Residential Income Property with Rooftop
For Sale
$584,000
2027 W Race Avenue Unit 1W, Chicago, IL 60612
The two-level residence includes private outdoor space, garage parking, and a separate storage area.
Property Size1,600 SF
Price / SF$365
Days on Market76
Property Features for 2027 W Race Avenue Unit 1W
General Information
Standard status
Active
Size
1,600 SF
Total Parking Spaces
1
Property subtype
1/2 Duplex,Condo
Site & Location
Neighborhood
West Town
Public Transit
Yes
Units
Unit Mix
1 x 2BR/3BA
Multifamily Units
1
Taxes and HOA fees
Annual Taxes
$7,604
Amenities
private deck
garage rooftop deck
fireplace
custom cabinets
automated blinds
wine fridge
private storage area
in-unit washer/dryer
Building Details
Building Size
1,600 SF
Year Built
2006
Listing Agency:
Village Realty, Inc.
(708) 261-2463
Listed By:
Meghan Williams
Source:
Ethaneliotrealtygroup
Added: Aug 13
Changed: Oct 26
Last Checked: Oct 26 at 3:47PM
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 Village Realty, Inc.
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Investment Insights
Based on property information with market context.
This 1,600-square-foot duplex-down residence has 2 bedrooms and 3 bathrooms across two levels. The main floor includes an open living area and fireplace, while the lower level has a second fireplace and 9-foot ceilings. Custom cabinetry is installed throughout, including in the bedrooms, kitchen pantry, and laundry room. Updated appliances include a refrigerator, dishwasher, wine fridge, and hot water heater; automated blinds are also included.
Outdoor areas include a private deck and a garage rooftop deck. The property also comes with one dedicated parking space in a two-car garage and a private storage area. Built in 2006, it is on a residential street in Ukrainian Village, near parks, restaurants, coffee shops, and boutiques. Green Line and Blue Line access, along with CTA bus routes 65 and 50, are within walking distance.
Outdoor areas include a private deck and a garage rooftop deck. The property also comes with one dedicated parking space in a two-car garage and a private storage area. Built in 2006, it is on a residential street in Ukrainian Village, near parks, restaurants, coffee shops, and boutiques. Green Line and Blue Line access, along with CTA bus routes 65 and 50, are within walking distance.
Key Highlights
- 1,600 square feet with 2 bedrooms and 3 bathrooms
- Two‑level layout includes a fireplace on each level and 9‑foot ceilings downstairs
- Private deck plus a garage rooftop deck
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$24,527
Cap Rate
4.20%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$490,540
$490.5K
Cap Rate 7%
$350,386
$350.4K
Cap Rate 9%
$272,522
$272.5K
Market Conditions
NOI Build-Up for 1,600 SF
Gross rent
$47.0K $29.40/SF
− Vacancy
−$2.4K −$1.53/SF
EGI
$44.6K $27.87/SF
− OpEx
−$20.1K −$12.54/SF
NOI
$24.5K $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%
$490,540
Cap Rate 7%
$350,386
Cap Rate 9%
$272,522
Alternative Uses
Best Use
Apartment 5plus
$350.4K
$306.6K – $408.8K
NOI $24,527 @ 7.0% cap · market cap 4.20%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$754.4K
$660.1K – $880.1K
NOI $52,808 @ 7.0% cap · market cap 9.04%
Zoning and permitted uses should be independently verified with authorities.
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Lease Details
1
Residential units
Location Intelligence
Trade Area within ½ mile
3,404
Businesses Nearby
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Business Placement
Demographics for 60612, IL
34,402
Population
16,763
Households
2.1
Avg Household Size
34
Median Age
41%
College-Educated
89%
High-School Grad
3.7 sq mi
ZIP Area
9,298
Density / Sq Mi
$60,457
Median Household Income
$46,582
Median Earnings
$1,330
Median Rent
$331,600
Median Home Value
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Frequently Asked Questions
What type of property is this?
Residential income property - The two-level residence includes private outdoor space, garage parking, and a separate storage area.
Where is this residential income property located?
The property is located at 2027 W Race Avenue Unit 1W Chicago, IL.
What is the asking price?
The asking price for this property is $584,000.
What are key features of this property?
This property features: 1,600 square feet with 2 bedrooms and 3 bathrooms; Two‑level layout includes a fireplace on each level and 9‑foot ceilings downstairs; Private deck plus a garage rooftop deck
