Duplex-Down Residential Income
New
For Sale
$985,000
2635 N Wilton Avenue Unit 1, Chicago, IL 60614
Two-level residence combines flexible living areas, upgraded finishes, private outdoor spaces, and garage parking.
Property Size2,400 SF
Price / SF$410.42
Days on Market7
Property Features for 2635 N Wilton Avenue Unit 1
General Information
Standard status
Active
Size
2,400 SF
Property subtype
Condo,Condo-Duplex,Low Rise (1-3 Stories)
Units
Unit Mix
1 x 4BR/2.1BA
Multifamily Units
1
Taxes and HOA fees
Annual Taxes
$15,063
Amenities
Juliet balcony
oversized deck
custom bar area
large front outdoor patio
garage parking
dedicated laundry room
breakfast nook
Building Details
Building Size
2,400 SF
Year Built
1997
Listing Agency:
@properties Christie's International Real Estate
(312) 515-8007
Listed By:
Melissa Siegal
Source:
Cnetproperties
Added: Aug 6
Changed: Aug 11
Last Checked: Aug 11 at 7:20AM
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 @properties Christie's International Real Estate
Investment Insights
Based on property information with market context.
This 2,400 SF duplex-down residential income property, built in 1997, offers four bedrooms and 2.1 bathrooms across two finished levels. The main floor centers on an open living and kitchen arrangement with white cabinetry, quartz countertops, stainless steel appliances, a dedicated breakfast nook, French doors, and a Juliet balcony. The primary suite includes a private bathroom with dual vanity, separate shower, and soaking tub, while an oversized deck extends the suite’s outdoor space.
The lower level adds a family room with a custom bar, two bedrooms, a full bathroom, a dedicated laundry room, and access to a front patio. Garage parking is included. The property is located in Lincoln Park within the Alcott school district, near dining, retail, parks, and lakefront recreation.
The lower level adds a family room with a custom bar, two bedrooms, a full bathroom, a dedicated laundry room, and access to a front patio. Garage parking is included. The property is located in Lincoln Park within the Alcott school district, near dining, retail, parks, and lakefront recreation.
Key Highlights
- 2,400 SF duplex‑down layout with 4 bedrooms and 2.1 bathrooms
- Built in 1997
- Open main‑level living area with quartz countertops and stainless steel appliances
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
$36,790
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
3.74%
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%
$735,800
$735.8K
Cap Rate 7%
$525,571
$525.6K
Cap Rate 9%
$408,778
$408.8K
Market Conditions
NOI Build-Up for 2,400 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
$70.6K $29.40/SF
− Vacancy
−$3.7K −$1.53/SF
EGI
$66.9K $27.87/SF
− OpEx
−$30.1K −$12.54/SF
NOI
$36.8K $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%
$735,800
Cap Rate 7%
$525,571
Cap Rate 9%
$408,778
Alternative Uses
Best Use
Apartment 5plus
$525.6K
$459.9K – $613.2K
NOI $36,790 @ 7.0% cap · market cap 3.74%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.13M
$990.2K – $1.32M
NOI $79,212 @ 7.0% cap · market cap 8.04%
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
7,101
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
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Frequently Asked Questions
What type of property is this?
Residential income property - Two-level residence combines flexible living areas, upgraded finishes, private outdoor spaces, and garage parking.
Where is this residential income property located?
The property is located at 2635 N Wilton Avenue Unit 1 Chicago, IL.
What is the asking price?
The asking price for this property is $985,000.
What are key features of this property?
This property features: 2,400 SF duplex‑down layout with 4 bedrooms and 2.1 bathrooms; Built in 1997; Open main‑level living area with quartz countertops and stainless steel appliances
