Residential Income Property with Lake
For Sale
$1,824,999
229 E Lake Shore Drive #10E, Chicago, IL 60611
Updated cooperative residence with generous entertaining areas, three ensuite bedrooms, and a flexible additional room.
Property Size3,735 SF
Days on Market50
Property Features for 229 E Lake Shore Drive #10E
General Information
Standard status
Active
Size
3,735 SF
Property subtype
Apartment
Amenities
Central Air
Radiator(s)
Double Oven
Dishwasher
High End Refrigerator
Bar Fridge
Washer
Dryer
Disposal
Wine Refrigerator
Cooktop
Oven
Range Hood
Water Front
Building Details
Building Size
3,735 SF
Year Built
1920
Listing Agency:
Circle One Realty
Listed By:
Ryan Cherney · License #471019427
(630) 862-5181
Source:
Kw
Added: Jul 18
Changed: Sep 4
Last Checked: Sep 4 at 5:11PM
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 Circle One Realty
Investment Insights
Based on property information with market context.
This updated cooperative residence occupies the 10th floor at 229 E Lake Shore Drive #10E in Chicago. The interior includes hardwood flooring, an entry foyer, a fireplace-equipped living room, formal dining space, and broad lake and skyline outlooks. The eat-in kitchen features marble surfaces, a large island, wood cabinetry, a new refrigerator, wine cooler, two dishwashers, and additional cooking equipment. A separate laundry room includes a washer, dryer, sink, and pantry.
The layout provides three ensuite bedrooms with substantial closets, while an additional room and adjacent full bathroom allow for flexible residential use. The primary suite includes its own fireplace and lake-facing views. Two separate storage units add adaptable space for exercise, office, studio, or workshop purposes. Building amenities include a 24-hour doorman and an enclosed shared outdoor area with seating. The building dates to 1920.
The layout provides three ensuite bedrooms with substantial closets, while an additional room and adjacent full bathroom allow for flexible residential use. The primary suite includes its own fireplace and lake-facing views. Two separate storage units add adaptable space for exercise, office, studio, or workshop purposes. Building amenities include a 24-hour doorman and an enclosed shared outdoor area with seating. The building dates to 1920.
Key Highlights
- 10th‑floor cooperative residence at 229 E Lake Shore Drive #10E
- Three ensuite bedrooms plus an additional room and adjacent fourth full bathroom
- Lake Michigan and Chicago skyline views from multiple rooms
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
$57,254
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
3.14%
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%
$1,145,080
$1.1M
Cap Rate 7%
$817,914
$817.9K
Cap Rate 9%
$636,156
$636.2K
Market Conditions
NOI Build-Up for 3,735 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
$109.8K $29.40/SF
− Vacancy
−$5.7K −$1.53/SF
EGI
$104.1K $27.87/SF
− OpEx
−$46.8K −$12.54/SF
NOI
$57.3K $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%
$1,145,080
Cap Rate 7%
$817,914
Cap Rate 9%
$636,156
Alternative Uses
Best Use
Apartment 5plus
$817.9K
$715.7K – $954.2K
NOI $57,254 @ 7.0% cap · market cap 3.14%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.76M
$1.54M – $2.05M
NOI $123,273 @ 7.0% cap · market cap 6.75%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
16,625
Businesses Nearby
Explore this area
Business Placement
Demographics for 60611, IL
38,456
Population
28,239
Households
1.4
Avg Household Size
39
Median Age
88%
College-Educated
99%
High-School Grad
0.8 sq mi
ZIP Area
48,070
Density / Sq Mi
$124,621
Median Household Income
$92,917
Median Earnings
$2,416
Median Rent
$608,200
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Residential income property - Updated cooperative residence with generous entertaining areas, three ensuite bedrooms, and a flexible additional room.
Where is this residential income property located?
The property is located at 229 E Lake Shore Drive #10E Chicago, IL.
What is the asking price?
The asking price for this property is $1,824,999.
What are key features of this property?
This property features: 10th‑floor cooperative residence at 229 E Lake Shore Drive #10E; Three ensuite bedrooms plus an additional room and adjacent fourth full bathroom; Lake Michigan and Chicago skyline views from multiple rooms
