Three-Level Residential Income
New
For Sale
$1,049,900
2140 W Rice Street Unit 2E, Chicago, IL 60622
Brick duplex-up residence with three bedrooms, private outdoor areas, high-end finishes, and one garage parking space.
Property Size2,500 SF
Price / SF$419.96
Days on Market4
Property Features for 2140 W Rice Street Unit 2E
General Information
Standard status
Active
Size
2,500 SF
Total Parking Spaces
1
Property subtype
Condo,Condo-Duplex,Penthouse
Site & Location
Highway Access
Yes
Road Access
Yes
Public Transit
Yes
Units
Multifamily Units
1
Parking per Unit
1
Taxes and HOA fees
Annual Taxes
$16,415
Amenities
private deck
rooftop retreat
gas connection for grilling
fireplace
radiant heated floors
Building Details
Building Size
2,500 SF
Year Built
2017
Construction
all-brick
Listing Agency:
@properties Christie's International Real Estate
(312) 969-3122
Listed By:
Leigh Marcus · License #475125223
Source:
Dawnmckennagroup
Added: Aug 19
Changed: Aug 22
Last Checked: Aug 22 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 @properties Christie's International Real Estate
Investment Insights
Based on property information with market context.
Built in 2017, this all-brick duplex-up residence spans three levels and combines open living areas with carefully finished interior spaces. The main floor includes a white kitchen with quartz island, Viking appliances, extensive cabinetry, pantry storage, and a family room centered on a tiled gas fireplace. Oak hardwood flooring, floor-to-ceiling windows, concrete between floors, and custom closet systems are featured throughout. Three bedrooms occupy the upper level, including a primary suite with a walk-in closet and heated bathroom flooring. A dedicated laundry closet includes a full-size washer and dryer.
Outdoor space includes a private deck with a gas connection and a rooftop retreat equipped with gas, water, electricity, outdoor television wiring, and a custom trellis. One garage parking space is included. The property is located on W Rice Street in Ukrainian Village, near restaurants, cafes, grocery stores, boutiques, and other conveniences along Chicago Avenue, Division Street, and Damen Avenue, with access to I-94 and the Division Blue Line station.
Outdoor space includes a private deck with a gas connection and a rooftop retreat equipped with gas, water, electricity, outdoor television wiring, and a custom trellis. One garage parking space is included. The property is located on W Rice Street in Ukrainian Village, near restaurants, cafes, grocery stores, boutiques, and other conveniences along Chicago Avenue, Division Street, and Damen Avenue, with access to I-94 and the Division Blue Line station.
Key Highlights
- Three‑level duplex‑up residence built in 2017
- Three bedrooms, including a primary suite with walk‑in closet
- Viking kitchen package with double ovens and five‑burner gas cooktop
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
$38,323
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
3.65%
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%
$766,460
$766.5K
Cap Rate 7%
$547,471
$547.5K
Cap Rate 9%
$425,811
$425.8K
Market Conditions
NOI Build-Up for 2,500 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
$73.5K $29.40/SF
− Vacancy
−$3.8K −$1.53/SF
EGI
$69.7K $27.87/SF
− OpEx
−$31.4K −$12.54/SF
NOI
$38.3K $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%
$766,460
Cap Rate 7%
$547,471
Cap Rate 9%
$425,811
Alternative Uses
Best Use
Apartment 5plus
$547.5K
$479.0K – $638.7K
NOI $38,323 @ 7.0% cap · market cap 3.65%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.18M
$1.03M – $1.38M
NOI $82,512 @ 7.0% cap · market cap 7.86%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Residential units
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
3,883
Businesses Nearby
Explore this area
Business Placement
Demographics for 60622, IL
55,075
Population
27,630
Households
2
Avg Household Size
33
Median Age
73%
College-Educated
94%
High-School Grad
2.5 sq mi
ZIP Area
22,030
Density / Sq Mi
$124,852
Median Household Income
$76,180
Median Earnings
$1,932
Median Rent
$622,900
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Residential income property - Brick duplex-up residence with three bedrooms, private outdoor areas, high-end finishes, and one garage parking space.
Where is this residential income property located?
The property is located at 2140 W Rice Street Unit 2E Chicago, IL.
What is the asking price?
The asking price for this property is $1,049,900.
What are key features of this property?
This property features: Three‑level duplex‑up residence built in 2017; Three bedrooms, including a primary suite with walk‑in closet; Viking kitchen package with double ovens and five‑burner gas cooktop
