Chicago Multi-Family Home For
For Sale
Contact for pricing
Pending
1848 N Harding Avenue, Chicago, IL 60647
3,224 sqft multi-family home in prime Chicago location.
Property Size3,224 SF
Lot Size0.09 Acres
Days on Market141
Property Features for 1848 N Harding Avenue
General Information
Standard status
Pending
Size
3,224 SF
Total Parking Spaces
3
Lot size
0.09 Acres
Property subtype
Multifamily
Building Details
Year Built
1926
Listing Agency:
Kale Realty
(773) 209-7452
Listed By:
Edwin Saquimux · License #475136799
Source:
Crexi
Added: Apr 11
Changed: Aug 8
Last Checked: Jul 25 at 2:39PM
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 Kale Realty
Investment Insights
Based on property information with market context.
The property at 1848 N Harding Ave is a 3,224 square foot multi-family home situated on a 3,780 square foot lot. This solid brick 2-flat is located on a quiet, tree-lined street in a desirable Chicago neighborhood. The multi-family home includes a total of 4 bedrooms and 2.0 bathrooms. It presents an opportunity for owner-occupancy with rental income potential, or as a turn-key addition to an investment portfolio. There is a possible 3rd unit in the basement.
Key Highlights
- Prime location in a desirable Chicago neighborhood.
- Well‑maintained, turn‑key multi‑unit property.
- Solid brick 2‑flat construction.
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
$49,421
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
8.68%
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%
$988,420
$988.4K
Cap Rate 7%
$706,014
$706.0K
Cap Rate 9%
$549,122
$549.1K
Market Conditions
NOI Build-Up for 3,224 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
$94.8K $29.40/SF
− Vacancy
−$4.9K −$1.53/SF
EGI
$89.9K $27.87/SF
− OpEx
−$40.4K −$12.54/SF
NOI
$49.4K $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%
$988,420
Cap Rate 7%
$706,014
Cap Rate 9%
$549,122
Alternative Uses
Best Use
Multifamily LT 5
$767.8K
$671.8K – $895.7K
NOI $53,743 @ 7.0% cap · market cap 9.44%
Second Best
Apartment 5plus
$706.0K
$617.8K – $823.7K
NOI $49,421 @ 7.0% cap · market cap 8.68%
Theoretical Best
Office A
$1.52M
$1.33M – $1.77M
NOI $106,407 @ 7.0% cap · market cap 18.68%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,478
Businesses Nearby
Explore this area
Business Placement
Demographics for 60647, IL
85,631
Population
41,975
Households
2
Avg Household Size
33
Median Age
61%
College-Educated
92%
High-School Grad
4.0 sq mi
ZIP Area
21,408
Density / Sq Mi
$102,851
Median Household Income
$65,776
Median Earnings
$1,714
Median Rent
$557,300
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?
Duplex - 3,224 sqft multi-family home in prime Chicago location.
Where is this duplex located?
The property is located at 1848 N Harding Avenue Chicago, IL.
What is the asking price?
The asking price for this property is $569,500.
What are key features of this property?
This property features: Prime location in a desirable Chicago neighborhood.; Well‑maintained, turn‑key multi‑unit property.; Solid brick 2‑flat construction.
