
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Market
Properties on Market for Apartment buildings in Chicago
Vacancy Rate% for Multifamily in Midwest region
Frequently Asked Questions
What type of property is this?
Apartment building - Three-bedroom home with contemporary updates in a gated community.
Where is this apartment building located?
The property is located at 1522 S Prairie Avenue #H Chicago, IL.
What is the asking price?
The asking price for this property is $700,000.
What are key features of this property?
This property features: Prime South Loop location near Grant Park, lakefront, museums, restaurants, public transit, and expressways.; Updated kitchen with eat‑in island, quartz countertops, and stainless steel appliances.; Three bedrooms plus den and two and a half baths in a gated complex with landscaped courtyard.
