Duplex-Up Residential Income
For Sale
$809,900
Pending
2147 N Talman Avenue Unit 3, Chicago, IL 60647
Two-level residence offers three bedrooms, multiple living areas, private balconies, and an included garage space.
Property Size2,600 SF
Days on Market24
Property Features for 2147 N Talman Avenue Unit 3
General Information
Standard status
Pending
Size
2,600 SF
Total Parking Spaces
1
Property subtype
1/2 Duplex,Condo
Additional Details
Multifamily Units
1
Taxes and HOA fees
Annual Taxes
$11,495
Amenities
private balconies
shared outdoor spaces
chef's kitchen
walk-in pantry
spa-like ensuite
fireplace
dedicated office
Building Details
Building Size
2,600 SF
Year Built
2005
Listing Agency:
Compass
(312) 319-1168
Listed By:
Dino Hasapis
Source:
Dawnmckennagroup
Added: Jul 30
Changed: Aug 8
Last Checked: Aug 4 at 8:05AM
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 Compass
Investment Insights
Based on property information with market context.
This 2,600-square-foot duplex-up residential property, built in 2005, spans two levels with a layout that combines broad living space and distinct areas for work and entertaining. The main floor includes two living areas, a dedicated office, a kitchen with extensive cabinetry and counter space, and a walk-in pantry. Upstairs, all three bedrooms are grouped together, including a primary suite with an ensuite bathroom and fireplace.
Outdoor space is a notable feature, with three private balconies plus access to two shared outdoor areas. The property also includes a garage space. Located at 2147 N Talman Avenue in Chicago’s 60647 ZIP code, the residence is near Logan Square dining and cafes.
Outdoor space is a notable feature, with three private balconies plus access to two shared outdoor areas. The property also includes a garage space. Located at 2147 N Talman Avenue in Chicago’s 60647 ZIP code, the residence is near Logan Square dining and cafes.
Key Highlights
- 2,600‑square‑foot duplex‑up residence built in 2005
- Three bedrooms located together on the upper level
- Two living areas plus a dedicated office
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
$39,856
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
4.92%
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%
$797,120
$797.1K
Cap Rate 7%
$569,371
$569.4K
Cap Rate 9%
$442,844
$442.8K
Market Conditions
NOI Build-Up for 2,600 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
$76.4K $29.40/SF
− Vacancy
−$4.0K −$1.53/SF
EGI
$72.5K $27.87/SF
− OpEx
−$32.6K −$12.54/SF
NOI
$39.9K $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%
$797,120
Cap Rate 7%
$569,371
Cap Rate 9%
$442,844
Alternative Uses
Best Use
Apartment 5plus
$569.4K
$498.2K – $664.3K
NOI $39,856 @ 7.0% cap · market cap 4.92%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.23M
$1.07M – $1.43M
NOI $85,812 @ 7.0% cap · market cap 10.60%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Residential units
Location Intelligence
Trade Area within ½ mile
2,784
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
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Residential income property - Two-level residence offers three bedrooms, multiple living areas, private balconies, and an included garage space.
Where is this residential income property located?
The property is located at 2147 N Talman Avenue Unit 3 Chicago, IL.
What is the asking price?
The asking price for this property is $809,900.
What are key features of this property?
This property features: 2,600‑square‑foot duplex‑up residence built in 2005; Three bedrooms located together on the upper level; Two living areas plus a dedicated office
