Residential Income Property with Rooftop
New
For Sale
$1,199,000
2321 W Belden Avenue Unit 1, Chicago, IL 60647
The 2024-built duplex-down residence combines a three-bedroom lower level with covered and rooftop outdoor spaces.
Property Size3,105 SF
Price / SF$386.15
Days on Market4
Property Features for 2321 W Belden Avenue Unit 1
General Information
Standard status
Active
Size
3,105 SF
Property subtype
Condo,Condo-Duplex,Low Rise (1-3 Stories)
Additional Details
HOA Fee
$313
Highway Access
Yes
Multifamily Units
1
Amenities
fireplace
rooftop deck
covered deck
in-unit washer and dryer
Building Details
Building Size
3,105 SF
Year Built
2024
Buildings
1
Listing Agency:
Chicago Properties Firm
Listed By:
Sam Shaffer · License #471017780
(773) 297-9792
Source:
Dawnmckennagroup
Added: Sep 29
Changed: Oct 1
Last Checked: Oct 1 at 2:21PM
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 Chicago Properties Firm
Investment Insights
Based on property information with market context.
This 3,105-square-foot duplex-down residence was built in 2024 and has a two-unit configuration. The main living area features high ceilings, floor-to-ceiling windows, a fireplace, custom built-ins, and hardwood floors. An open kitchen and dining area includes an oversized island, stainless-steel appliances, a professional range hood, and a wine cooler. A covered deck extends from the kitchen. The lower level has three bedrooms, including a primary suite with a walk-in closet and ensuite bath, plus a second full bath, mudroom, and in-unit washer and dryer. A rooftop deck above the garage has a pergola and stamped-concrete finish.
The property is in Bucktown, steps from Holstein Park and near Pulaski International Elementary, Damen Avenue restaurants and shops, and I-90.
The property is in Bucktown, steps from Holstein Park and near Pulaski International Elementary, Damen Avenue restaurants and shops, and I-90.
Key Highlights
- 3,105‑square‑foot duplex‑down residence in a two‑unit property
- Built in 2024
- Three lower‑level bedrooms, including a primary suite with walk‑in closet and ensuite bath
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
$47,597
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
3.97%
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%
$951,940
$951.9K
Cap Rate 7%
$679,957
$680.0K
Cap Rate 9%
$528,856
$528.9K
Market Conditions
NOI Build-Up for 3,105 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
$91.3K $29.40/SF
− Vacancy
−$4.7K −$1.53/SF
EGI
$86.5K $27.87/SF
− OpEx
−$38.9K −$12.54/SF
NOI
$47.6K $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 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%
$951,940
Cap Rate 7%
$679,957
Cap Rate 9%
$528,856
Alternative Uses
Best Use
Apartment 5plus
$680.0K
$595.0K – $793.3K
NOI $47,597 @ 7.0% cap · market cap 3.97%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.46M
$1.28M – $1.71M
NOI $102,480 @ 7.0% cap · market cap 8.55%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
1
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
2,416
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Residential income property - The 2024-built duplex-down residence combines a three-bedroom lower level with covered and rooftop outdoor spaces.
Where is this residential income property located?
The property is located at 2321 W Belden Avenue Unit 1 Chicago, IL.
What is the asking price?
The asking price for this property is $1,199,000.
What are key features of this property?
This property features: 3,105‑square‑foot duplex‑down residence in a two‑unit property; Built in 2024; Three lower‑level bedrooms, including a primary suite with walk‑in closet and ensuite bath
