Park-Facing Residential Income
For Sale
$639,900
Pending
1822 S Throop Street Unit 1, Chicago, IL 60608
Newer construction offers flexible two-level living, contemporary finishes, private outdoor space, and direct access to Throop Park.
Property Size2,200 SF
Days on Market14
Property Features for 1822 S Throop Street Unit 1
General Information
Standard status
Pending
Size
2,200 SF
Property subtype
Condo,Condo-Duplex
Additional Details
Public Transit
Yes
Multifamily Units
1
Taxes and HOA fees
Annual Taxes
$12,459
Amenities
private rear deck
shared backyard
in-unit laundry
Building Details
Building Size
2,200 SF
Year Built
2020
Construction
masonry
Listing Agency:
Baird & Warner
(312) 265-8000
Listed By:
Josh Reighard · License #475204886
Source:
Dawnmckennagroup
Added: Aug 7
Changed: Aug 19
Last Checked: Aug 18 at 5:16AM
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 Baird & Warner
Investment Insights
Based on property information with market context.
Completed in 2020, this 2,200-square-foot residential income property is configured as a duplex-down with four bedrooms and three full bathrooms. The main level places the primary suite and a second bedroom alongside the principal living areas, while the lower level adds two bedrooms and a recreation room. Expansive windows bring natural light into the living space and face Throop Park. Interior features include white oak flooring, LED recessed lighting, designer tile, and bathrooms with modern finishes. The kitchen includes flat-panel cabinetry, quartz counters, a marble subway tile backsplash, an LG French-door refrigerator, and a double-oven gas range.
A private rear deck connects to a shared backyard, while in-unit laundry and substantial storage support daily use. The property is at 1822 S Throop Street in Chicago’s Pilsen neighborhood, near restaurants, coffee shops, galleries, nightlife along 18th Street, and the Pink Line. UIC, the Illinois Medical District, West Loop, South Loop, and Downtown Chicago are also described as minutes away.
A private rear deck connects to a shared backyard, while in-unit laundry and substantial storage support daily use. The property is at 1822 S Throop Street in Chicago’s Pilsen neighborhood, near restaurants, coffee shops, galleries, nightlife along 18th Street, and the Pink Line. UIC, the Illinois Medical District, West Loop, South Loop, and Downtown Chicago are also described as minutes away.
Key Highlights
- 2,200‑square‑foot duplex‑down completed in 2020
- Four bedrooms and three full bathrooms across two levels
- Across from Throop Park with living‑area views
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
$33,724
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
5.27%
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%
$674,480
$674.5K
Cap Rate 7%
$481,771
$481.8K
Cap Rate 9%
$374,711
$374.7K
Market Conditions
NOI Build-Up for 2,200 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
$64.7K $29.40/SF
− Vacancy
−$3.4K −$1.53/SF
EGI
$61.3K $27.87/SF
− OpEx
−$27.6K −$12.54/SF
NOI
$33.7K $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%
$674,480
Cap Rate 7%
$481,771
Cap Rate 9%
$374,711
Alternative Uses
Best Use
Apartment 5plus
$481.8K
$421.6K – $562.1K
NOI $33,724 @ 7.0% cap · market cap 5.27%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.04M
$907.6K – $1.21M
NOI $72,611 @ 7.0% cap · market cap 11.35%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
1
Residential units
Location Intelligence
Trade Area within ½ mile
2,441
Businesses Nearby
Explore this area
Business Placement
Demographics for 60608, IL
75,770
Population
32,617
Households
2.3
Avg Household Size
34
Median Age
34%
College-Educated
77%
High-School Grad
6.2 sq mi
ZIP Area
12,221
Density / Sq Mi
$70,704
Median Household Income
$42,211
Median Earnings
$1,208
Median Rent
$341,500
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Residential income property - Newer construction offers flexible two-level living, contemporary finishes, private outdoor space, and direct access to Throop Park.
Where is this residential income property located?
The property is located at 1822 S Throop Street Unit 1 Chicago, IL.
What is the asking price?
The asking price for this property is $639,900.
What are key features of this property?
This property features: 2,200‑square‑foot duplex‑down completed in 2020; Four bedrooms and three full bathrooms across two levels; Across from Throop Park with living‑area views
