Two-Unit Duplex With
New
For Sale
$455,000
1620 N Merrimac Ave, Chicago, IL 60639
Chicago duplex offering flexible owner-occupancy and rental-use options with updated systems and substantial storage.
Property Size1,200 SF
Price / SF$379.17
Days on Market3
Property Features for 1620 N Merrimac Ave
General Information
Standard status
Active
Size
1,200 SF
Property subtype
Multi-Family
Units
Unit Mix
2 x 2BR + bonus room
Multifamily Units
2
Amenities
unfinished basement
Building Details
Year Built
1924
Listing Agency:
Wirtz Real Estate Group Inc
Listed By:
Jamie Decker · License #475182031
(888) 574-9405
Source:
Dealwithdecker
Added: Sep 5
Changed: Sep 6
Last Checked: Sep 6 at 7:43AM
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 Wirtz Real Estate Group Inc
Investment Insights
Based on property information with market context.
Built in 1924, this Chicago duplex at 1620 N Merrimac Ave includes two residential units, each with two bedrooms, a bonus room, wood flooring, and approximately 1,200 square feet. Combined finished living space is estimated at more than 2,400 square feet. Both units also feature ceiling fans on the second floor, updated shower tile, and a cast-iron soaking tub.
The property occupies a large lot in Chicago’s Galewood neighborhood and includes a detached 2.5-car garage. An unfinished basement adds storage capacity. Recent improvements include new water pipes, new drywall, a roof approximately 6 years old, boilers approximately 10 years old, and replacement of more than 15 windows within the past 6 years. The two-unit layout supports owner occupancy, rental use, or a combination of both.
The property occupies a large lot in Chicago’s Galewood neighborhood and includes a detached 2.5-car garage. An unfinished basement adds storage capacity. Recent improvements include new water pipes, new drywall, a roof approximately 6 years old, boilers approximately 10 years old, and replacement of more than 15 windows within the past 6 years. The two-unit layout supports owner occupancy, rental use, or a combination of both.
Key Highlights
- Two residential units, each with two bedrooms and a bonus room
- Approximately 1200 sq ft per unit; total estimated finished living space over 2400 sq. ft.
- Detached 2.5‑car garage on a large lot
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
$20,263
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
4.45%
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%
$405,260
$405.3K
Cap Rate 7%
$289,471
$289.5K
Cap Rate 9%
$225,144
$225.1K
Market Conditions
NOI Build-Up for 1,200 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
$31.0K $25.80/SF
− Vacancy
−$2.0K −$1.68/SF
EGI
$28.9K $24.12/SF
− OpEx
−$8.7K −$7.24/SF
NOI
$20.3K $16.89/SF
Area
ZIP 60639
Vacancy
6.50%
Lease Rate
$25.80 /SF/Yr
Expense Ratio
30.00%
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%
$405,260
Cap Rate 7%
$289,471
Cap Rate 9%
$225,144
Alternative Uses
Best Use
Multifamily LT 5
$289.5K
$253.3K – $337.7K
NOI $20,263 @ 7.0% cap · market cap 4.45%
Second Best
Apartment 5plus
$261.1K
$228.5K – $304.7K
NOI $18,279 @ 7.0% cap · market cap 4.02%
Theoretical Best
Office A
$530.6K
$464.3K – $619.0K
NOI $37,140 @ 7.0% cap · market cap 8.16%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
1,071
Businesses Nearby
Explore this area
Business Placement
Demographics for 60639, IL
89,543
Population
28,656
Households
3.1
Avg Household Size
34
Median Age
15%
College-Educated
69%
High-School Grad
5.0 sq mi
ZIP Area
17,909
Density / Sq Mi
$59,710
Median Household Income
$34,846
Median Earnings
$1,212
Median Rent
$289,000
Median Home Value
Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - Chicago duplex offering flexible owner-occupancy and rental-use options with updated systems and substantial storage.
Where is this duplex located?
The property is located at 1620 N Merrimac Ave Chicago, IL.
What is the asking price?
The asking price for this property is $455,000.
What are key features of this property?
This property features: Two residential units, each with two bedrooms and a bonus room; Approximately 1200 sq ft per unit; total estimated finished living space over 2400 sq. ft.; Detached 2.5‑car garage on a large lot
