Renovated Residential Income
224 S Western Avenue Unit B, Chicago, IL 60612
For Sale
$499,000
The residence combines an open layout with in-unit laundry, central air, and a private garage space.
Property Size2,254 SF
Price / SF$221.38
Days on Market10
Property Features for 224 S Western Avenue Unit B
General Information
Standard status
Size
Total Parking Spaces
Property subtype
Site & Location
Neighborhood
Units
Unit Mix
Multifamily Units
Taxes and HOA fees
Annual Taxes
Amenities
stainless steel appliances
white shaker cabinets
quartz countertops
backsplash
recessed lighting
vinyl plank flooring
ceramic flooring
in-unit laundry
central air
Building Details
Building Size
Year Built
Listing Agency:
Kale Realty
Listed By:
Donna Baker · License #475194654
(708) 466-4558
Source:
Harkinsandassociates
Added: Oct 30
Changed: Nov 7
Last Checked: Nov 6 at 5:05PM
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
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Investment Insights
Based on property information with market context.
This renovated residential income property offers 2,254 square feet with three bedrooms and two and a half bathrooms. Its open-plan interior includes stainless steel appliances, white shaker cabinetry, quartz counters and backsplash, recessed lighting, vinyl plank and ceramic flooring, and in-unit laundry. Central air and a private garage space are also included. The building dates to 2005.
The property is in Chicago, minutes from downtown, with parks, shopping, theaters, museums, restaurants, and entertainment areas nearby.
The property is in Chicago, minutes from downtown, with parks, shopping, theaters, museums, restaurants, and entertainment areas nearby.
Key Highlights
- 2,254‑square‑foot residence with 3 bedrooms and 2.5 bathrooms
- Renovated interior with an open‑plan layout
- Stainless steel appliances, white shaker cabinets, and quartz countertops and backsplash
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$34,552
Cap Rate
6.92%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$691,040
$691.0K
Cap Rate 7%
$493,600
$493.6K
Cap Rate 9%
$383,911
$383.9K
Market Conditions
NOI Build-Up for 2,254 SF
Gross rent
$66.3K $29.40/SF
− Vacancy
−$3.4K −$1.53/SF
EGI
$62.8K $27.87/SF
− OpEx
−$28.3K −$12.54/SF
NOI
$34.6K $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%
$691,040
Cap Rate 7%
$493,600
Cap Rate 9%
$383,911
Alternative Uses
Best Use
Apartment 5plus
$493.6K
$431.9K – $575.9K
NOI $34,552 @ 7.0% cap · market cap 6.92%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.06M
$929.9K – $1.24M
NOI $74,393 @ 7.0% cap · market cap 14.91%
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
3,008
Businesses Nearby
Explore this area
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
Market
Properties on Market for Residential income properties in Chicago
Frequently Asked Questions
What type of property is this?
Residential income property - The residence combines an open layout with in-unit laundry, central air, and a private garage space.
Where is this residential income property located?
The property is located at 224 S Western Avenue Unit B Chicago, IL.
What is the asking price?
The asking price for this property is $499,000.
What are key features of this property?
This property features: 2,254‑square‑foot residence with 3 bedrooms and 2.5 bathrooms; Renovated interior with an open‑plan layout; Stainless steel appliances, white shaker cabinets, and quartz countertops and backsplash
