Residential Income Property with
For Sale
$724,947
1932 N Drake Avenue Unit 2E, Chicago, IL 60647
A 2022-built duplex residence in a four-unit building includes covered parking and private outdoor space.
Property Size1,700 SF
Price / SF$426.44
Days on Market42
Property Features for 1932 N Drake Avenue Unit 2E
General Information
Standard status
Active
Size
1,700 SF
Total Parking Spaces
1
Property subtype
Condo-Duplex,Penthouse
Site & Location
Neighborhood
South Lawndale
Units
Multifamily Units
1
Parking per Unit
1
Taxes and HOA fees
Annual Taxes
$10,741
Amenities
covered deck
gas line for grilling
water spigot
custom blackout blinds
Building Details
Building Size
1,700 SF
Year Built
2022
Listing Agency:
NowEquity Real Estate
(630) 670-6642
Listed By:
Krzysztof Kuczaj
Source:
Joy-residential
Added: Sep 16
Changed: Oct 27
Last Checked: Oct 27 at 3:27AM
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 NowEquity Real Estate
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Review the available facts, identify missing information and prepare questions for the agent.
Investment Insights
Based on property information with market context.
This 1,700-square-foot duplex residence is part of a four-unit building completed in 2022. Its open-plan main level has high ceilings, wood finishes, and a kitchen with quartz counters, stainless steel appliances, custom cabinetry, and an island. The primary suite includes a walk-in closet and a dual-sink bathroom. A covered deck adds outdoor living space, and the unit comes with a covered parking space. The building has a dedicated gas line for grilling.
The property is two blocks from The 606 Trail, with access to Armitage and Cortland Avenues and neighborhood restaurants, cafes, shops, and nightlife.
The property is two blocks from The 606 Trail, with access to Armitage and Cortland Avenues and neighborhood restaurants, cafes, shops, and nightlife.
Key Highlights
- 1,700‑square‑foot duplex residence in a four‑unit building
- Built in 2022
- Covered deck and covered parking space
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$26,060
Cap Rate
3.59%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$521,200
$521.2K
Cap Rate 7%
$372,286
$372.3K
Cap Rate 9%
$289,556
$289.6K
Market Conditions
NOI Build-Up for 1,700 SF
Gross rent
$50.0K $29.40/SF
− Vacancy
−$2.6K −$1.53/SF
EGI
$47.4K $27.87/SF
− OpEx
−$21.3K −$12.54/SF
NOI
$26.1K $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%
$521,200
Cap Rate 7%
$372,286
Cap Rate 9%
$289,556
Alternative Uses
Best Use
Apartment 5plus
$372.3K
$325.8K – $434.3K
NOI $26,060 @ 7.0% cap · market cap 3.59%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$801.5K
$701.4K – $935.1K
NOI $56,108 @ 7.0% cap · market cap 7.74%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Lease Details
1
Residential units
Location Intelligence
Trade Area within ½ mile
1,366
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
Frequently Asked Questions
What type of property is this?
Residential income property - A 2022-built duplex residence in a four-unit building includes covered parking and private outdoor space.
Where is this residential income property located?
The property is located at 1932 N Drake Avenue Unit 2E Chicago, IL.
What is the asking price?
The asking price for this property is $724,947.
What are key features of this property?
This property features: 1,700‑square‑foot duplex residence in a four‑unit building; Built in 2022; Covered deck and covered parking space
