Renovated Duplex Income
For Sale
$1,195,000
Pending
17 E Division Street Unit 1E, Chicago, IL 60610
Reconfigured in 2023 with four bedrooms, designer finishes, two fireplaces, and a deeded exterior parking space.
Property Size2,500 SF
Days on Market38
Property Features for 17 E Division Street Unit 1E
General Information
Standard status
Pending
Size
2,500 SF
Total Parking Spaces
1
Property subtype
Condo,Condo-Duplex,Low Rise (1-3 Stories),Vintage
Units
Unit Mix
1 x 4BR/2.1BA
Multifamily Units
1
Taxes and HOA fees
Annual Taxes
$12,307
Building Details
Building Size
2,500 SF
Year Built
1900
Year Renovated
2023
Buildings
1
Listing Agency:
@properties Christie's International Real Estate
Listed By:
Carrie McCormick · License #475123706
(312) 961-4612
Source:
Harkinsandassociates
Added: Jul 28
Changed: Sep 2
Last Checked: Aug 31 at 9:23PM
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 @properties Christie's International Real Estate
Investment Insights
Based on property information with market context.
This duplex residential income property at 17 E Division Street combines a 1900 building shell with a comprehensive 2023 renovation. The four-bedroom, 2.1-bath residence spans a main level and lower level, with 10-foot ceilings, white oak flooring, custom millwork, two gas fireplaces, and a designer kitchen equipped with Wolf, Dacor, and Cove appliances. The primary suite includes heated dolomite floors, dual vanities, a soaking tub, and a walk-in shower. The lower level adds a family room, wet bar, temperature-ready wine room, two bedrooms, a renovated full bath with radiant heated floors, laundry, and storage.
The property is in Chicago’s Gold Coast, near Oak Street Beach, Lake Michigan, the Magnificent Mile, Rush Street, restaurants, shopping, fitness studios, and parks. One deeded exterior parking space behind the residence is included. The home falls within the Ogden Elementary and Lincoln Park High School boundaries.
The property is in Chicago’s Gold Coast, near Oak Street Beach, Lake Michigan, the Magnificent Mile, Rush Street, restaurants, shopping, fitness studios, and parks. One deeded exterior parking space behind the residence is included. The home falls within the Ogden Elementary and Lincoln Park High School boundaries.
Key Highlights
- 2023 down‑to‑the‑studs renovation of a 1900 building
- Four‑bedroom, 2.1‑bath duplex residence
- 10‑foot ceilings, white oak flooring, custom millwork, and two gas fireplaces
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
$38,323
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
3.21%
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%
$766,460
$766.5K
Cap Rate 7%
$547,471
$547.5K
Cap Rate 9%
$425,811
$425.8K
Market Conditions
NOI Build-Up for 2,500 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
$73.5K $29.40/SF
− Vacancy
−$3.8K −$1.53/SF
EGI
$69.7K $27.87/SF
− OpEx
−$31.4K −$12.54/SF
NOI
$38.3K $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%
$766,460
Cap Rate 7%
$547,471
Cap Rate 9%
$425,811
Alternative Uses
Best Use
Apartment 5plus
$547.5K
$479.0K – $638.7K
NOI $38,323 @ 7.0% cap · market cap 3.21%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.18M
$1.03M – $1.38M
NOI $82,512 @ 7.0% cap · market cap 6.90%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Residential units
Location Intelligence
Trade Area within ½ mile
15,146
Businesses Nearby
Explore this area
Business Placement
Demographics for 60610, IL
43,794
Population
30,091
Households
1.5
Avg Household Size
34
Median Age
79%
College-Educated
97%
High-School Grad
1.1 sq mi
ZIP Area
39,813
Density / Sq Mi
$105,649
Median Household Income
$82,934
Median Earnings
$2,029
Median Rent
$543,000
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Residential income property - Reconfigured in 2023 with four bedrooms, designer finishes, two fireplaces, and a deeded exterior parking space.
Where is this residential income property located?
The property is located at 17 E Division Street Unit 1E Chicago, IL.
What is the asking price?
The asking price for this property is $1,195,000.
What are key features of this property?
This property features: 2023 down‑to‑the‑studs renovation of a 1900 building; Four‑bedroom, 2.1‑bath duplex residence; 10‑foot ceilings, white oak flooring, custom millwork, and two gas fireplaces
