West Loop Updated
For Sale
$402,500
1645 W Ogden Avenue #722, Chicago, IL 60612
Updated 2-bedroom condo in vibrant West Loop location.
Property Size1,320 SF
Price / SF$304.92
Days on Market446
Property Features for 1645 W Ogden Avenue #722
General Information
Standard status
Active
Size
1,320 SF
Property subtype
Condominium
Amenities
Natural Gas
Central Air
Forced Air
Range
Microwave
Dishwasher
Refrigerator
Washer
Dryer
Disposal
Deck
Building Details
Building Size
1,320 SF
Year Built
2006
Listing Agency:
Coldwell Banker Realty
(832) 771-5355
Listed By:
Michelle Arseneau
Source:
Kw
Added: Jun 3, 2025
Changed: Aug 8
Last Checked: Aug 22 at 12:47PM
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 Coldwell Banker Realty
Investment Insights
Based on property information with market context.
This updated condo in the West Loop features 2 bedrooms, a den, and 2 bathrooms. The unit boasts 13-foot ceilings and a 25-foot private balcony. The layout includes a living area with a fireplace. The den can serve as a home office or creative studio. The kitchen is equipped with floating shelves, white cabinetry, a Bosch dishwasher, and new appliances. The primary suite, remodeled in 2023, includes a custom tile walk-in shower, double vanity, and a built-out closet. Bedroom walls extend from floor to ceiling. Additional updates include newly stained hardwood floors, new interior doors, and new 2024 carpet in the second bedroom, and electric blackout blinds in the primary bedroom. The property is located near Skinner Park and Skinner Elementary, close to Fulton Market and the United Center, with access to dining, shopping, and entertainment. Public transportation and expressways are easily accessible. The property size is 1320 square feet.
Key Highlights
- Prime West Loop location: close to Skinner Park/Elementary, Fulton Market, United Center, dining, shopping, and entertainment.
- Completely remodeled primary suite (2023) with custom tile walk‑in shower, double vanity, and built‑out closet.**
- Soaring 13‑foot ceilings and a 25‑foot private balcony create an open and inviting living space.**
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
$20,234
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
5.03%
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%
$404,680
$404.7K
Cap Rate 7%
$289,057
$289.1K
Cap Rate 9%
$224,822
$224.8K
Market Conditions
NOI Build-Up for 1,320 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
$38.8K $29.40/SF
− Vacancy
−$2.0K −$1.53/SF
EGI
$36.8K $27.87/SF
− OpEx
−$16.6K −$12.54/SF
NOI
$20.2K $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%
$404,680
Cap Rate 7%
$289,057
Cap Rate 9%
$224,822
Alternative Uses
Best Use
Apartment 5plus
$289.1K
$252.9K – $337.2K
NOI $20,234 @ 7.0% cap · market cap 5.03%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$622.4K
$544.6K – $726.1K
NOI $43,566 @ 7.0% cap · market cap 10.82%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
7,351
Businesses Nearby
Explore this area
Business Placement
Demographics for 60612, IL
34,402
Population
16,763
Households
2.1
Avg Household Size
34
Median Age
41%
College-Educated
89%
High-School Grad
3.7 sq mi
ZIP Area
9,298
Density / Sq Mi
$60,457
Median Household Income
$46,582
Median Earnings
$1,330
Median Rent
$331,600
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?
Apartment building - Updated 2-bedroom condo in vibrant West Loop location.
Where is this apartment building located?
The property is located at 1645 W Ogden Avenue #722 Chicago, IL.
What is the asking price?
The asking price for this property is $402,500.
What are key features of this property?
This property features: Prime West Loop location: close to Skinner Park/Elementary, Fulton Market, United Center, dining, shopping, and entertainment.; Completely remodeled primary suite (2023) with custom tile walk‑in shower, double vanity, and built‑out closet.**; Soaring 13‑foot ceilings and a 25‑foot private balcony create an open and inviting living space.**
