Luxury Gold Coast
For Sale
$880,000
270 E PEARSON Street #602, Chicago, IL 60611
Elegant Gold Coast residence with lake views and premium amenities.
Property Size1,725 SF
Days on Market455
Property Features for 270 E PEARSON Street #602
General Information
Standard status
Active
Size
1,725 SF
Property subtype
Condominium
Amenities
Central Air
Natural Gas
Deck
Building Details
Building Size
1,725 SF
Year Built
2005
Listing Agency:
Chicago Area Realty Inc
(773) 343-2551
Listed By:
Grazyna Przybysz · License #475121869
Source:
Kw
Added: May 27, 2025
Changed: Aug 22
Last Checked: Aug 23 at 12:50PM
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 Area Realty Inc
Investment Insights
Based on property information with market context.
Located in one of the top luxury boutique buildings on Chicago's Gold Coast, this elegant residence at The Belvedere features an open layout with spacious rooms, lofty ceilings, and hardwood floors. Floor-to-ceiling windows provide an abundance of natural light and serene views of Lake Shore Park. The chef's kitchen includes custom cabinetry. The combined living and dining room features an elegant gas fireplace and access to a private balcony. The split floor plan includes two private bedroom suites. The primary bedroom has an oversized walk-in closet and an ensuite bathroom with dual sinks and a separate shower. The sunlit second bedroom suite offers ample space and includes a Murphy Bed. A tandem deeded parking space is included. Residents benefit from amenities such as 24/7 door staff and security, an onsite manager and engineer, a fitness center, and a dry cleaner. This service-oriented, pet-friendly building is ideally situated on a peaceful tree-lined street, offering easy access to the lakefront, museums, theaters, world-class shopping, five-star dining, Navy Pier, and NWMH.
Key Highlights
- Prime Gold Coast location with easy access to lakefront, museums, shopping, dining, and entertainment.
- Luxury boutique building** with 24/7 door staff/security, onsite manager/engineer, and fitness center.
- Open layout with floor‑to‑ceiling windows** offering lake views and abundant natural light.
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
$26,443
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
3.00%
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%
$528,860
$528.9K
Cap Rate 7%
$377,757
$377.8K
Cap Rate 9%
$293,811
$293.8K
Market Conditions
NOI Build-Up for 1,725 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
$50.7K $29.40/SF
− Vacancy
−$2.6K −$1.53/SF
EGI
$48.1K $27.87/SF
− OpEx
−$21.6K −$12.54/SF
NOI
$26.4K $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%
$528,860
Cap Rate 7%
$377,757
Cap Rate 9%
$293,811
Alternative Uses
Best Use
Apartment 5plus
$377.8K
$330.5K – $440.7K
NOI $26,443 @ 7.0% cap · market cap 3.00%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$813.3K
$711.7K – $948.9K
NOI $56,933 @ 7.0% cap · market cap 6.47%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
19,953
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
Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - Elegant Gold Coast residence with lake views and premium amenities.
Where is this apartment building located?
The property is located at 270 E PEARSON Street #602 Chicago, IL.
What is the asking price?
The asking price for this property is $880,000.
What are key features of this property?
This property features: Prime Gold Coast location with easy access to lakefront, museums, shopping, dining, and entertainment.; Luxury boutique building** with 24/7 door staff/security, onsite manager/engineer, and fitness center.; Open layout with floor‑to‑ceiling windows** offering lake views and abundant natural light.
