Residential Income Property with Rooftop
For Sale
$419,000
1808 S Michigan Avenue Unit 31, Chicago, IL 60616
Garage parking and a dedicated storage unit accompany this two-level, two-bedroom residence.
Property Size1,380 SF
Price / SF$303.62
Days on Market34
Property Features for 1808 S Michigan Avenue Unit 31
General Information
Standard status
Active
Size
1,380 SF
Property subtype
Condo,Condo-Duplex
Site & Location
Neighborhood
South Loop
Highway Access
Yes
Public Transit
Yes
Units
Unit Mix
1 x 2BR/2BA duplex
Multifamily Units
1
Taxes and HOA fees
Annual Taxes
$7,375
Amenities
private rooftop terrace
garage parking
private storage unit
Building Details
Building Size
1,380 SF
Year Built
1999
Listing Agency:
@properties Christie's International Real Estate
Listed By:
Joy Residential
(312) 607-8010
Source:
Joy-residential
Added: Sep 24
Changed: Oct 27
Last Checked: Oct 27 at 4:09AM
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
Ask AI about this property
Review the available facts, identify missing information and prepare questions for the agent.
Investment Insights
Based on property information with market context.
This 1,380-square-foot duplex has two bedrooms and two bathrooms arranged across two levels. The main floor contains an open living and dining area, along with the second bedroom; the primary bedroom is upstairs. A private rooftop terrace adds outdoor space. Garage parking and a private storage unit are included. The property was built in 1999.
In Chicago’s South Loop, the residence is near Grant Park, the lakefront, Museum Campus, Soldier Field, Michigan Avenue restaurants and cafes, and neighborhood amenities. CTA lines and major expressways are also accessible.
In Chicago’s South Loop, the residence is near Grant Park, the lakefront, Museum Campus, Soldier Field, Michigan Avenue restaurants and cafes, and neighborhood amenities. CTA lines and major expressways are also accessible.
Key Highlights
- Two‑bedroom, two‑bathroom duplex across two levels
- 1,380 square feet; built in 1999
- Private rooftop terrace
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$21,154
Cap Rate
5.05%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$423,080
$423.1K
Cap Rate 7%
$302,200
$302.2K
Cap Rate 9%
$235,044
$235.0K
Market Conditions
NOI Build-Up for 1,380 SF
Gross rent
$40.6K $29.40/SF
− Vacancy
−$2.1K −$1.53/SF
EGI
$38.5K $27.87/SF
− OpEx
−$17.3K −$12.54/SF
NOI
$21.2K $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 Rate 5%
$423,080
Cap Rate 7%
$302,200
Cap Rate 9%
$235,044
Alternative Uses
Best Use
Apartment 5plus
$302.2K
$264.4K – $352.6K
NOI $21,154 @ 7.0% cap · market cap 5.05%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$650.7K
$569.3K – $759.1K
NOI $45,547 @ 7.0% cap · market cap 10.87%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Who owns this building?
See the owner, sales and loan history
Open Analytics
Lease Details
1
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
3,447
Businesses Nearby
Explore this area
Business Placement
Demographics for 60616, IL
54,013
Population
26,912
Households
2
Avg Household Size
38
Median Age
53%
College-Educated
86%
High-School Grad
3.8 sq mi
ZIP Area
14,214
Density / Sq Mi
$77,841
Median Household Income
$53,415
Median Earnings
$1,329
Median Rent
$387,300
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Frequently Asked Questions
What type of property is this?
Residential income property - Garage parking and a dedicated storage unit accompany this two-level, two-bedroom residence.
Where is this residential income property located?
The property is located at 1808 S Michigan Avenue Unit 31 Chicago, IL.
What is the asking price?
The asking price for this property is $419,000.
What are key features of this property?
This property features: Two‑bedroom, two‑bathroom duplex across two levels; 1,380 square feet; built in 1999; Private rooftop terrace
