Duplex-Up Residential Income
For Sale
$645,000
1640 W DIVERSEY Avenue Unit 6, Chicago, IL 60614
Three-bedroom, three-bath residence with two living areas, private outdoor space, parking, and updated mechanical systems.
Property Size1,900 SF
Price / SF$339.47
Days on Market25
Property Features for 1640 W DIVERSEY Avenue Unit 6
General Information
Standard status
Active
Size
1,900 SF
Property subtype
1/2 Duplex,Condo,Condo-Duplex
Site & Location
Highway Access
Yes
Road Access
Yes
Public Transit
Yes
Units
Unit Mix
1 x 3BR/3BA
Multifamily Units
1
Parking per Unit
1.5
Taxes and HOA fees
Annual Taxes
$11,532
Amenities
fireplace
private deck
common side yard
in-unit laundry
Building Details
Building Size
1,900 SF
Year Built
1986
Listing Agency:
Compass
Listed By:
Santiago Valdez · License #475153660
(773) 858-2410
Source:
Cnetproperties
Added: Sep 8
Changed: Sep 30
Last Checked: Oct 1 at 5:08PM
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
Investment Insights
Based on property information with market context.
This duplex-up residential income property offers 1,900 square feet across two levels with three bedrooms and three bathrooms. The open main level connects a refreshed kitchen to the dining and living areas, with vaulted ceilings, three exposures, updated skylights with remote-controlled blinds, a fireplace, and access to a private deck. Each bedroom includes an en-suite bathroom and walk-in closet, while the upper level adds a second living area suitable for use as an office or media room. The primary suite includes vaulted ceilings, a large walk-in closet, and a private bath.
Additional features include side-by-side in-unit laundry with a 2024 front-loading washer and dryer, a 2024 water heater, HVAC replaced in 2020, and an oversized 1.5-car parking space. Built in 1986, the building also provides a landscaped common side yard. The property is located near restaurants, coffee shops, Jewel, Whole Foods, Target, Wang (Chi Che) Park, and nightlife, with access to 90/94, buses, and the Diversey Brown Line.
Additional features include side-by-side in-unit laundry with a 2024 front-loading washer and dryer, a 2024 water heater, HVAC replaced in 2020, and an oversized 1.5-car parking space. Built in 1986, the building also provides a landscaped common side yard. The property is located near restaurants, coffee shops, Jewel, Whole Foods, Target, Wang (Chi Che) Park, and nightlife, with access to 90/94, buses, and the Diversey Brown Line.
Key Highlights
- 1,900 SF duplex‑up layout with two levels and two living areas
- Three bedrooms, each with an en‑suite bathroom and walk‑in closet
- Updated kitchen with island, breakfast bar, stainless steel appliances, and granite countertops
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
$29,125
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
4.52%
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%
$582,500
$582.5K
Cap Rate 7%
$416,071
$416.1K
Cap Rate 9%
$323,611
$323.6K
Market Conditions
NOI Build-Up for 1,900 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
$55.9K $29.40/SF
− Vacancy
−$2.9K −$1.53/SF
EGI
$53.0K $27.87/SF
− OpEx
−$23.8K −$12.54/SF
NOI
$29.1K $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%
$582,500
Cap Rate 7%
$416,071
Cap Rate 9%
$323,611
Alternative Uses
Best Use
Apartment 5plus
$416.1K
$364.1K – $485.4K
NOI $29,125 @ 7.0% cap · market cap 4.52%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$895.8K
$783.9K – $1.05M
NOI $62,709 @ 7.0% cap · market cap 9.72%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
1
Residential units
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
3,451
Businesses Nearby
Explore this area
Business Placement
Demographics for 60614, IL
73,173
Population
38,089
Households
1.9
Avg Household Size
31
Median Age
86%
College-Educated
98%
High-School Grad
3.2 sq mi
ZIP Area
22,867
Density / Sq Mi
$139,561
Median Household Income
$86,386
Median Earnings
$2,019
Median Rent
$730,700
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Residential income property - Three-bedroom, three-bath residence with two living areas, private outdoor space, parking, and updated mechanical systems.
Where is this residential income property located?
The property is located at 1640 W DIVERSEY Avenue Unit 6 Chicago, IL.
What is the asking price?
The asking price for this property is $645,000.
What are key features of this property?
This property features: 1,900 SF duplex‑up layout with two levels and two living areas; Three bedrooms, each with an en‑suite bathroom and walk‑in closet; Updated kitchen with island, breakfast bar, stainless steel appliances, and granite countertops
