Updated Residential Income
For Sale
$650,000
2640 W Logan Boulevard Unit 102, Chicago, IL 60647
Three-bedroom condominium with renovated systems, hardwood flooring, a remodeled kitchen, and additional lower-level living space.
Property Size2,778 SF
Price / SF$233.98
Days on Market12
Property Features for 2640 W Logan Boulevard Unit 102
General Information
Standard status
Active
Size
2,778 SF
Property subtype
Condo-Duplex
Site & Location
Highway Access
Yes
Public Transit
Yes
Additional Details
Multifamily Units
1
Taxes and HOA fees
Annual Taxes
$8,937
Building Details
Building Size
2,778 SF
Year Built
1923
Listing Agency:
Realty of America, LLC
Listed By:
Jose Aguilar
(708) 788-1900
Source:
Harkinsandassociates
Added: Sep 3
Changed: Sep 13
Last Checked: Sep 13 at 1:48PM
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 Realty of America, LLC
Investment Insights
Based on property information with market context.
This residential income property is a three-bedroom, two-bath condominium in Golrose Manor Condominiums. The interior combines refinished hardwood floors completed in 2025 with an updated electrical system, new copper plumbing, and two renovated bathrooms. The kitchen features soft-close cabinetry and double ovens, while a wood-burning fireplace adds a distinct architectural element. A spacious lower level provides additional living space.
The property is located at 2640 W Logan Boulevard in Chicago’s Logan Square area, near restaurants, coffee shops, retail, parks, and the Logan Square Farmers Market. Transportation access includes the California Blue Line station, the Fullerton bus, and the Kennedy Expressway. The building dates to 1923, pairing historic construction with substantial interior updates.
The property is located at 2640 W Logan Boulevard in Chicago’s Logan Square area, near restaurants, coffee shops, retail, parks, and the Logan Square Farmers Market. Transportation access includes the California Blue Line station, the Fullerton bus, and the Kennedy Expressway. The building dates to 1923, pairing historic construction with substantial interior updates.
Key Highlights
- Three‑bedroom, two‑bath condominium in Golrose Manor Condominiums
- Hardwood floors refinished in 2025
- Updated electrical system and brand‑new copper plumbing
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
$42,584
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
6.55%
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%
$851,680
$851.7K
Cap Rate 7%
$608,343
$608.3K
Cap Rate 9%
$473,156
$473.2K
Market Conditions
NOI Build-Up for 2,778 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
$81.7K $29.40/SF
− Vacancy
−$4.2K −$1.53/SF
EGI
$77.4K $27.87/SF
− OpEx
−$34.8K −$12.54/SF
NOI
$42.6K $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%
$851,680
Cap Rate 7%
$608,343
Cap Rate 9%
$473,156
Alternative Uses
Best Use
Apartment 5plus
$608.3K
$532.3K – $709.7K
NOI $42,584 @ 7.0% cap · market cap 6.55%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.31M
$1.15M – $1.53M
NOI $91,687 @ 7.0% cap · market cap 14.11%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
1
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
2,376
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
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Frequently Asked Questions
What type of property is this?
Residential income property - Three-bedroom condominium with renovated systems, hardwood flooring, a remodeled kitchen, and additional lower-level living space.
Where is this residential income property located?
The property is located at 2640 W Logan Boulevard Unit 102 Chicago, IL.
What is the asking price?
The asking price for this property is $650,000.
What are key features of this property?
This property features: Three‑bedroom, two‑bath condominium in Golrose Manor Condominiums; Hardwood floors refinished in 2025; Updated electrical system and brand‑new copper plumbing
