Updated Duplex Income
For Sale
$585,000
Pending
2545 N Racine Avenue Unit 1, Chicago, IL 60614
Duplex unit with a private patio, garage parking space, and oversized storage unit.
Property Size1,180 SF
Days on Market21
Property Features for 2545 N Racine Avenue Unit 1
General Information
Standard status
Pending
Size
1,180 SF
Total Parking Spaces
1
Property subtype
Condo,Condo-Duplex
Additional Details
Public Transit
Yes
Multifamily Units
1
Taxes and HOA fees
Annual Taxes
$8,914
Amenities
private patio
storage unit
Building Details
Building Size
1,180 SF
Year Built
1995
Listing Agency:
Fulton Grace Realty
(708) 878-7329
Listed By:
Owen Duffy · License #475125711
Source:
Dawnmckennagroup
Added: Aug 3
Changed: Aug 12
Last Checked: Aug 11 at 12:43PM
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 Fulton Grace Realty
Investment Insights
Based on property information with market context.
This 1,180-square-foot duplex income property includes a private entrance, one private garage parking space, and an oversized storage unit. The main level uses an open-concept arrangement and opens to a private patio through a large sliding door. Corner exposure brings natural light into the residence. Improvements include refinished hardwood flooring, fresh interior paint, refinished kitchen cabinetry, and quartz countertops. The property was built in 1995.
Located at 2545 N Racine Avenue Unit: 1 in Chicago, the residence is near public transportation, restaurants, and shopping in Lincoln Park.
Located at 2545 N Racine Avenue Unit: 1 in Chicago, the residence is near public transportation, restaurants, and shopping in Lincoln Park.
Key Highlights
- 1,180 SF duplex income property built in 1995
- Private entrance, garage parking space, and oversized storage unit
- Open‑concept main level with private patio access
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
$18,088
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
3.09%
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%
$361,760
$361.8K
Cap Rate 7%
$258,400
$258.4K
Cap Rate 9%
$200,978
$201.0K
Market Conditions
NOI Build-Up for 1,180 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
$34.7K $29.40/SF
− Vacancy
−$1.8K −$1.53/SF
EGI
$32.9K $27.87/SF
− OpEx
−$14.8K −$12.54/SF
NOI
$18.1K $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%
$361,760
Cap Rate 7%
$258,400
Cap Rate 9%
$200,978
Alternative Uses
Best Use
Apartment 5plus
$258.4K
$226.1K – $301.5K
NOI $18,088 @ 7.0% cap · market cap 3.09%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$556.4K
$486.8K – $649.1K
NOI $38,946 @ 7.0% cap · market cap 6.66%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
1
Residential units
Location Intelligence
Trade Area within ½ mile
5,606
Businesses Nearby
Explore this area
Business Placement
Demographics for 60614, IL
73,173
Population
38,089
Households
1.9
Avg Household Size
31
Median Age
86%
College-Educated
98%
High-School Grad
3.2 sq mi
ZIP Area
22,867
Density / Sq Mi
$139,561
Median Household Income
$86,386
Median Earnings
$2,019
Median Rent
$730,700
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 - Duplex unit with a private patio, garage parking space, and oversized storage unit.
Where is this residential income property located?
The property is located at 2545 N Racine Avenue Unit 1 Chicago, IL.
What is the asking price?
The asking price for this property is $585,000.
What are key features of this property?
This property features: 1,180 SF duplex income property built in 1995; Private entrance, garage parking space, and oversized storage unit; Open‑concept main level with private patio access
