Duplex-Down Residential Income
For Sale
$950,000
1823 N Halsted Street Unit 1, Chicago, IL 60614
Two-level residence with premium finishes, private outdoor areas, direct garage entry, and a dedicated parking space.
Property Size2,508 SF
Price / SF$378.79
Days on Market15
Property Features for 1823 N Halsted Street Unit 1
General Information
Standard status
Active
Size
2,508 SF
Total Parking Spaces
1
Property subtype
Condo,Condo-Duplex
Units
Unit Mix
1 x 3BR/2.5BA
Multifamily Units
1
Parking per Unit
1
Taxes and HOA fees
Annual Taxes
$17,591
Amenities
special windows
wood floors
European integrated kitchen
Bosch appliances
dry bar
main-level deck
turfed outdoor area
heated floors
in-unit washer and dryer
Building Details
Building Size
2,508 SF
Year Built
2008
Listing Agency:
@properties Christie's International Real Estate
(847) 624-6143
Listed By:
Lyn Wise
Source:
Harkinsandassociates
Added: Aug 6
Changed: Aug 16
Last Checked: Aug 20 at 12:36PM
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 2,508-square-foot duplex-down residential property, built in 2008, combines open living areas with a lower-level configuration and substantial storage. Hardwood flooring extends across both levels, while the kitchen includes integrated Bosch appliances and a separate dry bar. The primary suite features a large shower with heated floors, complemented by two additional bedrooms and 2.5 baths. A newer in-unit washer and dryer add practical convenience, and the lower-level furnace was replaced in 2024.
Outdoor space includes a large main-level deck and a turfed area below. The attached garage connects directly to the residence and includes one dedicated parking spot. Located on N Halsted Street in Chicago’s Lincoln Park, the property is near shopping and dining and close to Oscar F. Mayer Elementary School.
Outdoor space includes a large main-level deck and a turfed area below. The attached garage connects directly to the residence and includes one dedicated parking spot. Located on N Halsted Street in Chicago’s Lincoln Park, the property is near shopping and dining and close to Oscar F. Mayer Elementary School.
Key Highlights
- 2,508 SF duplex‑down property built in 2008
- Three bedrooms and 2.5 baths across two levels
- Main‑level deck plus a turfed lower‑level outdoor area
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
$38,446
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
4.05%
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%
$768,920
$768.9K
Cap Rate 7%
$549,229
$549.2K
Cap Rate 9%
$427,178
$427.2K
Market Conditions
NOI Build-Up for 2,508 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
$73.7K $29.40/SF
− Vacancy
−$3.8K −$1.53/SF
EGI
$69.9K $27.87/SF
− OpEx
−$31.5K −$12.54/SF
NOI
$38.4K $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%
$768,920
Cap Rate 7%
$549,229
Cap Rate 9%
$427,178
Alternative Uses
Best Use
Apartment 5plus
$549.2K
$480.6K – $640.8K
NOI $38,446 @ 7.0% cap · market cap 4.05%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.18M
$1.03M – $1.38M
NOI $82,776 @ 7.0% cap · market cap 8.71%
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
4,552
Businesses Nearby
Explore this area
Business Placement
Demographics for 60614, IL
73,173
Population
38,089
Households
1.9
Avg Household Size
31
Median Age
86%
College-Educated
98%
High-School Grad
3.2 sq mi
ZIP Area
22,867
Density / Sq Mi
$139,561
Median Household Income
$86,386
Median Earnings
$2,019
Median Rent
$730,700
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Residential income property - Two-level residence with premium finishes, private outdoor areas, direct garage entry, and a dedicated parking space.
Where is this residential income property located?
The property is located at 1823 N Halsted Street Unit 1 Chicago, IL.
What is the asking price?
The asking price for this property is $950,000.
What are key features of this property?
This property features: 2,508 SF duplex‑down property built in 2008; Three bedrooms and 2.5 baths across two levels; Main‑level deck plus a turfed lower‑level outdoor area
