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    Tenant-Occupied Greystone Duplex Title is generated by Realmo AI

    1607 S Sawyer Avenue, Chicago, IL 60623

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    For Sale
    $355,000

    MULTI_FAMILY - Chicago, IL

    Added:
    Apr 12, 2026
    Days on Market:
    57
    Last Refresh:
    Jun 7 at 9:06 pm

    Property Features for 1607 S Sawyer Avenue

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Other
    Zoning
    MULTI
    Bedrooms
    9
    Bathrooms
    3
    Rooms
    Basement, Bedroom 5, Bathroom 3, Bedroom 2, Bathroom 2, Bedroom 3, Bedroom 7, Bathroom 1, Bedroom 4, Bedroom 1, Bedroom 8, Bedroom 9, Kitchen, Bedroom 6
    Basement
    Finished, Full
    Standard status
    Active
    APN
    16234070020000

    Taxes and HOA fees

    Tax Year
    2023
    Tax Annual Amount
    1905

    Utilities

    Sewer type
    Public Sewer
    Heating system
    Forced Air, Natural Gas
    Water source
    Public

    Building Details

    Building materials
    Brick
    Roof type
    Rubber

    We can help!

    Listing Contact
    Barbara Kieca
    Barbara Kieca

    Listing agent Barbara Kieca License #475153778

    Listing office Hometown Real Estate Group 7700 W. Belmont Ave., Chicago, IL

    Listing date Apr 12, 2026

    MLS# 12617108 Listing URL

    Copyright © 2026 Midwest Real Estate Data, LLC. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    HighLights

    • Brick buildings with rubber roof and forced‑air, natural gas heating
    • Total 18 bedrooms and 6 bathrooms across 1607 & 1609 S. Sawyer, with over 1,500+ sq ft of living space or storage
    • Public water and public sewer
    • Condo‑style setup: each unit has its own dedicated HVAC, water heater, and electrical panels
    • Both buildings are fully tenant occupied; current rents are below market value
    • List price is for 1607 S. Sawyer only; option to purchase an adjusted double lot on 16th Street at FMV (confirm with City of Chicago)

    Overview

    This offering includes a Greystone duplex at 1607 S. Sawyer Avenue. The property is described as being tenant-occupied and configured to provide living space and storage. The duplex is presented as having (18) total bedrooms and (6) baths combined across 1607 and 1609 Sawyer, with each unit equipped with dedicated HVAC, water heater, and electrical panels in a condo-style setup. The seller notes that current rents are below market value and indicates rents may be adjusted after light cosmetic rehab at the buyer’s discretion.

    The buildings are positioned in close proximity to downtown and across the street from Douglas Park, with nearby amenities and transportation options described as steps away. The seller indicates they will entertain offers for each building individually but would prefer both buildings be sold as a package.

    For buyers seeking an income property, this structure’s unit-by-unit mechanical and electrical setup can support independent operations. Please note that any purchase would be subject to the existing tenants. The listing also states that the new owner of 1607 S. Sawyer has an option to purchase an adjusted double lot on 16th Street at fair market value, subject to confirmation with the City of Chicago, which may present additional flexibility depending on buyer goals.
    Property Profile Location Intelligence

    Current Use by Public Records

    Duplexes

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Center Daycare Center

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Chicago
    County
    Cook
    State
    Illinois
    Longitude
    -87.706319
    Latitude
    41.858809

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    FAQs

    What type of property is this?
    Duplex - Chicago duplex with dedicated HVAC systems and tenant-occupied units, offered subject to existing leases.
    Where is this duplex located?
    The property is located at 1607 S Sawyer Avenue Chicago, IL.
    What is the asking price?
    The asking price for this property is $355,000.
    What are key features of this property?
    This property features: Brick buildings with rubber roof and forced‑air, natural gas heating; Total 18 bedrooms and 6 bathrooms across 1607 & 1609 S. Sawyer, with over 1,500+ sq ft of living space or storage; Public water and public sewer
    (773) 625-1121
    We can help!
    Listing Contact
    Barbara Kieca
    Barbara Kieca
    Real Estate License ID: 475153778
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

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