Value-Add Duplex Near 606
For Sale
$499,000
Pending
1645 North Central Park Avenue, Chicago, IL 60647
Duplex with value-add opportunity near Simons Park and 606 Trail.
Property Size2,494 SF
Lot Size0.41 Acres
Days on Market110
Property Features for 1645 North Central Park Avenue
General Information
Standard status
Pending
Size
2,494 SF
Total Parking Spaces
2
Lot size
0.41 Acres
Property subtype
Two to Four Units / 3 Flat
Zoning
MULTI
Taxes and HOA fees
Annual Taxes
$6,494
Building Details
Year Built
1888
Listing Agency:
Compass
(773) 858-2410
Listed By:
Santiago Valdez · License #475153660
(773) 858-2410
Source:
Compass
Added: May 7
Changed: Aug 23
Last Checked: Jul 24 at 1:19PM
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 property presents a value-add opportunity on a large 177 ft lot backing up to Simons Park, with access to the 606 Trail. The building contains two primary units, each featuring a 3-bedroom, 2-bathroom layout. The property is being sold with existing city code violations requiring the removal of the current basement unit and the reinforcement or rebuilding of the rear stairs. Located within Chicago's ADU allowed area, the lower-level remediation provides an opportunity to build at least one, and potentially two, Additional Dwelling Units. The location offers proximity to coffee shops, grocery stores, and Logan Square.
Key Highlights
- Large 177 ft lot backing directly onto Simons Park with immediate access to the 606 Trail.
- Opportunity to build one or two Additional Dwelling Units (ADUs) due to location within Chicago's ADU allowed area.
- Both primary units feature desirable 3‑bedroom, 2‑bathroom layouts, offering strong rent potential.
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
$41,574
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
8.33%
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%
$831,480
$831.5K
Cap Rate 7%
$593,914
$593.9K
Cap Rate 9%
$461,933
$461.9K
Market Conditions
NOI Build-Up for 2,494 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
$62.8K $25.20/SF
− Vacancy
−$3.5K −$1.39/SF
EGI
$59.4K $23.81/SF
− OpEx
−$17.8K −$7.14/SF
NOI
$41.6K $16.67/SF
Area
Chicago, IL
Vacancy
5.50%
Lease Rate
$25.20 /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%
$831,480
Cap Rate 7%
$593,914
Cap Rate 9%
$461,933
Alternative Uses
Best Use
Multifamily LT 5
$593.9K
$519.7K – $692.9K
NOI $41,574 @ 7.0% cap · market cap 8.33%
Second Best
Apartment 5plus
$546.2K
$477.9K – $637.2K
NOI $38,231 @ 7.0% cap · market cap 7.66%
Theoretical Best
Office A
$1.18M
$1.03M – $1.37M
NOI $82,314 @ 7.0% cap · market cap 16.50%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,701
Businesses Nearby
Explore this area
Business Placement
Demographics for 60647, IL
85,631
Population
41,975
Households
2
Avg Household Size
33
Median Age
61%
College-Educated
92%
High-School Grad
4.0 sq mi
ZIP Area
21,408
Density / Sq Mi
$102,851
Median Household Income
$65,776
Median Earnings
$1,714
Median Rent
$557,300
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 - Duplex with value-add opportunity near Simons Park and 606 Trail.
Where is this duplex located?
The property is located at 1645 North Central Park Avenue Chicago, IL.
What is the asking price?
The asking price for this property is $499,000.
What are key features of this property?
This property features: Large 177 ft lot backing directly onto Simons Park with immediate access to the 606 Trail.; Opportunity to build one or two Additional Dwelling Units (ADUs) due to location within Chicago's ADU allowed area.; Both primary units feature desirable 3‑bedroom, 2‑bathroom layouts, offering strong rent potential.
